Whetstone Capital Advisors has sold its stake in GitLab, a unified DevOps platform competing in the fast-changing market for AI-assisted coding and secure software delivery. As companies look at combining platforms and adding AI, investors are considering whether GitLab will be able to compete in the future of enterprise development.
What happened
According to a recent SEC filing dated February 13, 2026, Whetstone Capital Advisors, LLC reported selling its entire 192,532-share holding in GitLab (GTLB +7.43%). The estimated transaction value, based on the quarter’s average pricing, was approximately $8.68 million. The fund’s quarter-end position in the company dropped to zero shares, a net position value change of $8.68 million.
What else to know
The fund fully exited the position; as of December 31, 2025, GitLab represented 0% of 13F reportable AUM.
Top holdings after the quarter:
- NASDAQ: DAVE: $60.21 million (18.8% of AUM)
- NYSE: NET: $57.77 million (18.0% of AUM)
- NASDAQ: GOOGL: $41.29 million (12.9% of AUM)
- NASDAQ: AMZN: $21.49 million (6.7% of AUM)
- NASDAQ: OPRX: $18.49 million (5.8% of AUM)
As of February 12, 2026, GitLab shares were priced at $29.58, down 57.6% over the past year and lagging the S&P 500 by 70.5 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close February 12, 2026) | $29.58 |
| Market capitalization | $4.98 billion |
| Revenue (TTM) | $906.25 million |
| Net income (TTM) | $-46.47 million |
Company snapshot
GitLab is a leading provider of DevOps lifecycle software, enabling organizations to streamline and secure their software development processes through a single, unified platform. The company leverages a subscription-based model to drive recurring revenue, focusing on enterprise adoption and global market reach.
Its comprehensive approach to DevOps positions GitLab as a strategic partner for businesses aiming to accelerate innovation and enhance operational efficiency.The company offers an integrated DevOps platform, GitLab, along with related training and professional services. Its primary revenue is generated from software subscriptions and service contracts.
GitLab is founded in 2011 and is headquartered in San Francisco, California. The company employs over 2,300 people worldwide.
What this transaction means for investors
The software development landscape is being reshaped by AI-assisted coding and growing pressure on enterprises to simplify fragmented toolchains. As companies reconsider whether to consolidate vendors or add AI layers to existing stacks, unified platforms are gaining renewed attention. That shift directly affects GitLab Inc., which has long positioned itself as a single application spanning code creation, security, and deployment.
GitLab’s growth relies on enterprises standardizing on its platform and increasing adoption across engineering teams. Management highlights rising SaaS activity and continued investment in GitLab Duo, its AI solution for managing and validating AI-generated code. The company is also expanding its global sales team to secure new enterprise accounts, while noting weaker demand in some public sector segments and among smaller customers.
For investors, the key question is whether GitLab can establish itself as a core development platform rather than a replaceable tool in a crowded market. The company must now turn increased engagement and AI integration into sustained enterprise growth while maintaining its recent operating leverage.
