Sequoia Capital's 2026 portfolio sits on 25+ core holdings and $85B+ in assets under management, with OpenAI and Stripe as the two anchor positions and roughly 60% of new 2025–2026 capital going into AI.
That's the short answer. The longer answer is more interesting — because the way Sequoia is constructing this book tells you exactly where one of the best track records in venture thinks the next decade of returns will come from.
The Sequoia Capital Portfolio in 2026, by the Numbers
The Sequoia Capital portfolio in 2026 is built on 25+ core active holdings spanning seed to growth, backed by more than $85B in assets under management across the firm's US/Europe and global funds. The two largest positions are OpenAI and Stripe, and approximately 60% of capital deployed since 2025 has gone into AI applications and AI infrastructure — the most concentrated thematic bet Sequoia has made since its early cloud era.
$85B+
Assets under management
25+
Core active holdings
~60%
New capital into AI
1972
Year founded
Sequoia Capital's Biggest Bets: Top Holdings in 2026
These are the positions that define the Sequoia Capital portfolio in 2026 — ranked by estimated value and strategic weight within the book. Valuations reflect last-disclosed primary or secondary marks.
| Company | Sector | Last Valuation | First Backed |
|---|---|---|---|
| OpenAI | AI / foundation models | $300B+ | 2021 |
| Stripe | Fintech / payments | $91.5B | 2010 |
| Wiz | Cloud security | $32B (Google deal) | 2020 |
| Harvey | AI legal | $5B | 2023 |
| Glean | AI enterprise search | $7.2B | 2021 |
| Sierra | AI customer agents | $10B | 2024 |
| Klarna | Fintech / BNPL | $15B (IPO) | 2010 |
| Bridge | Stablecoin infra | $1.1B (Stripe deal) | 2022 |
Valuations are last-disclosed marks from primary rounds, secondary transactions, or announced acquisitions; Sequoia's exact ownership percentages are not public.
What Sequoia Capital Is Investing In Now
The most useful way to read a 2026 venture portfolio is not the legacy logos — it's the new checks. Where Sequoia is deploying fresh capital tells you the live thesis. Three clusters dominate.
AI Applications
Vertical agents that own a workflow end to end — Harvey in legal, Sierra in customer service, Glean in enterprise search. Sequoia is paying premium entry prices (20–40x forward revenue) on the bet that a few category-defining application companies capture the bulk of AI's enterprise value.
AI Infrastructure
The picks-and-shovels layer: inference optimization, data pipelines, eval and observability tooling, and model orchestration. This is where Sequoia is spreading more, smaller checks — recognizing that the application winners aren't obvious yet but the infrastructure beneath all of them will be needed regardless.
Fintech Rails & Stablecoins
Stripe remains the cornerstone at a $91.5B valuation, and Stripe's $1.1B Bridge acquisition signals Sequoia's continued conviction in stablecoin and money-movement infrastructure as the next leg of fintech.
Sequoia Capital Portfolio 2026 vs a16z: How the Bets Differ
Both Sequoia and Andreessen Horowitz are running AI-first books, but the construction philosophy is different. Sequoia concentrates; a16z spreads. The contrast matters because it determines how each firm's returns will actually be generated.
| Attribute | Sequoia Capital | a16z |
|---|---|---|
| AUM (2026) | $85B+ | $80B+ |
| Largest single fund | Growth, multi-billion | $15B megafund |
| Core active holdings | 25+ concentrated | Hundreds, diffuse |
| Anchor AI position | OpenAI | OpenAI + xAI |
| Fund structure | Evergreen Sequoia Fund | Named theme funds |
| Style | Concentrated ownership | Broad index of bets |
Sequoia's evergreen structure, launched in 2021, lets it hold public positions like Nvidia long after IPO rather than distributing shares — a structural edge when your biggest winners keep compounding. You can track how concentrated vs diversified strategies play out on the VC Performance dashboard.
Biggest Wins: The Track Record Behind the 2026 Book
Sequoia earned the right to concentrate. The firm's historical hit rate — turning early checks into category leaders — is why LPs accept its terms. A few of the wins that built the franchise:
Apple, Google, Nvidia
Early backer of three of the most valuable companies ever created
~$60M turned into ~$3B at Facebook's $19B acquisition
Stripe
Backed at seed in 2010; now a ~$91.5B fintech anchor
OpenAI
Entered early; now a $300B+ position and the book's crown jewel
What the 2026 Portfolio Tells Founders and LPs
What Sequoia Is Buying
- ✓ AI applications that own a full workflow
- ✓ Infrastructure every AI company will need
- ✓ Fintech and money-movement rails
- ✓ Founders who can defend a category long-term
What It's Avoiding
- ✕ Thin AI wrappers with no data moat
- ✕ Crowded horizontal tools without distribution
- ✕ Capital-light bets in commoditizing categories
- ✕ Spray-and-pray index exposure
Sequoia's 2026 portfolio is not a diversified index.
It's a concentrated bet that a handful of AI and fintech companies — led by OpenAI and Stripe — will define the next decade of returns.
Track fund performance and AI valuations on the VC Performance and AI Valuations dashboards at Value Add VC. Originally published in the Trace Cohen newsletter.