MMCAP International Inc. SPC 13F holdings
MMCAP International Inc. SPC reported 216 positions with a total reported value of $1.2B as of 2026-06-30, in its 13F for Q2 2026, filed 2026-08-14. Top holdings by reported value: ARIS Aris Mining Corp (8.6%), Algoma Steel Group Inc (3.8%), CXII Churchill Capital Corp XII (2.5%), Drugs Made In America Acquisit (2.3%), NXE NexGen Energy Ltd (2.1%). Against 2026-03-31 it opened 41 new positions and exited 17. Next 13F due by 2026-11-14, the legal deadline 45 days after the quarter ending 2026-09-30.
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Top holdings
25 largest of 216 positions · reported value as of 2026-06-30
| Holding | Shares | Reported value | % of portfolio |
|---|---|---|---|
| ARIS Aris Mining Corp | 6,830,759 | $101.8M | 8.6% |
| Algoma Steel Group Inc | 10,954,738 | $44.4M | 3.8% |
| CXII Churchill Capital Corp XII | 2,970,000 | $29.2M | 2.5% |
| Drugs Made In America Acquisit | 5,400,000 | $27.4M | 2.3% |
| NXE NexGen Energy Ltd | 2,694,352 | $25.3M | 2.1% |
| CGCF Cartesian Growth Corp IV | 2,350,000 | $23.5M | 2.0% |
| New Providence Acquisition Cor | 2,933,333 | $23.0M | 2.0% |
| Inflection Point Acquisition C | 2,431,761 | $20.9M | 1.8% |
| FERA Fifth Era Acquisition Corp I | 3,800,000 | $20.4M | 1.7% |
| Churchill Capital Corp XI | 1,220,474 | $18.6M | 1.6% |
| TAC TransAlta Corp | 1,310,100 | $18.1M | 1.5% |
| MZYX MOZAYYX Acquisition Corp | 2,187,500 | $17.8M | 1.5% |
| FTRA FutureCorp Space Acquisition 1 | 1,750,000 | $17.7M | 1.5% |
| IACO Idea Acquisition Corp | 2,333,332 | $17.5M | 1.5% |
| IPVV InterPrivate Investment Partne | 1,700,000 | $16.9M | 1.4% |
| CRDL Cardiol Therapeutics Inc | 15,598,560 | $16.5M | 1.4% |
| RDAG Republic Digital Acquisition C | 2,347,500 | $16.5M | 1.4% |
| LPAAU Launch One Acquisition Corp | 2,470,000 | $16.2M | 1.4% |
| CEPF Cantor Equity Partners IV Inc | 1,500,000 | $15.6M | 1.3% |
| IRHO Iron Horse Acquisition II Corp | 3,000,000 | $15.3M | 1.3% |
| MESH Meshflow Acquisition Corp | 2,000,000 | $15.2M | 1.3% |
| IPCX Inflection Point Acquisition C | 2,800,000 | $15.1M | 1.3% |
| QADR QDRO Acquisition Corp | 2,250,000 | $15.1M | 1.3% |
| WLCO Wilco 63 Corp | 1,500,000 | $14.9M | 1.3% |
| APTV Aptiv PLC | 240,889 | $14.8M | 1.3% |
SEC FORM 13F · Q2 2026 · VALUES AS REPORTED, NOT PRICES
New positions this quarter
Held at 2026-06-30, not at 2026-03-31 · 41 in all · reported value as of 2026-06-30
| Holding | Shares | Reported value | % of portfolio |
|---|---|---|---|
| CXII Churchill Capital Corp XII | 2,970,000 | $29.2M | 2.5% |
| CGCF Cartesian Growth Corp IV | 2,350,000 | $23.5M | 2.0% |
| TAC TransAlta Corp | 1,310,100 | $18.1M | 1.5% |
| FTRA FutureCorp Space Acquisition 1 | 1,750,000 | $17.7M | 1.5% |
| IPVV InterPrivate Investment Partne | 1,700,000 | $16.9M | 1.4% |
| WLCO Wilco 63 Corp | 1,500,000 | $14.9M | 1.3% |
| CAES Cantor Equity Partners VII Inc | 1,350,000 | $13.6M | 1.2% |
| MELI MercadoLibre Inc | 6,298 | $10.7M | 0.9% |
| SE Sea Ltd | 106,638 | $10.2M | 0.9% |
| GHXI Gores Holdings XI Inc | 1,000,000 | $10.2M | 0.9% |
| SHOT RMG ML Sports Holdings | 925,000 | $9.2M | 0.8% |
| ISNR Snow Rothschild Acquisition Co | 850,000 | $8.5M | 0.7% |
| AESP Aeon Acquisition I Corp | 778,500 | $7.9M | 0.7% |
| JMIA Jumia Technologies AG | 811,535 | $5.7M | 0.5% |
| BABA Alibaba Group Holding Ltd | 58,962 | $5.7M | 0.5% |
| VGNT Versigent PLC | 113,680 | $4.8M | 0.4% |
| MEVO M Evo Global Acquisition Corp | 600,000 | $4.0M | 0.3% |
| AN AutoNation Inc | 19,718 | $3.7M | 0.3% |
| KEEL Keel Infrastructure Corp | 635,000 | $3.6M | 0.3% |
| ATLQ JAB Acquisition Corp I | 350,000 | $3.5M | 0.3% |
| STLA Stellantis NV | 550,000 | $3.2M | 0.3% |
| Yorkville International Capita | 300,000 | $3.0M | 0.3% |
| Worthington Steel Inc | 82,622 | $2.8M | 0.2% |
| PLRZ Polyrizon Ltd | 199,470 | $2.5M | 0.2% |
| ADUR Aduro Clean Technologies Inc | 140,432 | $2.2M | 0.2% |
Sold out
Held at 2026-03-31, gone by 2026-06-30 · 17 in all · reported value as of 2026-03-31
| Holding | Shares 2026-03-31 | Reported value | % of portfolio then |
|---|---|---|---|
| XNDU XANADU QUANTUM TECHNOLO-CL B | 6,875,000 | $48.1M | 4.2% |
| CARTESIAN GROWTH CORP III | 2,025,000 | $14.3M | 1.2% |
| Haymaker Acquisition Corp 4 | 900,000 | $10.4M | 0.9% |
| POET POET Technologies Inc | 1,494,038 | $8.9M | 0.8% |
| Cantor Equity Partners III Inc | 750,000 | $7.7M | 0.7% |
| M Evo Global Acquisition Corp | 400,000 | $4.0M | 0.3% |
| Bitfarms Ltd/Canada | 1,695,298 | $3.3M | 0.3% |
| Voyager Acquisition Corp | 375,000 | $3.0M | 0.3% |
| Coeur MNG INC | 75,000 | $1.4M | 0.1% |
| SUNC Sunococorp LLC | 22,755 | $1.4M | 0.1% |
| Legato Merger Corp III | 150,000 | $1.1M | <0.1% |
| CP Canadian Pacific Kansas City L | 12,800 | $1.0M | <0.1% |
| CF CF Industries Holdings Inc | 7,022 | $911.7K | <0.1% |
| VMET Versamet Royalties Corp | 93,100 | $883.7K | <0.1% |
| Alchemy Investments Acquisitio | 150,000 | $24.0K | <0.1% |
| USAR USA Rare Earth Inc | 687 | $10.4K | <0.1% |
| Classover Holdings Inc | 187,500 | $3.1K | <0.1% |
Biggest increases and decreases
Positions held at both quarter ends, by change in shares · reported value as of 2026-06-30
Increases
| Holding | Shares 2026-03-31 | Shares 2026-06-30 | Change | Reported value |
|---|---|---|---|---|
| Inflection Point Acquisition C | 1,500,000 | 2,431,761 | +62.1% | $20.9M |
| IRHO Iron Horse Acquisition II Corp | 1,500,000 | 3,000,000 | +100.0% | $15.3M |
| QADR QDRO Acquisition Corp | 1,500,000 | 2,250,000 | +50.0% | $15.1M |
| NHIC NewHold Investment Corp III | 300,000 | 800,000 | +166.7% | $7.8M |
| IACO Idea Acquisition Corp | 1,750,000 | 2,333,332 | +33.3% | $17.5M |
| MESH Meshflow Acquisition Corp | 1,500,000 | 2,000,000 | +33.3% | $15.2M |
| MZYX MOZAYYX Acquisition Corp | 1,750,000 | 2,187,500 | +25.0% | $17.8M |
| Aldabra 4 Liquidity Opportunit | 1,200,000 | 1,600,000 | +33.3% | $12.1M |
| HACQ HCM IV Acquisition Corp | 1,400,000 | 1,750,000 | +25.0% | $14.2M |
| ITHA ITHAX Acquisition Corp III | 800,000 | 1,200,000 | +50.0% | $8.1M |
| ADAC American Drive Acquisition Co | 1,000,000 | 1,333,333 | +33.3% | $10.2M |
| DBCA D Boral Acquisition I Corp | 750,000 | 1,125,000 | +50.0% | $7.6M |
Decreases
| Holding | Shares 2026-03-31 | Shares 2026-06-30 | Change | Reported value |
|---|---|---|---|---|
| ZOOZ ZOOZ Strategy Ltd | 7,000,000 | 350,000 | -95.0% | $1.9M |
| Churchill Capital Corp XI | 2,700,000 | 1,220,474 | -54.8% | $18.6M |
| STLD Steel Dynamics Inc | 73,908 | 3,938 | -94.7% | $903.6K |
| ARIS Aris Mining Corp | 7,815,142 | 6,830,759 | -12.6% | $101.8M |
| STM STMicroelectronics NV | 309,925 | 135,542 | -56.3% | $10.2M |
| WY Weyerhaeuser Co | 411,384 | 52,492 | -87.2% | $1.3M |
| Algoma Steel Group Inc | 12,845,622 | 10,954,738 | -14.7% | $44.4M |
| MT ArcelorMittal SA | 105,870 | 37,668 | -64.4% | $2.3M |
| EU Encore Energy Corp | 4,163,436 | 1,863,579 | -55.2% | $2.4M |
| BWA BorgWarner Inc | 71,075 | 30,075 | -57.7% | $2.0M |
| Cleancore Solutions Inc | 16,867,613 | 13,950,444 | -17.3% | $11.4M |
| VGZ Vista Gold Corp | 1,140,000 | 658,564 | -42.2% | $1.3M |
CIK 1304857 · 13F FILINGS ON EDGAR · INFORMATIONAL ONLY
