Managers / Q2 2025 · view latest →
Mudrick Capital Management, L.P.
CIK 0001655183 · 31 WEST 52ND STREET, 16TH FLOOR, NEW YORK, NY, 10019 · (646) 747 9500
Summary
Mudrick Capital Management, L.P. reported $473M in U.S.-listed holdings across 4 positions for Q2 2025.
The portfolio is heavily concentrated: Vertical Aerospace alone accounts for 73.8% of reported value.
Compared with Q1 2025, the fund opened 2 new positions and exited 0.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Other · 73.8% · $349M
- Common Stock · 24.4% · $115M
- US DOMESTIC · 1.8% · $9M
Quarter-over-Quarter Changes full breakdown →
vs Q1 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| LUMINAR TECHNOLOGIES INC | NEW | +18.50M | 18.50M | +$9M | $9M |
| LAZRQLUMINAR TECHNOLOGIES INC | NEW | +769.1K | 769.1K | +$2M | $2M |
| VRMVROOM INC | HELD | +15.0K | 3.97M | −$3M | $113M |
| VERTICAL AEROSPACE LTD | HELD | +0 | 51.51M | +$176M | $349M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q2 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | VERTICAL AEROSPACE LTD | SHS NEW | 73.79% | $349M | 51.51M |
| 2 | VRMVROOM INChistory → | COM NEW | 23.94% | $113M | 3.97M |
| 3 | LAZRQLUMINAR TECHNOLOGIES INC | DEBT 11.500% 1/1 · COM NEW CL A | 2.27% | $11M | 19.27M |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $174M | 3 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $370M | 2 | Feb 17, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $396M | 4 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $473M | 4 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $289M | 2 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $596M | 1 | Feb 13, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $161M | 3 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $247M | 6 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $248M | 10 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $446M | 9 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $340M | 10 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $257M | 11 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $270M | 13 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $267M | 13 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $381M | 13 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $399M | 12 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $689M | 11 | May 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $728M | 13 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $671M | 11 | Nov 12, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $911M | 13 | Aug 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $882M | 10 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $730M | 10 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $386M | 7 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $296M | 6 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $82M | 7 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $71M | 2 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $55M | 2 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $55M | 1 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $61M | 2 | May 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $173M | 4 | Feb 14, 2019 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.