Altimeter Capital is a technology-focused investment firm founded by Brad Gerstner in 2008. The firm manages both private and public equity investments with an emphasis on high-growth technology sectors. Altimeter has built its reputation through prescient early investments in transformative tech companies like Uber and Snowflake, employing a strategy that bridges venture capital insights with public market discipline.
New positions: In Q4 2024, Altimeter established new positions in Instacart (CART) with $105M investment, Flutter (PDYPF) with $98M, Twilio Inc. (TWLO) with $63M, Micron Technology, Inc. (MU) with $52M, and a smaller position in ServiceTitan, Inc. (TTAN) worth $4.1M, while completely liquidating its holdings in KraneShares CSI China Internet ETF (KWEB), Broadcom Inc. (AVGO), Futu Holdings Limited (FUTU), and Lineage, Inc. (LINE).
Bought: The firm significantly increased its stake in Astera Labs, Inc. (ALAB) by 46% (now valued at $77.4M with a 269% return), added 52% to its Zillow Group, Inc. Class C (Z) position, increased Alphabet Inc. (GOOGL) holdings by 31%, and made smaller additions to NVIDIA Corporation (NVDA) and Samsara Inc. (IOT).
Sold: Altimeter substantially reduced several key positions, cutting Uber Technologies, Inc. (UBER) by 58% (showing a -66% return), Snowflake Inc. (SNOW) by 42%, Microsoft Corporation (MSFT) by 37%, heavily trimmed Duolingo, Inc. (DUOL) by 84%, and reduced positions in Tesla, Inc. (TSLA), MercadoLibre, Inc. (MELI), Meta Platforms, Inc. (META), and Confluent, Inc. (CFLT).
Website: www.altimeter.com/home
Wikipedia: en.wikipedia.org/wiki/Altimeter_Capital
| Ticker | Company | Weight | Shares | Value | Q4 Return |
|---|---|---|---|---|---|
| META | Meta Platforms, Inc. | 19.4% | ▼ Trimmed | $1,078,618,325 | - 16.77% |
| NVDA | NVIDIA Corporation | 19.0% | ▲ Added | $1,053,608,319 | + 11.28% |
| SNOW | Snowflake Inc. | 13.9% | ▼ Trimmed | $768,700,848 | - 22.61% |
| MSFT | Microsoft Corporation | 7.6% | ▼ Trimmed | $418,751,820 | - 38.64% |
| UBER | Uber Technologies, Inc. | 6.1% | ▼ Trimmed | $337,115,933 | - 66.37% |
| CFLT | Confluent, Inc. | 5.9% | ▼ Trimmed | $328,428,505 | + 18.26% |
| AMZN | Amazon.com, Inc. | 3.4% | ▼ Trimmed | $191,138,053 | + 13.69% |
| GOOGL | Alphabet Inc. | 3.0% | ▲ Added | $164,180,837 | + 49.62% |
| TSLA | Tesla, Inc. | 2.6% | ▼ Trimmed | $143,415,700 | - 17.25% |
| CPNG | Coupang, Inc. | 2.4% | ▼ Trimmed | $131,569,862 | - 18.30% |
| RBRK | Rubrik, Inc. | 1.9% | ▼ Trimmed | $107,327,525 | + 102.50% |
| CART | Instacart (Maplebear Inc.) | 1.9% | ▲ New | $105,108,138 | |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 1.8% | ▼ Trimmed | $99,610,006 | + 10.45% |
| PDYPF | Flutter | 1.8% | ▲ New | $98,292,412 | |
| Z | Zillow Group, Inc. Class C | 1.7% | ▲ Added | $96,319,648 | + 76.32% |
| CRM | Salesforce, Inc. | 1.6% | ▼ Trimmed | $90,845,819 | - 27.49% |
| ALAB | Astera Labs, Inc. Common Stock | 1.4% | ▲ Added | $77,407,754 | + 269.38% |
| IOT | Samsara Inc. | 1.1% | ▲ Added | $63,706,486 | - 8.88% |
| TWLO | Twilio Inc. | 1.1% | ▲ New | $63,001,453 | |
| MELI | MercadoLibre, Inc. | 1.1% | ▼ Trimmed | $61,649,452 | - 51.12% |
| MU | Micron Technology, Inc. | 0.9% | ▲ New | $51,724,315 | |
| DUOL | Duolingo, Inc. | 0.2% | ▼ Trimmed | $9,848,486 | - 81.78% |
| TTAN | ServiceTitan, Inc. | 0.1% | ▲ New | $4,114,800 | |
| Grab | 0.0% | $1,427,065 | + 68.04% | ||
| KWEB | KraneShares CSI China Internet ETF | 0.0% | ▼ Liquidated | $0 | |
| AVGO | Broadcom Inc. | 0.0% | ▼ Liquidated | $0 | |
| FUTU | Futu Holdings Limited | 0.0% | ▼ Liquidated | $0 | |
| LINE | Lineage, Inc. | 0.0% | ▼ Liquidated | $0 |
New Positions
Instacart (Maplebear Inc.) CART
Altimeter bought 2,537,618 shares of Instacart (Maplebear Inc.) in Q4 2024. Instacart (Maplebear Inc.) demonstrated 11.34% revenue growth over the last twelve months, reaching $3.46B in trailing revenue. The company maintains a 3.35 price-to-sales ratio while expanding its grocery technology leadership through strategic retail partnerships and health initiatives. Recent financial results show sustained growth despite competitive pressures in the online grocery sector.
- 11.05% annual revenue growth in 2024 ($3.38B) with 9.39% quarterly growth in Q1 2025.
- 3.35 P/S ratio with $11.55B market cap, reflecting investor confidence in scaled growth platforms.
- Platform supports 600,000+ shoppers and 1,800+ retail partners across North America.
Flutter PDYPF
Altimeter bought 380,315 shares of Flutter in Q4 2024. Flutter Entertainment has demonstrated significant growth over the past 12 months, with its stock price rising from $205 in January 2024 to a forecasted average of $451.84 in 2025, reflecting a 120.38% increase. The company's performance is buoyed by strong market positioning and investor confidence in its strategic initiatives. Analysts project continued upward momentum, driven by expanding market share and operational efficiency.
- Stock price forecasted to reach a high of $539.44 in 2025, representing a 163% increase from current levels.
- Average price target of $451.84 for 2025 suggests 120.38% growth potential.
- 12-month performance shows consistent monthly gains, with August 2025 projections indicating a 153.96% increase from current prices.
Twilio Inc. TWLO
Altimeter bought 582,915 shares of Twilio Inc. in Q4 2024. Twilio Inc. has faced significant challenges over the last 12 months, with its stock declining 18.2% year-to-date in 2025, underperforming both the broader Internet-Software industry (-11%) and key competitors. This slump follows a $0.02 EPS miss in Q4 2024 and weaker-than-expected Q1 2025 guidance, though the company demonstrated confidence through a $130.2 million stock buyback program. Morningstar maintains a $120 fair value estimate, suggesting potential upside from current levels despite near-term macroeconomic pressures.
- Stock price fell 18.2% year-to-date, underperforming the Internet-Software industry’s 11% decline.
- Q1 2025 EPS guidance of $0.88-$0.93 fell 2.1-7.4% short of analyst expectations.
- Technical analysis suggests 4.8% upside to $110.72 by June 2025, with 50-day SMA showing 8.2% growth since March.
Micron Technology, Inc. MU
Altimeter bought 614,595 shares of Micron Technology, Inc. in Q4 2024. Micron Technology has demonstrated significant growth over the past 12 months, driven by robust AI demand and a tripling of data center revenue year-over-year. The company reported Q2 fiscal 2025 revenue of $8.05 billion (up 38% YoY) and non-GAAP EPS of $1.56, with HBM revenue surpassing $1 billion for the first time. Its stock has risen 13.7% over the last 6 months, outperforming semiconductor peers, supported by technology leadership in DRAM and record profitability expectations for fiscal 2025.
- Revenue grew 38% YoY to $8.05B in Q2 2025, with data center revenue tripling annually.
- Non-GAAP EPS increased to $1.56 in Q2, beating guidance, with operating cash flow surging 223% YoY to $3.94B.
- Analysts project 28.92% upside (avg price target $122.90) and Strong Buy consensus, fueled by 1-gamma DRAM node launch and AI-driven demand.
ServiceTitan, Inc. TTAN
Altimeter bought 40,000 shares of ServiceTitan, Inc. in Q4 2024. ServiceTitan has demonstrated strong revenue growth over the past year, with 25.6% YoY growth to $771.88 million in 2024 and 29% YoY growth in Q4 2025. However, losses widened to $359.7 million in 2024 and $239.1 million in FY2025 despite improved non-GAAP profitability. The stock trades at a 246.47 forward P/E ratio versus the sector's 11.5x average, reflecting premium valuation concerns despite analyst optimism.
- Q4 2025 revenue reached $209.3 million with gross transaction value growing 26% to $17 billion.
- Shares surged 40% on IPO debut but now trade 5.9% above analysts' 12-month target price of $118.23.
- Non-GAAP net income turned positive at $16.5 million in FY2025 despite significant GAAP losses.
