filing · 13F-HR · period ending june 2026
Atreides Management LP
thesis · Q2 2026
SpaceX at $4.67B rewrites the portfolio — Baker goes all-in on private AI infrastructure
AUM nearly triples to $14.34B on the strength of a single name: SpaceX enters at $4.67B, a third of the entire book. Baker doubles the QQQ put to $2.36B, builds $842M in Cerebras and $903M in Meta, cuts Astera Labs by 64%, and closes 20 positions outright.
SpaceX: the defining bet
Space Exploration Technologies enters as the #1 position at $4.67B — 32.6% of the total portfolio. This is unprecedented for Atreides and signals Baker views SpaceX as the ultimate private AI infrastructure play: Starlink provides global low-latency compute fabric, Starship drives down launch costs for satellite-based AI inference, and the company is the apex of vertical integration in AI-adjacent infrastructure. AUM nearly tripled to ~$14.3B, almost entirely driven by this one position.
Cerebras + Meta: a direct AI model bet
Cerebras Systems ($842M combined long+calls, 5.9%) is Baker's explicit bet against NVIDIA's GPU monopoly — Cerebras makes wafer-scale AI chips that outperform on certain LLM workloads. Meta ($903M combined long+calls, 6.3%) is the platform that could buy or partner with Cerebras. Together these represent a $1.75B thesis that the next wave of AI value accrues to model-layer infrastructure outside NVDA's ecosystem.
QQQ put doubles — hedging a much larger book
With AUM nearly tripling, the QQQ put was doubled (+129% to 3.2M shares, $2.36B) — proportionally Baker is maintaining roughly the same hedge ratio relative to portfolio size. The macro caution is structural, not being removed.
ALAB: 64% sold after massive gains
Astera Labs was cut by 64% from 3.37M to 1.22M shares — the stock appreciated so dramatically since Q4 2025 that even after selling nearly two-thirds, the position is still worth $588M. Classic trim-into-strength at a position that has become too large relative to conviction.
20 positions closed — the portfolio is concentrating fast
20 positions exited in a single quarter including LITE, ZM, RKT, VST, HUBS, AVAV, RBRK, FROG, SNOW, V, GFS, and others. Many were single-quarter trades. The pattern: Baker is running a tighter, more concentrated book around a single thesis — AI physical infrastructure — rather than the diversified software re-rating approach of Q1.
New additions round out the AI infrastructure theme
Amphenol (connectors for AI datacenters and SpaceX), Cipher Mining (compute infrastructure), Samsara (industrial AI/IoT), PDF Solutions (chip yield AI), Natera (AI diagnostics), Quantinuum (quantum compute), Fervo Energy (geothermal AI power), and INNIO (energy) all fill out the physical-layer AI thesis below SpaceX.
portfolio · Q2 2026
Portfolio by Category
14 categories · june 2026
| Category | Description | Long | Put | Call | Total |
|---|---|---|---|---|---|
| Private AI | Private company stakes in AI and space infrastructure (SpaceX dominant) | $4.67B | — | — | $4.67B |
| Macro Hedge | Large ETF put position for broad market downside protection | — | $2.36B | — | $2.36B |
| AI Infra | AI networking, photonics, interconnects, compute hardware (ALAB, CIEN, CRDO, COHR, APH, CIFR, PDFS, ROG, NOK) | $1.80B | — | — | $1.80B |
| Platform Tech | Large-cap platform technology and hyperscalers (META, AMZN, GOOGL, TSLA, ACVA, TBLA) | $793.8M | — | $675.9M | $1.47B |
| Semis | Semiconductor companies — chips, equipment, materials (MU, NVDA, INTC, SMTC, AMBQ, VECO) | $1.35B | — | — | $1.35B |
| AI Compute | AI chip compute infrastructure — challenging NVIDIA (Cerebras, CoreWeave, Nebius) | $916.5M | — | $154.7M | $1.07B |
| AI Software | AI-native or AI-leveraged software platforms (PANW, AKAM, TWLO, WIX, IOT, GTLB, TTAN) | $837.7M | — | — | $837.7M |
| Entertainment | Gaming and simulation platforms (Unity) | $292.8M | — | — | $292.8M |
| Housing/Consumer | Housing market recovery and consumer discretionary (W, COMP, DKS, FERG, WRBY) | $289.1M | — | — | $289.1M |
| Fintech | Payments and financial technology (AFRM, MA) | $151.9M | — | — | $151.9M |
| Biotech | AI-driven genomics and diagnostics (NTRA) | $28.3M | — | — | $28.3M |
| Energy & Power | Power generation and energy infrastructure for AI demand (INNIO, Fervo) | $14.1M | — | — | $14.1M |
| Private | Other private company stakes (EquipmentShare, BitGo) | $4.4M | — | — | $4.4M |
| Quantum | Quantum computing — early-stage tracking position (Quantinuum) | $3.3M | — | — | $3.3M |
| total | $11.15B | $2.36B | $830.6M | $14.34B | |
holdings · Q2 2026
Current Positions
49 positions
| Ticker | Name | Type | Category | Status | Value↓ | Shares | Implied Px | Chg % |
|---|---|---|---|---|---|---|---|---|
| SpaceX | SpaceX | long | Private AI | new | $4.67B | 27,332,943 | $170.86 | — |
| QQQ | Invesco QQQ ETF | put | Macro Hedge | added | $2.36B | 3,200,000 | $736.40 | +128.6% |
| MU | Micron | long | Semis | trimmed | $821.1M | 711,364 | $1154.32 | -6.4% |
| CBRS | Cerebras Systems | long | AI Compute | new | $687.3M | 3,110,086 | $220.99 | — |
| META | Meta | call | Platform Tech | new | $675.9M | 1,200,000 | $563.29 | — |
| ALAB | Astera Labs | long | AI Infra | trimmed | $587.7M | 1,216,795 | $483.04 | -63.8% |
| CIEN | Ciena | long | AI Infra | added | $337.8M | 688,521 | $490.57 | +1.7% |
| CRDO | Credo Technology | long | AI Infra | added | $307.1M | 1,129,285 | $271.95 | +3.5% |
| PANW | Palo Alto Networks | long | AI Software | added | $299.1M | 876,954 | $341.01 | +56.1% |
| U | Unity Software | long | Entertainment | trimmed | $292.8M | 10,245,819 | $28.58 | -26.2% |
| COHR | Coherent | long | AI Infra | added | $253.3M | 642,101 | $394.49 | +1.7% |
| NVDA | NVIDIA | long | Semis | unchanged | $250.0M | 1,249,291 | $200.09 | +0.1% |
| AMZN | Amazon | long | Platform Tech | added | $231.1M | 969,629 | $238.34 | +1.7% |
| META | Meta | long | Platform Tech | new | $226.9M | 402,770 | $563.27 | — |
| CRWV | CoreWeave | long | AI Compute | added | $211.5M | 2,124,845 | $99.54 | +162.1% |
| GOOGL | Alphabet | long | Platform Tech | trimmed | $174.5M | 488,296 | $357.31 | -12.0% |
| CBRS | Cerebras Systems | call | AI Compute | new | $154.7M | 700,000 | $220.99 | — |
| TWLO | Twilio | long | AI Software | trimmed | $148.6M | 720,338 | $206.33 | -21.8% |
| APH | Amphenol | long | AI Infra | new | $112.9M | 640,069 | $176.32 | — |
| AKAM | Akamai | long | AI Software | added | $107.6M | 910,583 | $118.21 | +33.4% |
| AFRM | Affirm | long | Fintech | added | $103.8M | 1,273,050 | $81.55 | +6.6% |
| GTLB | GitLab | long | AI Software | new | $103.0M | 3,373,169 | $30.53 | — |
| INTC | Intel | long | Semis | added | $92.7M | 663,802 | $139.61 | +1.5% |
| SMTC | Semtech | long | Semis | added | $89.2M | 551,214 | $161.85 | +1.7% |
| CIFR | Cipher Mining | long | AI Infra | new | $87.9M | 3,586,409 | $24.50 | — |
| TSLA | Tesla | long | Platform Tech | added | $85.9M | 204,275 | $420.63 | +1.7% |
| DKS | Dick's Sporting Goods | long | Housing/Consumer | trimmed | $85.1M | 375,118 | $226.81 | -17.1% |
| W | Wayfair | long | Housing/Consumer | trimmed | $78.0M | 843,860 | $92.42 | -41.0% |
| AMBQ | Ambiq Micro | long | Semis | added | $77.5M | 877,123 | $88.30 | +1.7% |
| IOT | Samsara | long | AI Software | new | $74.9M | 2,308,649 | $32.44 | — |
| ACVA | ACV Auctions | long | Platform Tech | added | $71.2M | 9,903,239 | $7.19 | +1.7% |
| COMP | Compass | long | Housing/Consumer | added | $69.8M | 5,658,421 | $12.33 | +1.7% |
| WIX | Wix | long | AI Software | added | $66.2M | 1,458,458 | $45.37 | +124.2% |
| MA | Mastercard | long | Fintech | added | $48.1M | 93,629 | $513.63 | +88.7% |
| PDFS | PDF Solutions | long | AI Infra | new | $46.6M | 658,536 | $70.80 | — |
| TTAN | ServiceTitan | long | AI Software | new | $38.3M | 542,092 | $70.71 | — |
| FERG | Ferguson | long | Housing/Consumer | added | $35.1M | 147,759 | $237.32 | +1.0% |
| NOK | Nokia | long | AI Infra | added | $33.5M | 2,524,974 | $13.28 | +1.7% |
| ROG | Rogers | long | AI Infra | added | $31.0M | 189,311 | $163.73 | +1.7% |
| NTRA | Natera | long | Biotech | new | $28.3M | 104,385 | $271.43 | — |
| WRBY | Warby Parker | long | Housing/Consumer | added | $21.2M | 698,903 | $30.34 | +1.7% |
| VECO | Veeco | long | Semis | added | $18.0M | 237,919 | $75.80 | +1.7% |
| NBIS | Nebius Group | long | AI Compute | added | $17.7M | 64,125 | $276.16 | +1.7% |
| INNIO | INNIO | long | Energy & Power | new | $13.8M | 348,696 | $39.55 | — |
| EquipmentShare | EquipmentShare | long | Private | added | $4.3M | 217,131 | $19.66 | +1.7% |
| TBLA | Taboola | long | Platform Tech | added | $4.2M | 835,026 | $5.00 | +1.7% |
| Quantinuum | Quantinuum | long | Quantum | new | $3.3M | 39,853 | $81.75 | — |
| Fervo Energy | Fervo Energy | long | Energy & Power | new | $291000 | 9,959 | $29.22 | — |
| BitGo | BitGo | long | Private | added | $153000 | 29,611 | $5.17 | +1.7% |
49 positions · period ending june 2026 · source SEC EDGAR
closed · Q1 2026 → Q2 2026
Closed Positions
20 positions closed
| Ticker | Issuer | Type | Category | Q1 2026 Value | Q1 2026 Shares | Note |
|---|---|---|---|---|---|---|
| LITE | Lumentum Holdings Inc | long | AI Infra | $187.9M | 267,389 | full exit |
| SATS | EchoStar Corp | long | Telecom | $117.1M | 1,000,346 | full exit |
| ZM | Zoom Communications Inc | long | AI Software | $105.8M | 1,315,605 | full exit |
| RKT | Rocket Cos Inc | long | Housing/Consumer | $87.1M | 6,114,947 | full exit |
| VST | Vistra Corp | long | Energy & Power | $78.7M | 523,788 | full exit |
| RBLX | Roblox Corp | longcall | Entertainment | $134.8M | 2,383,703 | full exit |
| HUBS | HubSpot Inc | long | AI Software | $56.7M | 232,115 | full exit |
| SNPS | Synopsys Inc | long | Semis | $54.3M | 136,925 | full exit |
| U | Unity Software Inc | call | Entertainment | $32.9M | 1,500,000 | full exit |
| RL | Ralph Lauren Corp | long | Housing/Consumer | $44.3M | 128,837 | full exit |
| AXON | Axon Enterprise Inc | long | Defense | $43.4M | 102,095 | full exit |
| WING | Wingstop Inc | long | Housing/Consumer | $41.9M | 270,303 | full exit |
| CHYM | Chime Financial Inc | long | Fintech | $30.4M | 1,622,734 | full exit |
| AVAV | AeroVironment Inc | long | Defense | $29.6M | 161,675 | full exit |
| RBRK | Rubrik Inc | long | AI Software | $27.7M | 566,454 | full exit |
| FROG | JFrog Ltd | long | AI Software | $26.0M | 554,987 | full exit |
| SNOW | Snowflake Inc | long | AI Software | $21.8M | 144,818 | full exit |
| V | Visa Inc | long | Fintech | $21.7M | 71,641 | full exit |
| GFS | GlobalFoundries Inc | long | Semis | $21.1M | 474,593 | full exit |
20 positions closed · Q1 2026 → Q2 2026
new · Q1 2026 → Q2 2026
New Positions
15 positions opened
| Ticker | Issuer | Type | Category | Value | Shares | Implied Px |
|---|---|---|---|---|---|---|
| SpaceX | SpaceX | long | Private AI | $4.67B | 27,332,943 | $170.86 |
| CBRS | Cerebras Systems | longcall | AI Compute | $842.0M | 3,810,086 | $220.99 |
| META | Meta | calllong | Platform Tech | $902.8M | 1,602,770 | $563.29 |
| APH | Amphenol | long | AI Infra | $112.9M | 640,069 | $176.32 |
| GTLB | GitLab | long | AI Software | $103.0M | 3,373,169 | $30.53 |
| CIFR | Cipher Mining | long | AI Infra | $87.9M | 3,586,409 | $24.50 |
| IOT | Samsara | long | AI Software | $74.9M | 2,308,649 | $32.44 |
| PDFS | PDF Solutions | long | AI Infra | $46.6M | 658,536 | $70.80 |
| TTAN | ServiceTitan | long | AI Software | $38.3M | 542,092 | $70.71 |
| NTRA | Natera | long | Biotech | $28.3M | 104,385 | $271.43 |
| INNIO | INNIO | long | Energy & Power | $13.8M | 348,696 | $39.55 |
| Quantinuum | Quantinuum | long | Quantum | $3.3M | 39,853 | $81.75 |
| Fervo Energy | Fervo Energy | long | Energy & Power | $291000 | 9,959 | $29.22 |
15 positions opened · Q2 2026