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Sands Capital

Jun 2025 → Dec 2025 · Publishes quarterly · 6 funds

Our archive holds 18 letters from Sands Capital, behind 51 investment theses. Every quote below is copied verbatim from the letter it came from.

Sands Capital’s own letters page
18
Letters
0
Companies
0
Moves
51
Theses

Theses · 51

  • Broadcom
    December 2025

    Broadcom is a critical AI infrastructure supplier with leadership in ethernet networking and custom accelerators benefiting from scaling compute demands.

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  • Alibaba Group Holding Limited
    December 2025

    Alibaba Group Holding Limited is a Chinese technology leader with full-stack AI infrastructure and an integrated retail strategy, renewed execution, and potential to be a top on-demand ecommerce player by 2030.

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  • Safran
    December 2025

    Safran is a dominant jet engine supplier with a high-margin, long-duration aftermarket model and strong visibility backed by structural advantages.

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  • Netflix, Inc.
    December 2025

    Netflix is the leading streaming platform that could enhance engagement and pricing power through strategic studio ownership despite antitrust risk.

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  • Coupang, Inc.
    December 2025

    Coupang is Korea’s leading ecommerce platform investing for long-term growth in Taiwan with attractive valuation versus strong expected EBITDA growth.

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  • Galderma
    December 2025

    Galderma is a dermatology leader with outperforming products like Nemluvio and Relfydess, rising guidance, and underappreciated share gain and revenue potential.

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  • Sea Limited
    December 2025

    Sea Limited is a Southeast Asian internet platform investing to strengthen competitiveness with potential for significant revenue and EBITDA growth by 2030.

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  • DoorDash
    December 2025

    DoorDash is the leading U.S. delivery platform with strong growth and improving unit economics, reinvesting from a position of strength across multiple adjacencies.

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  • AppLovin
    December 2025

    AppLovin is a leading mobile ad tech platform leveraging AI to extend beyond gaming into ecommerce, with significant potential for sustained growth.

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  • MercadoLibre
    December 2025

    MercadoLibre is Latin America’s leading ecommerce and fintech platform with a strengthening moat, resilient growth playbook, and an undemanding valuation.

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  • DiDi Global Inc.
    December 2025

    DiDi Global Inc. is China’s leading ride-hailing platform with significant profit growth potential, operational leverage, expansion in Latin America, and an attractive valuation with a possible Hong Kong listing catalyst.

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  • Spotify Technology S.A.
    December 2025

    Spotify Technology is the leading audio streaming platform integrating AI and benefiting from improved label agreements and pricing power.

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Showing the 48 most recent of 51 theses. Browse them by company to see the rest.

Letter archive · 18

2025

Funds · 6

  • Sands Capital Emerging Markets Growth3
  • Sands Capital Global Growth3
  • Sands Capital Global Leaders3
  • Sands Capital International Growth3
  • Sands Capital Select Growth3
  • Sands Capital Technology Innovators3

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