MMCAP International Inc. SPC Q4 2025 Filing

Filed February 9, 2026

Portfolio Value

$1.0B

Holdings

208

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (208 positions)

#	Stock	Shares	Value	% Portfolio
1	ARISAris Mining Corp	13,804,061	$224.4M	22.44%
2	ASTLAlgoma Steel Group Inc	11,487,861	$47.1M	4.71%
3	CCXIUChurchill Capital Corp XI	2,700,000	$27.6M	2.76%
4	DMIIDrugs Made In America Acquisit	2,700,000	$27.0M	2.70%
5	NPACNew Providence Acquisition Cor	2,200,000	$22.6M	2.26%
6	NXENexGen Energy SEG	2,429,898	$22.4M	2.23%
7	FERAFifth Era Acquisition Corp I	1,900,000	$19.6M	1.95%
8	DMLDenison Mines Corp	7,219,531	$19.2M	1.92%
9	RDAGRepublic Digital Acquisition C	1,565,000	$15.8M	1.58%
10	LPAALaunch One Acquisition Corp	1,480,000	$15.7M	1.57%
11	CEPFCantor Equity Partners IV Inc	1,500,000	$15.4M	1.54%
12	MESHMeshflow Acquisition Corp	1,500,000	$15.0M	1.50%
13	IRHOUIron Horse Acquisition II Corp	1,500,000	$14.9M	1.49%
14	U6ZUranium Energy Corp	1,248,363	$14.6M	1.46%
15	CCIXChurchill Capital Corp IX	1,350,000	$14.3M	1.43%
16	IPCXInflection Point Acquisition C	1,400,000	$14.2M	1.42%
17	CGCTCARTESIAN GROWTH CORP III	1,350,000	$13.9M	1.39%
18	GPATGP-Act III Acquisition Corp	1,275,000	$13.6M	1.36%
19	APTVAptiv PLC	170,268	$13.0M	1.30%
20	ALFCenturion Acquisition Corp	1,175,000	$12.5M	1.25%
21	CEPFCantor Equity Partners V Inc	1,200,000	$12.3M	1.23%
22	WENNWen Acquisition Corp	1,200,000	$12.1M	1.21%
23	MBVIM3-Brigade Acquisition VI Corp	1,100,000	$11.0M	1.10%
24	EUEncore Energy Corp	4,316,238	$10.7M	1.07%
25	CUBLionheart Holdings	980,000	$10.4M	1.04%
26	SIMASIM Acquisition Corp I	980,000	$10.4M	1.04%
27	SBXDSilverbox Corp IV	980,000	$10.4M	1.04%
28	SUIGSui Group Holdings Ltd	6,141,356	$10.3M	1.03%
29	HYACHaymaker Acquisition Corp 4	900,000	$10.2M	1.02%
30	FCRSFutureCrest Acquisition Corp	1,000,000	$10.1M	1.01%
31	HCMAHCM III Acquisition Corp	1,000,000	$10.0M	1.00%
32	BLZRTrailblazer Acquisition Corp	1,000,000	$10.0M	1.00%
33	LPCVLaunchpad Cadenza Acquisition	1,000,000	$10.0M	1.00%
34	ADACAmerican Drive Acquisition Co	1,000,000	$10.0M	1.00%
35	RI4APOET Technologies Inc	1,526,205	$9.7M	0.97%
36	GRAFGraf Global Corp	830,000	$8.9M	0.89%
37	ITHAITHAX Acquisition Corp III	800,000	$8.0M	0.80%
38	WYWeyerhaeuser Co	327,500	$7.8M	0.78%
39	CEPFCantor Equity Partners III Inc	750,000	$7.7M	0.76%
40	OBAOxley Bridge Acquisition Ltd	750,000	$7.6M	0.76%
41	SBXESilverBox Corp V	750,000	$7.5M	0.75%
42	PACHPioneer Acquisition I Corp	750,000	$7.5M	0.75%
43	CRONCronos Group Inc	2,761,059	$7.3M	0.73%
44	SBETSharplink Gaming Inc	807,600	$7.2M	0.72%
45	AEXAAmerican Exceptionalism Acquis	631,494	$7.2M	0.72%
46	GTENGores Holdings X Inc	700,000	$7.2M	0.72%
47	CRANUCrane Harbor Acquisition Corp	650,000	$6.5M	0.65%
48	ONCH1RT Acquisition Corp	600,000	$6.1M	0.61%
49	POLEAndretti Acquisition Corp II	580,000	$6.1M	0.61%
50	NOEMCO2 Energy Transition Corp	590,000	$6.1M	0.61%
51	GMGeneral Motors Co	66,338	$5.4M	0.54%
52	EFREnergy Fuels Inc/Canada	357,225	$5.2M	0.52%
53	LPBBLaunch Two Acquisition Corp	480,000	$5.0M	0.50%
54	FIGXUFIGX Capital Acquisition Corp	500,000	$5.0M	0.50%
55	ZONECleancore Solutions Inc	18,356,175	$4.8M	0.48%
56	—Newbury Street II Acquisition	450,000	$4.7M	0.47%
57	IMSRTerrestrial Energy Inc	750,000	$4.6M	0.46%
58	—M3-Brigade Acquisition V Corp	400,000	$4.3M	0.43%
59	PRNProfound Medical Corp	531,362	$4.2M	0.42%
60	MTArcelorMittal SA	91,427	$4.2M	0.42%
61	BLRKBluerock Acquisition Corp	400,000	$4.0M	0.40%
62	BITFBitfarms Ltd/Canada	1,695,298	$4.0M	0.40%
63	TWLVTwelve Seas Investment Co III	400,000	$4.0M	0.40%
64	UPXIUpexi Inc	2,326,777	$3.9M	0.39%
65	BWABorgWarner Inc	85,138	$3.8M	0.38%
66	TDACWTranslational Development Acqu	350,000	$3.7M	0.37%
67	—Churchill Capital Corp X	430,970	$3.3M	0.33%
68	ZOOZZOOZ Strategy Ltd	7,000,000	$3.1M	0.31%
69	—Social Commerce Partners Corp	300,000	$3.0M	0.30%
70	SVCCUStellar V Capital Corp	280,000	$2.9M	0.29%
71	VACHVoyager Acquisition Corp	250,000	$2.7M	0.27%
72	BACCBlue Acquisition Corp	250,000	$2.6M	0.26%
73	—Range Capital Acquisition Corp	250,000	$2.5M	0.25%
74	LWACLightwave Acquisition Corp	250,000	$2.5M	0.25%
75	GENVRGen Digital Inc	542,308	$2.5M	0.25%
76	ISOIsoEnergy Ltd	270,745	$2.4M	0.24%
77	NFGNew Found Gold Corp	745,835	$2.2M	0.22%
78	THSTreeHouse Foods Inc	93,700	$2.2M	0.22%
79	NHICNewHold Investment Corp III	200,000	$2.1M	0.21%
80	BLUWBlue Water Acquisition Corp II	200,000	$2.1M	0.21%
81	OYSEOyster Enterprises II Acquisit	200,000	$2.0M	0.20%
82	EVOXEvolution Global Acquisition C	200,000	$2.0M	0.20%
83	DSACUDaedalus Special Acquisition C	200,000	$2.0M	0.20%
84	AEAQActivate Energy Acquisition Co	200,000	$2.0M	0.20%
85	KMXCarMax Inc	47,257	$1.8M	0.18%
86	STLDSteel Dynamics Inc	10,711	$1.8M	0.18%
87	GSHRGesher Acquisition Corp II	175,000	$1.8M	0.18%
88	HCACHall Chadwick Acquisition Corp	175,000	$1.8M	0.18%
89	LFACLeapfrog Acquisition Corp	150,000	$1.5M	0.15%
90	CHECChenghe Acquisition III Co	150,000	$1.5M	0.15%
91	BIXIBitcoin Infrastructure Acquisi	150,000	$1.5M	0.15%
92	ATIIArchimedes Tech SPAC Partners	125,000	$1.3M	0.13%
93	BSAABEST SPAC I Acquisition Corp	125,000	$1.3M	0.13%
94	SUNCSunococorp LLC	22,755	$1.1M	0.11%
95	LEGTLegato Merger Corp III	100,000	$1.1M	0.11%
96	PCAPProCap Acquisition Corp	100,000	$1.0M	0.10%
97	LATAGalata Acquisition Corp II	100,000	$996K	0.10%
98	GFRGreenfire Resources Ltd	207,309	$991K	0.10%
99	CPCanadian Pacific Kansas City L	12,800	$942K	0.09%
100	FERAFifth Era Acquisition Corp I	1,900,000	$759K	0.08%

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