Mubadala's $17.5B Q4 Filing: 90% GlobalFoundries, Quantum Computing Bets, and a $631M Bitcoin Play

Abu Dhabi's sovereign wealth fund just filed its Q4 2025 13F — and the numbers are staggering. Mubadala Investment Co, part of Abu Dhabi's ~$2 trillion sovereign wealth system, holds 89.97% of its $17.5 billion 13F portfolio in a single stock: GlobalFoundries, the chip manufacturer it created by spinning off AMD's fabrication arm in 2009. But buried in the tail of this filing are two themes that should be on every investor's radar: a $631 million Bitcoin bet through IBIT that grew 46% in Q4, and brand-new positions in four quantum computing stocks totaling ~$69 million.

TL;DR — What You Need to Know

• 90% concentration: GlobalFoundries (GFS) accounts for $15.7B — nearly 90% of the entire portfolio. Mubadala owns 82% of the company's equity.
• Bitcoin conviction: IBIT position grew +46% to $631M as Bitcoin fell 23% in Q4. They bought the dip.
• Quantum quartet: Four new quantum computing positions — IONQ, QBTS, QUBT, RGTI — totaling ~$69M.
• Diversification trend: Holdings grew from 19 (Q4 2023) to 64 (Q4 2025), but GFS dominance persists.
• ARM complements GFS: Arm Holdings position ($151M) pairs semiconductor design IP with GFS manufacturing.
• Gold miners added: New positions in Kinross Gold ($12M), Barrick Mining ($10M), and Agnico Eagle ($7.5M).
• Autonomous driving exit: Dumped WeRide ($80M) and Pony AI ($25M) — two AV plays gone in one quarter.
• AUM declining: Portfolio dropped from $29.5B (Q4 2023) to $17.5B — a 41% decline driven almost entirely by GFS price action.

Filing Snapshot

Detail	Value
Filer	Mubadala Investment Co PJSC
CIK	0001704268
Filing Date	February 17, 2026
Report Period	Q4 2025 (December 31, 2025)
13F AUM	$17.5 billion
Total Holdings	64
New Positions	38
Exits	32
Top Holding	GlobalFoundries — 89.97%

The GlobalFoundries Question: 90% Concentration

Let's address the elephant in the room. Mubadala holds 450.4 million shares of GlobalFoundries — the same share count as last quarter, meaning this isn't an active trading position. It's a founding ownership stake. Mubadala owns approximately 82% of GFS's total equity, making this 13F filing essentially a proxy for GlobalFoundries' stock price.

That concentration explains the AUM trajectory: from $29.5B to $17.5B in two years, with the share count unchanged. Every dollar move in GFS moves Mubadala's 13F portfolio by ~$450 million. The top three holdings — GFS, IBIT, and Blue Owl Technology Finance — account for 96% of the portfolio.

What's notable is what's happening underneath that GFS overhang. GlobalFoundries announced a $950M secondary offering alongside a $200M buyback program. The company secured $1.5B in CHIPS Act funding and is expanding its Dresden fab with a €1.1B investment. It also acquired Advanced Micro Foundry for silicon photonics capability. Mubadala isn't reducing — the company itself is investing aggressively for growth.

Buying the Bitcoin Dip: $631M IBIT

Mubadala increased its iShares Bitcoin Trust ETF stake by 45.6% in Q4, adding roughly 4 million shares to reach 12.7 million. The timing is deliberate: Bitcoin fell 23% from its October 2025 peak of ~$126,000 during the quarter, and Mubadala leaned in harder.

At $631M, IBIT is now the fund's second-largest position at 3.61% of the portfolio. Combined with other Abu Dhabi sovereign entities, the emirate's total IBIT exposure exceeds $1 billion. This isn't a speculative toe-dip — it's a strategic allocation from one of the world's largest sovereign wealth systems.

The crypto conviction runs deeper than this 13F shows. MGX, a technology investment vehicle co-created by Mubadala, acquired a $2 billion stake in Binance in 2025. Abu Dhabi is positioning itself as a sovereign-level crypto infrastructure player.

The Quantum Computing Quartet

The most forward-looking signal in this filing: Mubadala opened four brand-new quantum computing positions in a single quarter.

• IonQ (IONQ): $19M — trapped-ion quantum computing leader, partnered with major cloud providers
• D-Wave Quantum (QBTS): $19M — quantum annealing pioneer, commercially deployed systems
• Quantum Computing Inc (QUBT): $16M — photonic quantum optimization
• Rigetti Computing (RGTI): $14M — superconducting quantum processors, full-stack approach

Total quantum exposure: ~$69M, or about 0.39% of the portfolio. That's a rounding error next to GlobalFoundries — but it's a directional signal from a sovereign fund that thinks in decades. When Abu Dhabi allocates to four companies in the same emerging sector simultaneously, it's a sector thesis, not a stock pick.

The semiconductor connection is worth noting: Mubadala already owns the world's third-largest pure-play chip foundry. Quantum computing will eventually need advanced fabrication. The GFS + quantum combination suggests Mubadala sees its chip manufacturing expertise as relevant to quantum hardware scaling.

Sovereign Diversification: From 19 to 64 Holdings

Zoom out to Q4 2023: Mubadala's 13F held just 19 positions. Two years later, that count has more than tripled to 64. The diversification strategy is clear — even if GFS still dominates by dollar value.

Key additions beyond quantum include:

• Gold miners: Aris Mining ($28M), Kinross Gold ($12M), Barrick Mining ($10M), Agnico Eagle ($7.5M) — a clear precious metals allocation
• Pharma: Pfizer ($11M), Biogen ($5M) — new healthcare exposure
• Tech diversification: Zebra Technologies ($9M), Zoom ($8M), Micron ($6M)
• High-conviction adds: Dollar General shares up +234%, Gen Digital up +212%, Aptiv up +147%

Notable trims: Adobe shares cut by 49%, Disney shares cut by 49%. Mubadala is rotating out of mega-cap consumer tech into commodity, quantum, and value plays.

Exits: Autonomous Vehicles Out, Quantum In

The exit list tells its own story. Mubadala liquidated 32 positions in Q4, with the biggest being:

• WeRide (WRD): $80M — Chinese autonomous driving, fully exited
• Recursion Pharmaceuticals (RXRX): $63M — AI-powered drug discovery, fully exited
• Pony AI (PONY): $25M — another Chinese AV company, fully exited

The pattern: Mubadala pulled out of both major autonomous vehicle positions in a single quarter while simultaneously opening four quantum computing positions. It's a capital reallocation from one frontier technology to another — from self-driving cars to quantum processors.

Other notable exits include Newmont Mining (NEM), Lockheed Martin (LMT), Centene (CNC), and Lam Research (LRCX). The Newmont exit is interesting given the simultaneous addition of three other gold miners — suggesting a stock-level thesis change rather than a sector exit.

Frequently Asked Questions

Why does Mubadala hold 90% of its portfolio in GlobalFoundries?

Mubadala created GlobalFoundries in 2009 by acquiring and spinning off AMD's manufacturing operations. The sovereign wealth fund owns approximately 82% of GFS's total equity — this is a founding ownership stake, not a concentrated trading position. The 13F filing reflects this structural holding, which is why the share count (450.4M) hasn't changed quarter-over-quarter.

Is Mubadala's $631M Bitcoin position significant for crypto markets?

Yes. A sovereign wealth fund increasing its Bitcoin ETF exposure by 46% while the asset falls 23% is a strong institutional conviction signal. Combined with other Abu Dhabi sovereign entities, the emirate holds over $1 billion in IBIT alone. Additionally, MGX — a Mubadala-affiliated vehicle — invested $2 billion in Binance in 2025, making Abu Dhabi one of the most crypto-committed sovereign jurisdictions globally.

What is Mubadala's quantum computing thesis?

Mubadala opened positions in four quantum computing companies — IONQ, QBTS, QUBT, and RGTI — spanning different quantum architectures (trapped-ion, annealing, photonic, superconducting). This broad-based approach suggests a sector-level thesis rather than a single-company bet. At ~$69M total, it's an early-stage allocation, but the connection to Mubadala's existing semiconductor manufacturing expertise through GlobalFoundries adds strategic logic.

Why has Mubadala's 13F AUM dropped from $29.5B to $17.5B?

The decline is almost entirely driven by GlobalFoundries' stock price. Since GFS accounts for ~90% of the portfolio and Mubadala hasn't changed its share count, the 13F AUM moves roughly in lockstep with GFS's market price. The fund hasn't been selling — the portfolio is shrinking because its dominant holding has declined in market value.

Should investors follow Mubadala's new position picks?

Mubadala's new positions are small ($5M–$28M each) relative to its portfolio, so they represent early-stage exploration rather than high-conviction bets. However, the sector themes — quantum computing, gold mining, and crypto — are worth watching as directional signals from a sophisticated sovereign investor that operates on multi-decade time horizons. The fund's 38 new positions and 32 exits in a single quarter suggest an active re-evaluation of its diversification strategy beyond GlobalFoundries.