GetCoattail Research — The Filing Tape #189. Coupang through six filing lenses, as of the latest filings. Past patterns are not a promise of future results. For education only — not investment advice.
The Hype
Coupang, Inc. (CPNG) appears in a Zacks note dated October 23, 2026, titled "Coupang, Inc. (CPNG) is Attracting Investor Attention" — a most-searched-stock note, not an earnings report or a contract announcement. This package cites no news event for Coupang: the attention claim rests on that listing plus the measured price tape, and nothing else. Zacks puts CPNG's past-month return at +0.8%, against −1.2% for its S&P 500 composite over the same period and −3.1% for the Zacks Internet - Commerce industry.
The price tape behind the attention is a long decline. CPNG closed 2025 at $23.59, fell 8.0% in Q2 to $17.37 by June 30, 2026, and closed the price file on October 2 at $13.78 — 20.7% below its June 30 close and 41.6% below its 2025 year-end close. The daily refresh puts the October 23 close at $13.90 — 0.9% above the October 2 close but still 20.0% below June 30 and 57.0% below the $32.35 52-week-high field. The question the filings let us ask: what did the tracked holders, the broad market, the company's insiders, and Congress actually do while the price fell?
The Tape
| Lens | As of | What the filings show | Direction vs prior period |
|---|---|---|---|
| Superinvestors (13F) | Jun 30, 2026 | 16 of 147 tracked managers hold; 178,075,174 shares ($3.09B reported). Dodge & Cox is 40.5%. | Continuing cohort −3.1%; 6 increases, 3 unchanged, 6 decreases, 1 new, 1 exit |
| All institutions (13F) | Jun 30, 2026 | 594 filers hold 1,339,757,730 shares ($23.23B reported). | Shares −0.65%; filers −5; reported value −8.47% |
| Insiders (Form 4) | Oct 2, 2026 | 0 buys and 2 sells in 90 days; 3 buys ($136.56M) and 5 sells ($5.82M) in a year. | Director buying in March, then only sells |
| Congress | Oct 3, 2026 | No CPNG rows in the combined, House, Senate, or members files. | No transactions found in the covered disclosures |
| 13D/G | Aug 4, 2026 | Amendments only: no 13D, no initial 13G; SoftBank/SVF at 18.7%; Baillie Gifford 9.0% → 4.8%. | Baillie Gifford fell in two steps; no new control filing |
| Short interest | Sep 15, 2026 | 79,155,595 shares short, 4.35% of shares outstanding; 4.41 days to cover. | +10.37% from prior settlement; −0.9% vs June; +363.7% year over year; 2.0% below the series peak |
Chart: Coupang through six filing lenses — who is actually there?
Superinvestors. The tracked register for Coupang is broad but top-heavy. Sixteen of 147 tracked managers hold 178,075,174 shares — $3,093,165,773 reported — and the top two are 61.0% of it. Dodge & Cox Funds holds 72,194,220 shares, 40.5% of the cohort and 0.66% of its portfolio, after increasing 0.3% in Q2, from 72,008,120 shares, a gain of 186,100 shares. Chase Coleman's Tiger Global Management holds 36,467,972 shares (20.5%, 2.64%) after increasing 5.4% in Q2, from 34,595,407 shares. Bill Nygren's Oakmark Funds holds 14,296,823 shares (8.0%, 0.33%) after increasing 43.2% in Q2, from 9,981,854 shares, a gain of 4,314,969 shares — the largest percentage increase in the cohort. David Abrams' Abrams Capital Management holds 13,017,964 shares (7.3%, 4.13%), unchanged. Durable Capital Partners cut hardest: down 69.8% in Q2, from 12,866,806 shares to 3,881,925 shares. D1 Capital Partners cut 11.4% and Sands Capital cut 17.6%. One holder is new and the label checks out: SCGE Management (Sequoia Capital Global Equities) opened 2,088,200 shares (1.2%), and the NEW-label audit confirms it held no CPNG row in the same filer's Q1 filing. One holder exited: Thornburg Investment Management, 11,064 shares in Q1, gone in Q2. All fifteen continuing holders' Q1-to-Q2 changes verify exactly under both pairing methods, and both registers reconcile with residual zero: the verified continuing cohort moved from 181,688,151 shares in Q1 to 175,986,974 in Q2, −5,701,177 shares, −3.1%. The cohort's implied price ($17.37) matches the June 30 close ($17.37) exactly. The cohort is 13.29% of the full market's reported shares and 9.8% of shares outstanding on the fundamentals record's weighted-average share basis.
All institutions. The broad market barely moved in Q2. Filers fell by 5 to 594, of which 586 are long, while reported shares fell 0.65% (−8,718,075 shares to 1,339,757,730). Reported value fell 8.47% to $23.23 billion — faster than shares, because reported value includes option rows by definition and the June 30 close ($17.37) sits below the March 31 close ($18.88). Underneath, 547 filers entered and 552 exited, net −5. Excluding the tracked cohort, other institutions hold 1,161,682,556 shares. The broad market drifted down slightly; the tracked cohort cut faster, led by one holder's 69.8% cut.
Insiders. This lens has the sharpest split in the package: a large director purchase in March, then nothing but sales. In the 90 days to October 2, 2026, insiders filed 2 forms with 0 buys and 2 sells — 197,629 shares sold for $3,196,841.73, both flagged as officers in the parsed records and both filed August 11, 2026: Rogers Harold, 192,110 shares at $16.1781, and Lee Jonathan D. (Chief Accounting Officer), 5,519 shares at $16.102. The site's insider aggregate file agrees exactly with this 90-day figure. Over one year: 3 buys, 5 sells — 7,350,104 shares bought for $136,562,970.69 against 287,311 shares sold for $5,819,347.20, from 1 buyer and 4 sellers. All three buys are director Neil Mehta's, filed March 13, 2026, on transaction dates March 11–13, 2026: 2,017,241 shares at $18.6411, 3,000,000 at $18.6787, and 2,332,863 at $18.3994. Mehta is flagged as a director, not an officer, and carries no officer title in the parsed records. Officer buys are zero in every window; officer sells are 2 in 90 days, 5 in a year, and 21 across the whole corpus. Across the whole corpus: 5 buys, 31 sells — 8,750,104 shares bought for $174,103,880.69 against 62,677,212 shares sold for $1,687,508,318.91, from 2 buyers and 8 sellers, across 64 filings. The full-record selling is dominated by a single name outside the one-year window: SVF Investments (UK) Ltd sold 60,000,000 shares for $1,615,000,000 in three 2025 transactions — 95.7% of all full-record sell shares. The other full-record buyer is Greenoaks Capital Partners LLC, 1,400,000 shares for $37,540,910.00 in May 2025. The last Form 4 filing for CPNG in the corpus is dated August 11, 2026 — no insider filing appears after that date through the October 2 aggregate as-of.
Congress. This lens is blank, with its coverage stated rather than smoothed over. The combined, House, and Senate aggregates and the members file contain no CPNG rows at all — no buys, no sells, no attributed member. The members file covers House periodic transaction reports for 2026 with transactions dated on or after April 1, 2026, and the Senate file is as of October 1, 2026, so the correct statement is that no congressional transaction was found in the covered disclosures — not that no member ever traded the stock. Congress disclosures are member filings, not Form 4 insider transactions, and are never added to insider totals.
13D/G. The control register is amendments-only, and its largest position has not moved since 2025. It holds 6 filings — no Schedule 13D filing at all and no initial Schedule 13G either, only amendments. The largest reported percent is SB Investment Advisers (UK) Ltd at 18.7% (309,542,259 shares, event June 30, 2025, filed August 14, 2025), jointly reported by SVF Investments (UK) Ltd at the same shares and percent — joint rows that are never summed. The same pair reappears at 17.3% (289,542,259 shares, event September 30, 2025). Bom Kim reported 164,410,881 shares at 9.1% (event December 31, 2024). The moving name is Baillie Gifford & Co: 9.0% (150,382,707 shares, event September 30, 2025), then 7.2% (120,656,242 shares, event March 31, 2026), then 4.8% (78,743,687 shares, event June 30, 2026) in the register's latest filing, dated August 4, 2026. The register's cross-date total (1,712,362,553) sums reporter rows across dates and counts each joint position once per reporting entity, so it is never quoted as an economic figure.
Short interest. The bear position grew violently over the year and ended the series near its peak. FINRA short interest stood at 79,155,595 shares at September 15, 2026, with 4.41 days to cover and 4.35% of the 1,818,000,000 shares outstanding on the fundamentals record's weighted-average basis. That is 10.37% above the prior settlement (71,721,008 at August 31), 0.9% below June 30 (79,865,672), and 363.7% above the year-ago figure (17,069,066) — and it sits just 2.0% below the series peak of 80,767,290 on July 15, 2026. The last six settlements trace a round trip: 79,865,672 (June 30), 80,767,290 (July 15), 80,534,354 (July 31), 69,016,448 (August 14), 71,721,008 (August 31), 79,155,595 (September 15). The series has one step over 2×, at its very start (March 31, 2021), and none under 0.5×. Two rows carry revision flags (June 15, 2021; May 31, 2023); no row carries a stock-split flag.
Chart: CPNG short interest — 133 FINRA settlements, March 2021 to September 2026.
Fundamentals context. The fundamentals record is complete on the fields quoted here: shares outstanding 1,818,000,000 as of December 31, 2025, on a weighted-average basic basis, revenue $34,534,000,000, net income $208,000,000 and assets $17,787,000,000, all for FY2025. The recorded market capitalisation is $26,215,560,138.70, on the record's own price_close ($14.42 as of October 6, 2026), not the October 23 close.
The Gap
The attention and the filing tape disagree about what kind of story this is. A most-searched listing puts Coupang in front of readers with a past-month gain of 0.8%, while the price sits 20.7% below June 30 on the file's end and 41.6% below its 2025 year-end close. The filings show that the tracked superinvestor presence is sixteen holders totalling 9.8% of shares outstanding, that the continuing cohort cut 3.1% in Q2 while the broad market eased just 0.65%, and that the cohort's biggest percentage gainer (Oakmark, +43.2%) is outweighed by one holder's 69.8% cut. Against that picture, the company's own filings show a director buying $136.56 million of stock in March and then no insider buying at all in the 90 days to October 2 — only two officer-flagged sales — while Congress recorded nothing in the covered disclosures and the control register produced no activist filing and no new initial position, only Baillie Gifford stepping down from 9.0% to 4.8%. Meanwhile short interest did not merely rise: it ended the series 363.7% above a year earlier and 2.0% below its all-time peak. The tape does not show a tracked crowd piling in behind the search interest; it shows a tracked cohort trimming, a broad market drifting down, one large director purchase standing alone in March, and a bear position near its series peak.
What Would Change the Picture
Nothing above is a recommendation. It is a record. What would change it:
- 1. Q3 13F season (filings due by November 16, 2026). Watch whether Dodge & Cox adds to its 72,194,220-share position at all, whether Oakmark adds to the 4,314,969 shares it added in Q2, whether Durable Capital keeps cutting from 3,881,925 shares, and whether any tracked manager opens a first Coupang position — the register starts Q3 from sixteen holders, so any entry or exit is measurable against that base.
- 2. A first insider purchase after March 13, 2026, or any insider filing after August 11, 2026. Either would end a window in which the only insider trades are two August sales; a purchase larger than Mehta's 3,000,000-share March 12 transaction would set a new single-purchase mark for the corpus.
- 3. A first Schedule 13D, or a first initial Schedule 13G. Any activist filing would replace the amendments-only register; a SoftBank/SVF move from 18.7% in either direction, or a Baillie Gifford move from 4.8%, would also change the largest passive positions.
- 4. A first Congress transaction in the covered disclosures, buy or sell, would break the blank congressional picture.
- 5. Short-interest direction. A break above the July 15 series peak of 80,767,290 — or a fall back toward the August 14 level of 69,016,448 — would each tell a different story about the bear position that ended the series near its high.
As-of & Limits
| Lens | As of | Limit or note |
|---|---|---|
| Superinvestors (13F) | Jun 30, 2026 | 13F figures are as of June 30, 2026, the quarter-end. Funds have up to 45 days after quarter-end to file, so this is the most recent complete picture — and it is always a lagging one. Common stock only (CUSIP 22266T109); no option rows, no second class in the tracked file. All fifteen continuing holders verify exactly under both pairing methods; both registers reconcile with residual zero. The SCGE NEW label is genuine (no CPNG row in the same filer's Q1 filing). No tracked holder is among the 3 early filers at September 30, 2026. |
| All institutions (13F) | Jun 30, 2026 | Reported value includes option rows by definition; implied price ($17.34 in Q2) is not a price check. Value fell faster than shares partly because the June close sits below the March close. |
| Insiders (Form 4) | Oct 2, 2026 | "Zero buys in 90 days" means zero open-market (P) transactions in the stated window, across the parsed corpus for issuer CIK 1834584 (64 filings, filing-date span January 2, 2025 – August 11, 2026). The 2 sells in the window are both flagged as officer sells in the parsed records. Mehta is flagged as a director, not an officer, and carries no officer title. The site insider aggregate row matches the parsed-scan 90-day figure exactly. Transaction dates for the March buys are March 11–13, 2026, filed March 13, 2026. |
| Congress | Oct 3, 2026 | No-transactions-found finding: no CPNG row in the combined, House, Senate, or members files. The members file covers House PTR filings for 2026 with transactions dated on or after April 1, 2026; the Senate file is asof October 1, 2026. Congress sells are member-disclosure transactions, not Form 4 insider transactions, and are never added to insider totals. |
| 13D/G | Aug 4, 2026 | Amendments-only register; no 13D and no initial 13G filing exists in the parsed set. Jointly-reported positions are not summed. Total shares reported (1,712,362,553) sums reporter rows across dates and counts each joint position once per reporting entity, and is not an economic total. Distinct reporter names 6, reporter rows 8. |
| Short interest | Sep 15, 2026 | Shares-outstanding count is a weighted-average basic count as of December 31, 2025; the 4.35% ratio inherits that basis. The peak claim is a maximum over all 133 settlements; the latest settlement sits 2.0% below it. The series has one step over 2× (March 31, 2021) and none under 0.5×. |
| Prices | Oct 23, 2026 (fresh close) | Price file ends Oct 2, 2026; the Oct 23 close ($13.90) and moves derived from it are cross-source (chart_stats) and labelled as such. The 52-week-high field ($32.35) is the chart_stats field, not a recomputed file maximum. |
| Fundamentals | FY2025 | Shares outstanding is a weighted-average basic count, not a point-in-time DEI count. Recorded market capitalisation uses the record's own price_close ($14.42 as of Oct 6, 2026), not the Oct 23 close, and is quoted only as the record's figure. |
| Hype source | Oct 25, 2026 (Zacks note) | Search-interest note only (Zacks, Oct 23, 2026); no news event is cited for Coupang in this article. Price moves are measured from the price file and chart_stats. |
Methodology & disclaimer: 13F holdings are long common shares unless stated; reported values include option rows for the all-institutions lens by definition. Short interest is FINRA twice-monthly settlements. Trading costs and taxes are not reflected in any figure. Past patterns are not a promise of future results. For education only — not investment advice.
This article describes filings and market data for education. It is not investment advice. Data: SEC EDGAR 13F (as of June 30, 2026, filed within 45 days), Form 4 corpus checked through October 2, 2026 (64 filings for issuer CIK 1834584), House/Senate disclosures through October 3, 2026, SC 13D/G parsed register through August 4, 2026, FINRA short interest at September 15, 2026 settlement. 13F covers long positions of $100M+ managers only and is always a lagging picture. Trading costs and taxes are not reflected.
Related research: Four of 147: Berkshire Is 94.1% of the Tracked Louisiana-Pacific Stake — While Short Interest Hits Its Series Peak · Three of 147: Davis Is 90.9% of the Tracked Pinterest Stake — While Its Insiders Have Never Bought a Share · Track the tape on Coupang's stock page and the 13F filing season hub.
Revision history: v1.0 — October 25, 2026. Initial publication. Signals and lens aggregates: cpng_lens_data.csv. Short-interest series: cpng_short_interest_series.csv.
Past patterns are not a promise of future results. For education only — not investment advice.