Peter Thiel’s Second-Biggest Bet is Not a Tech Stock Anymore

Peter Thiel has bought close to 1% of Vista Energy, an Argentine oil producer. His fund paid roughly $76 million for about 1.2 million American depositary shares.

The purchase was disclosed in a quarterly filing with the U.S. Securities and Exchange Commission (SEC). Vista now ranks second among Thiel's disclosed holdings.

Inside Thiel's $76 Million Vista Energy Stake

Thiel Macro reported eight positions worth $418.7 million for the second quarter of 2026. Vista accounts for $75.9 million of that total, or 18.1%.

Thiel Macro also expanded fast. It listed a single holding a quarter earlier, then disclosed eight.

Only Amazon (AMZN) ranks higher at 28.2%. Meanwhile, three power companies absorb much of the rest. Vistra, American Electric Power, and DTE Energy together make up roughly 34% of the book.

The shape of that portfolio reads as an energy bet, not a technology one. Thiel has pulled back elsewhere this year. In February, his Founders Fund exited an Ethereum treasury firm as digital asset treasury companies came under pressure.

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