Atreides Management, LP
Gavin Baker · Boston, MA · Founded 2019
Atreides Management is a Boston-based investment firm founded in 2019 by Gavin Baker, who serves as Managing Partner and Chief Investment Officer. The firm runs a crossover strategy — investing across both public equities and private companies — concentrated in technology, AI infrastructure, semiconductors, and internet businesses.
Baker spent nearly two decades at Fidelity Investments (1999–2017), most notably running the roughly $17 billion Fidelity OTC Portfolio from 2009 to 2017, where the fund outperformed more than 99% of its Morningstar peers and won six Lipper awards over his tenure. The Boston Globe named him Fund Manager of the Year in 2014. He also helped launch Fidelity's venture-capital investing before leaving to found Atreides.
Atreides files a Form 13F each quarter disclosing its US-listed equity holdings. The tables below cache its four most recent filings; positions in companies R40 tracks are linked to their pages.
History
Begins a near two-decade career at Fidelity, later managing the Select Pharmaceuticals, Telecommunications and Wireless sector portfolios.
Runs the ~$17B growth fund until 2017, beating more than 99% of Morningstar peers and winning six Lipper awards.
Recognized for the OTC Portfolio's performance.
Launches the Boston-based crossover firm as Managing Partner and CIO, investing across public and private technology companies.
2026 Q2 holdings
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | SPCXSpaceX★ | CLASS A COM STK | $4.67B | 27.3M | 32.6% | NEW |
| 2 | Invesco Qqq Tr | Put | $2.36B | 3.2M | 16.4% | ADD |
| 3 | MUMicron Technology, Inc.★ | COM | $821.1M | 711K | 5.7% | TRIM |
| 4 | CBRSCerebras Systems Inc.★ | COM CL A | $687.3M | 3.1M | 4.8% | NEW |
| 5 | METAMeta Platforms, Inc.★ | Call | $675.9M | 1.2M | 4.7% | NEW |
| 6 | Astera Labs Inc | COM | $587.7M | 1.2M | 4.1% | TRIM |
| 7 | Ciena Corp | COM NEW | $337.8M | 689K | 2.4% | ADD |
| 8 | Credo Technology Group Holdi | ORDINARY SHARES | $307.1M | 1.1M | 2.1% | ADD |
| 9 | PANWPalo Alto Networks, Inc.★ | COM | $299.1M | 877K | 2.1% | ADD |
| 10 | UUnity Software Inc.★ | COM | $292.8M | 10.2M | 2.0% | TRIM |
| 11 | Coherent Corp | COM | $253.3M | 642K | 1.8% | ADD |
| 12 | NVDANVIDIA Corporation★ | COM | $250.0M | 1.2M | 1.7% | ADD |
| 13 | AMZNAmazon.com, Inc.★ | COM | $231.1M | 970K | 1.6% | ADD |
| 14 | METAMeta Platforms, Inc.★ | CL A | $226.9M | 403K | 1.6% | NEW |
| 15 | CRWVCoreWeave, Inc.★ | COM CL A | $211.5M | 2.1M | 1.5% | ADD |
| 16 | GOOGLAlphabet Inc.★ | CAP STK CL A | $174.5M | 488K | 1.2% | TRIM |
| 17 | CBRSCerebras Systems Inc.★ | Call | $154.7M | 700K | 1.1% | NEW |
| 18 | Twilio Inc | CL A | $148.6M | 720K | 1.0% | TRIM |
| 19 | Amphenol Corp | CL A | $112.9M | 640K | 0.8% | NEW |
| 20 | Akamai Technologies Inc | COM | $107.6M | 911K | 0.8% | ADD |
| 21 | AFRMAffirm Holdings, Inc.★ | COM CL A | $103.8M | 1.3M | 0.7% | ADD |
| 22 | GTLBGitLab Inc.★ | CLASS A COM | $103.0M | 3.4M | 0.7% | NEW |
| 23 | INTCIntel Corporation★ | COM | $92.7M | 664K | 0.6% | ADD |
| 24 | Semtech Corp | COM | $89.2M | 551K | 0.6% | ADD |
| 25 | Cipher Digital Inc | COM | $87.9M | 3.6M | 0.6% | NEW |
| 26 | TSLATesla, Inc.★ | COM | $85.9M | 204K | 0.6% | ADD |
| 27 | Dicks Sporting Goods Inc | COM | $85.1M | 375K | 0.6% | TRIM |
| 28 | Wayfair Inc | CL A | $78.0M | 844K | 0.5% | TRIM |
| 29 | Ambiq Micro Inc | COMMON STOCK | $77.4M | 877K | 0.5% | ADD |
| 30 | Samsara Inc | COM CL A | $74.9M | 2.3M | 0.5% | NEW |
| 31 | Acv Auctions Inc | COM CL A | $71.2M | 9.9M | 0.5% | ADD |
| 32 | Compass Inc | CL A | $69.8M | 5.7M | 0.5% | ADD |
| 33 | Wix Com Ltd | SHS | $66.2M | 1.5M | 0.5% | ADD |
| 34 | MAMastercard Incorporated★ | CL A | $48.1M | 94K | 0.3% | ADD |
| 35 | Pdf Solutions Inc | COM | $46.6M | 659K | 0.3% | NEW |
| 36 | Servicetitan Inc | SHS CL A | $38.3M | 542K | 0.3% | NEW |
| 37 | Ferguson Enterprises Inc | COMMON STOCK NEW | $35.1M | 148K | 0.2% | ADD |
| 38 | NOKNokia Corporation★ | SPONSORED ADR | $33.5M | 2.5M | 0.2% | ADD |
| 39 | Rogers Corp | COM | $31.0M | 189K | 0.2% | ADD |
| 40 | Natera Inc | COM | $28.3M | 104K | 0.2% | NEW |
| 41 | Warby Parker Inc | CL A COM | $21.2M | 699K | 0.1% | ADD |
| 42 | Veeco Instrs Inc Del | COM | $18.0M | 238K | 0.1% | ADD |
| 43 | NBISNebius★ | SHS CLASS A | $17.7M | 64K | 0.1% | ADD |
| 44 | Innio Nv | ORDINARY SHARES | $13.8M | 349K | 0.1% | NEW |
| 45 | Equipmentshare Com Inc | COM CL A | $4.3M | 217K | 0.0% | ADD |
| 46 | TABOOLA.COM Ltd | ORD SHS | $4.2M | 835K | 0.0% | ADD |
| 47 | Quantinuum Inc | CL A COM | $3.3M | 40K | 0.0% | NEW |
| 48 | Fervo Energy Co | CL A COM | $291K | 10K | 0.0% | NEW |
| 49 | Bitgo Holdings Inc | COM SHS CL A | $153K | 30K | 0.0% | ADD |
Notable 2026 Q2 moves
New positions
- SPCX SpaceX $4.67B
- CBRS Cerebras Systems Inc. $687.3M
- META Meta Platforms, Inc. $675.9M
- META Meta Platforms, Inc. $226.9M
- CBRS Cerebras Systems Inc. $154.7M
- Amphenol Corp $112.9M
- GTLB GitLab Inc. $103.0M
- Cipher Digital Inc $87.9M
- Samsara Inc $74.9M
- Pdf Solutions Inc $46.6M
- Servicetitan Inc $38.3M
- Natera Inc $28.3M
- Innio Nv $13.8M
- Quantinuum Inc $3.3M
- Fervo Energy Co $291K
Exited
- Lumentum Hldgs Inc was $187.9M
- Echostar Corp was $117.1M
- Zoom Communications Inc was $105.8M
- Rocket Cos Inc was $87.1M
- VST Vistra Corp. was $78.7M
- Roblox Corp was $78.3M
- Hubspot Inc was $56.7M
- Roblox Corp (Call) was $56.6M
- Synopsys Inc was $54.3M
- Ralph Lauren Corp was $44.3M
- Axon Enterprise Inc was $43.4M
- Wingstop Inc was $41.9M
- U Unity Software Inc. was $32.9M
- Chime Finl Inc was $30.4M
- Aerovironment Inc was $29.6M
- Rubrik INC. was $27.7M
- Jfrog Ltd was $26.0M
- SNOW Snowflake Inc. was $21.8M
- V Visa Inc. was $21.7M
- Globalfoundries Inc was $21.1M
Position history in tracked names
Quarter-end value of each holding that has a page on R40, most recent first.
| Stock | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 |
|---|---|---|---|---|
| SPCXSpace Exploration Techn Corp | $4.67B | — | — | — |
| MUMicron Technology Inc | $821.1M | $256.9M | $210.9M | $121.3M |
| CBRSCerebras Systems Inc | $687.3M | — | — | — |
| PANWPalo Alto Networks Inc | $299.1M | $90.1M | — | — |
| UUnity Software Inc | $292.8M | $271.7M | $292.6M | $244.7M |
| NVDANvidia Corporation | $250.0M | $217.8M | $359.1M | $107.2M |
| AMZNAmazon Com Inc | $231.1M | $198.6M | $158.8M | $144.7M |
| METAMeta Platforms Inc | $226.9M | — | — | $48.5M |
| CRWVCoreweave Inc | $211.5M | $62.8M | $43.4M | $8.6M |
| GOOGLAlphabet Inc | $174.5M | $159.6M | $161.0M | $133.8M |
| AFRMAffirm Hldgs Inc | $103.8M | $54.7M | $103.1M | $15.2M |
| GTLBGitlab Inc | $103.0M | — | $119.2M | $246.6M |
| INTCIntel Corp | $92.7M | $28.9M | $17.9M | $87.6M |
| TSLATesla Inc | $85.9M | $74.6M | $83.7M | $91.9M |
| MAMastercard Incorporated | $48.1M | $24.8M | $26.2M | $25.6M |
| NOKNokia Corp | $33.5M | $20.0M | — | — |
| NBISNebius Group N.V. | $17.7M | $6.5M | — | — |
| MSFTMicrosoft Corp | — | — | $87.8M | — |
| VSTVistra Corp | — | $78.7M | — | — |
| AMDAdvanced Micro Devices Inc | — | — | — | $54.9M |
| GNRCGenerac Hldgs Inc | — | — | $24.9M | — |
| SNOWSnowflake Inc | — | $21.8M | $105.0M | $105.9M |
| VVisa Inc | — | $21.7M | — | — |
Excludes 7 option positions — a put or call is a claim on shares, not a share position. They are listed in the holdings table with their Put/Call class.