Peter Thiel Portfolio: $418.7M Rebuilt From Two Zero…

Two consecutive quarters in which Peter Thiel’s fund reported no US stock holdings did not mean Peter Thiel had left the stock market. A Form 13F covers one narrow slice of a manager’s book, and the SEC says so in writing. Thiel Macro LLC, the Los Angeles firm that carries Thiel’s name on its filings, reported an empty information table for the quarters ended 31 December 2025 and 31 March 2026, then filed a table on 14 August 2026 showing eight positions worth $418,666,506 at the 30 June close. FinanceFeeds parsed that XML table directly from SEC EDGAR, summed the values and recomputed every percentage. Power and energy names account for $300,688,206, or 71.82% of the book. Amazon is the single largest line at $117,978,300, or 28.18%.

Here is the part almost every summary of this filing has missed. The biggest position and the smallest position are contractually tied to one another. X-Energy, the 0.88% line worth $3,672,000, states in its own quarterly report filed on 13 August 2026 that Amazon made an equity investment in 2024 and holds first-priority allocation of Xe-100 reactor manufacturing queue slots across 2031 to 2039, a right of first refusal on part of the delivery schedule, and a contractual claim to the most favourable pricing offered to any non-affiliate customer. The second thing missed: the filing contains Vista Energy and Vistra, two different companies that aggregators routinely conflate, sitting side by side as the second and third largest positions.

Key facts from the filing

• Total reported value $418,666,506 across 8 positions — Thiel Macro 13F-HR, accession 0001315863-26-000593, period of report 30 June 2026
• Power and energy names $300,688,206, or 71.82% of the book, recomputed by FinanceFeeds from the information table XML
• Amazon 495,000 shares at $117,978,300, equal to 28.18% of the book — largest single line
• Two prior filings reported zero: accessions 0001315863-26-000169 (period 31 Dec 2025) and 0001315863-26-000423 (period 31 Mar 2026)
• The last book before the blank quarters held three names worth $74,448,208 at 30 September 2025: Tesla, Microsoft and Apple
• Regulated utility lines AEP, DTE, FirstEnergy and CMS together make up 38.69% of the reported value
• Form 13F excludes short positions, cash and non-US-listed shares — SEC Division of Investment Management, Form 13F FAQ

What the four filings actually say, in order

The sequence matters more than the holdings list. Thiel Macro’s filing for the quarter ended 30 September 2025 reported three positions and a table value total of $74,448,208: Tesla at $28,906,800 across 65,000 shares, Microsoft at $25,379,550 across 49,000 shares, and Apple at $20,161,858 across 79,181 shares.

Then the table emptied. For the quarter ended 31 December 2025, filed on 17 February 2026, the information table carries a single row with the issuer name “NA”, the CUSIP 000000000, a value of zero and a share count of zero. The cover page reports a table entry total of 1 and a table value total of 0. The filing for the quarter ended 31 March 2026, submitted on 15 May 2026, is identical in form. Both were signed by McLean Crichton, Chief Compliance Officer at Thiel Macro. That placeholder row is a filing convention rather than a statement of intent, and it is what an aggregator renders as “zero holdings”.

The August filing reversed it. Eight names, $418,666,506, a book 5.62 times the size of the last non-empty one, with Amazon restored as the anchor position at more than a quarter of the value. Every value in the table reconciles: divide each reported value by its share count and you get that stock’s 30 June 2026 closing price to the cent. Amazon works out at $238.34, Vista Energy at $63.80, Vistra at $158.63, American Electric Power at $136.81, DTE Energy at $152.37, FirstEnergy at $47.54, CMS Energy at $76.50 and X-Energy at $18.36. Those match Nasdaq’s closing prices for the same session, which is a useful check that nothing in the table was estimated or stale.

A separate point of hygiene, because the error is everywhere in coverage of this filing. Thiel is not Palantir’s chief executive. Palantir’s own annual report for 2025, filed with the SEC on 17 February 2026, describes “Alexander Karp, one of our founders and our Chief Executive Officer” and separately refers to “Peter Thiel (the Chairman of our Board of Directors)”. The signature page lists Karp as Chief Executive Officer and Director and Thiel as Director. Thiel Macro is also a distinct entity from Founders Fund, the venture firm Thiel co-founded; Founders Fund holds private positions that never appear on a 13F at all.

Why power, and why now, is the question the filing itself cannot answer. The utilities can. “As electricity demand accelerates, we have seen firsthand how growth can lower costs and improve affordability for existing customers,” said Bill Fehrman, chairman, president and chief executive officer of American Electric Power, in the company’s second-quarter results announcement on 30 July 2026. “That is why we have led efforts to implement large load tariffs and structure contracts to ensure growth helps pay for growth.”

The companies behind the eight lines

AEP’s own numbers explain the appeal of the sleeve. The company expanded its pipeline of new load additions to 69 gigawatts through 2030, raised full-year 2026 operating earnings guidance to a range of $6.25 to $6.55 per share, and is working through a five-year capital plan of $78 billion. It has secured roughly 13 GW of gas-fired turbine capacity with a further 10 GW under evaluation, and has large load tariffs approved in five states with three more filings pending.

X-Energy is the newest name on the list and the most speculative. The company listed on Nasdaq under the ticker XE in late April 2026 and reported revenues and grant income of $54.6 million for the second quarter against $21.5 million a year earlier. Its customer set is unusually concentrated: Dow, Amazon and Centrica, which the company says represent a pipeline of more than 11 gigawatts electric across 144 reactors if all contingent rights are exercised. Our earlier breakdown of what X-Energy has to deliver to justify its listing price laid out how far that pipeline sits from revenue.

“Our HALEU enrichment service agreements meaningfully de-risk a substantial portion of the deployment of our reactors, and the agreement with SGL secures our access to critical graphite components, enabling our strategy to build reactors at scale,” said J. Clay Sell, CEO of X-energy, in the company’s second-quarter results release on 13 August 2026.

Which brings us to the confusion the CUSIPs settle. Vista Energy carries CUSIP 92837L109 and is listed in the table as sponsored ADS. It is Vista Energy, S.A.B. de C.V., incorporated in Mexico with its head office on Paseo de la Reforma in Mexico City, listed on the NYSE as VIST and on the Mexican exchange as VISTA. Its business is shale oil in Argentina. The company’s 2025 annual report on Form 20-F describes roughly 228,800 net acres across Vaca Muerta and calls the company the largest independent oil producer and largest oil exporter in Argentina. Miguel Galuccio serves as its chairman and chief executive. Revenue for the three months to 30 June 2026 was $1,234,902,000, against $610,542,000 in the same quarter of 2025.

Vistra carries CUSIP 92840M102 and is a US merchant power producer, an entirely separate business. Both appear in Thiel Macro’s table. Any summary that lists one and not the other, or that describes the Argentine oil producer as a US power company, has merged two positions worth a combined $135,038,856, or 32.25% of the book.

What the book has done since the reporting date

A 13F is a photograph taken 45 days before it is published, and the interval has not been quiet. Holding the 30 June share counts constant and repricing them at the 15 September 2026 close, the book would be worth $415,802,737, down 0.68%. That aggregate figure conceals a split that neither the filing nor a price screen states on its own.

The four regulated utility lines, 38.69% of the reported book, are down 11.20% as a group. Vista Energy, the Argentine oil producer, is up 22.82% and is now larger than Vistra and AEP combined. So the position that aggregators kept misidentifying is the one carrying the sleeve. Put the two data sets together and the picture inverts: on the 13F alone this reads as a utility book with a hydrocarbon satellite, and on the price tape since the reporting date it is a hydrocarbon book with a utility drag.

The utility de-rating is not a Thiel Macro problem. It is a sector-wide repricing of the power-demand trade that has run through every AI-adjacent name this summer, the same tension we traced in our analysis of what a deliberate slowdown in AI capital spending would do to the $700 billion capex complex. Buying regulated utilities at the 30 June marks meant buying near the top of that move.

What the form covers, and what it deliberately does not

Section 13(f) of the Securities Exchange Act and Rule 13f-1 require an institutional investment manager with discretion over $100 million or more in Section 13(f) securities to file within 45 days of quarter end. The SEC’s Form 13F FAQ is explicit about the boundaries. Short positions are excluded: “You should not include short positions on Form 13F. You also should not subtract your short position(s) in a security from your long position(s).” Shares that trade on non-US exchanges are excluded. Open-end mutual funds are excluded. Written options are excluded.

What that means for the two blank quarters is simple and almost never stated. A zero table is a statement about US-listed long equity and nothing else. Futures, forwards, swaps, currency positions, sovereign debt, physical commodities, private companies and foreign-listed shares all sit outside the form, and a macro fund is precisely the kind of manager likely to hold its risk in those instruments. The filing tells you what Thiel Macro owned in one asset class on one day. It does not tell you the fund’s net exposure, its borrowings, or whether it was short anything in the same names it was long.

The $100 million threshold has stood since 1978 and the SEC’s 2020 proposal to lift it to $3.5 billion was withdrawn, so small and mid-sized managers remain inside the net while the 45-day lag stays untouched.

Regulation shapes the holdings themselves, not just the disclosure. X-Energy’s construction permit application for the Long Mott project cleared its Nuclear Regulatory Commission environmental assessment with a finding of no significant impact in May 2026, with the permit expected in the first quarter of 2027. AEP’s economics depend on state commissions approving large load tariffs, which is why the company counts approvals state by state. Vista reports under IFRS as a Mexican issuer and a foreign private issuer with the SEC, relies on NYSE corporate governance exemptions, and runs its production in Argentina, which layers three regulatory regimes onto one line in the table. These are not interchangeable risks, and grouping them as “energy” flattens the distinction.

What to watch next

The next Thiel Macro 13F, covering the quarter ending 30 September 2026, is due by 14 November 2026. Three things are worth watching in it.

First, whether the utility sleeve survives the de-rating. AEP, DTE and CMS were bought at or near their 30 June highs and have given back more than a tenth of that value. A manager who rebuilt from zero in a single quarter has demonstrated willingness to move the whole book at once, so a partial exit would not be out of character.

Second, whether Vista Energy grows. It was the second-largest line in June and is the largest by market value now. If the November filing shows an increased share count rather than only a higher price, the energy allocation was a bet on Argentine shale economics wearing a utility costume.

Third, whether the X-Energy line moves. At 0.88% it is a option-sized position in a company whose first commercial reactor delivery is expected in the early 2030s. Adding to it before the construction permit decision expected in the first quarter of 2027 would read as conviction; letting it sit would read as a placeholder. Either way the disclosure arrives 45 days late, which is the structural limit on reading any of this in real time, and the reason a filing that reports zero should never be read as a manager who owns nothing. Our look at how large private stakes stay invisible to public filings covers the same gap from the other direction.

Frequently asked questions

How much is in Peter Thiel’s portfolio according to the latest 13F?

Thiel Macro LLC reported $418,666,506 across eight US-listed positions for the quarter ended 30 June 2026, in a Form 13F-HR filed on 14 August 2026 under accession number 0001315863-26-000593. That figure is the sum of the values in the filing’s information table and matches the total on the filing’s own cover page. It covers US long equity only.

What did Peter Thiel’s fund buy in the second quarter of 2026?

The eight reported positions are Amazon.com at $117,978,300, Vista Energy ADS at $75,908,730, Vistra at $59,130,126, American Electric Power at $42,221,892, DTE Energy at $40,294,247, FirstEnergy at $39,901,225, CMS Energy at $39,559,986 and X-Energy at $3,672,000. Because the two preceding filings reported an empty table, all eight are new relative to the last reported book.

Is Peter Thiel the CEO of Palantir?

No. Alexander Karp is a co-founder and the Chief Executive Officer of Palantir Technologies, and Peter Thiel is a co-founder and Chairman of the Board. Palantir’s 2025 annual report, filed with the SEC in February 2026, states both titles directly and lists Karp as Chief Executive Officer and Director and Thiel as a Director on its signature page.

Did Thiel Macro really hold no stocks for two quarters?

It reported no US-listed long equity positions for the quarters ended 31 December 2025 and 31 March 2026, using a placeholder row with a zero value. Form 13F does not cover short positions, cash, futures, swaps, private holdings or foreign-listed shares, so a blank table is not evidence that the fund held no market exposure during those periods.

Is Vista Energy the same company as Vistra?

No, and the filing holds both. Vista Energy, S.A.B. de C.V. trades on the NYSE as VIST under CUSIP 92837L109, is incorporated in Mexico and produces shale oil in Argentina’s Vaca Muerta. Vistra Corp trades as VST under CUSIP 92840M102 and is a US merchant power producer. They are the second and third largest lines in the Q2 2026 table.

When is the next Thiel Macro 13F filing due?

The filing for the quarter ending 30 September 2026 is due within 45 days of quarter end, which places the deadline at 14 November 2026. Thiel Macro has filed on or close to the statutory deadline in each of the last four quarters, submitting on 14 August 2026, 15 May 2026, 17 February 2026 and 14 November 2025.