Coatue initiates $3.17B SpaceX stake and ramps Micron by 1,794%, while trimming Netflix and ASML

During the second quarter of 2026, Coatue Management reported substantial repositioning across its $48.63 billion portfolio, highlighted by multi-billion dollar new stakes and massive expansions in semiconductor exposure. The fund established a major new position in Space Exploration Technologies Corp (SPCX) valued at $3.17 billion (6.5% of reported assets), alongside new stakes in Intel Corp ($1.69 billion, 3.5%), Cerebras Systems ($1.55 billion, 3.2%), Forgent Power Solutions ($1.15 billion, 2.4%), and Hut 8 Corp ($1.12 billion, 2.3%). Additionally, Coatue aggressively scaled its position in Micron Technology (MU), increasing share count by 1,794% to reach $3.63 billion.

Among existing core holdings, the fund increased its stakes in Amazon.com (+49% to $2.82 billion), Microsoft (+18% to $1.10 billion), Equinix (+17% to $1.33 billion), Alphabet Class A (+13% to $1.74 billion), and Broadcom (+6% to $2.21 billion). Conversely, Coatue trimmed several prominent semiconductor and technology names, including Applied Materials (-20% to $3.05 billion), ASML Holding (-40% to $587.69 million), Synopsys (-58% to $141.61 million), Netflix (-32% to $336.32 million), and Meta Platforms (-10% to $1.42 billion).

Coatue also completely exited several positions during the quarter. The largest closed stakes included Visa Inc ($217.24 million prior value), Chime Financial ($188.65 million), Solstice Advanced Materials ($126.01 million), and C.H. Robinson Worldwide ($95.16 million), as well as a smaller liquidation in the iShares Bitcoin Trust ETF ($2.58 million).

Position changes