Key takeaway
Three things are true at once, and most coverage has held only the first. Scion did report a large Palantir put entry. The headline number attached to it did not mean what it was widely reported to mean. And the price decline that the disclosure is remembered for began the next day, after a separate and larger information event.
On the first point, the filing does establish something real: a reported long put position referencing 5,000,000 Palantir shares. Written options are not reported on Form 13F, so a put row is a position the manager held. That is downside-oriented exposure at the instrument level.
What it does not establish is why. The filing cannot show whether that position was a standalone bearish view, a hedge against something else, one leg of a spread, or how it sat against Scion's overall Palantir exposure — because short positions are excluded from Form 13F entirely and are never netted against long ones. What you see is gross long exposure, not a portfolio stance.
Evidence snapshot
- Filer
- Scion Asset Management, LLC (CIK 1649339)
- Signed by
- Michael J. Burry, Chief Executive Officer
- Form
- 13F-HR — holdings report, not an amendment
- Accession
- 0001649339-25-000007
- Snapshot date
- 30 September 2025 — quarter-end snapshot
- SEC accepted at
- 3 November 2025, 4:33:10 p.m. ET — after the market close. The SEC does not record when filing content first became available on sec.gov.
- Disclosure lag
- 34 calendar days — filed early, ahead of the 45-day deadline
- Issuer
- Palantir Technologies Inc., Class A (CUSIP 69608A108)
- Position type
- Long put position referencing 5,000,000 underlying shares; premium, strike, expiry and net exposure not disclosed
- Reported value
- $912,100,000 (Form 13F value column, whole dollars)
- Voting authority
- Sole 0 / Shared 0 / None 0
- Evidence status
- SEC-verified as to the filing. Retrospective analysis by Buteon.
What the 13F showed
As of the close on 30 September 2025, Scion reported put-option exposure referencing 5,000,000 Palantir Class A shares, carried at $912,100,000, with sole and shared voting authority reported as zero — the ordinary treatment for an options entry. The filing was signed on 3 November 2025 and accepted by the SEC at 4:33:10 p.m. ET that day, after the market had closed. It was not an amendment.
What the 13F did not show
- When the long put position was established or acquired.
- The premium paid. Form 13F has no premium field.
- The strike price. Form 13F has no strike field.
- The expiration date. Form 13F has no expiry field.
- Whether the position was still held at SEC acceptance, when the filing was first seen publicly, or on any day after 30 September.
- Whether it was a standalone directional view, a hedge against other exposure, or one leg of a spread.
- Any offsetting exposure. Short positions are excluded from Form 13F and are never subtracted from a long position in the same issuer, so what appears is gross long exposure.
- Scion's net exposure. A 13F shows reportable long positions in 13(f) securities and reported option exposure. It does not show short stock, cash, debt, most derivatives, or non-US holdings.
- Any statement of motive, target price, or holding period.
The filing shows a long put position, but not its economics, current status or place inside Scion’s broader portfolio. Four of the things a reader would need in order to evaluate the trade — entry date, premium, strike, expiry — are simply not fields on the form.
Why the $912.1 million headline was misleading
Two SEC instructions govern the value column. Special Instruction 10 requires option entries to be given ‘in terms of the securities underlying the options, not the options themselves.’ Special Instruction 8 sets the valuation basis: the close of trading on the last trading day of the quarter, ‘rounded to the nearest dollar’ — whole dollars, not thousands.
So the arithmetic is checkable. $912,100,000 ÷ 5,000,000 = $182.42, which was Palantir's closing price on 30 September 2025.
The same identity holds for every other row in the filing, options and ordinary stock alike — the Nvidia put ($186.58), the Halliburton and Pfizer calls ($24.60 and $25.48), and the plain equity positions in Lululemon and Molina ($177.93 and $191.36). Each one is shares multiplied by that day's close. The option rows are valued on exactly the same basis as the stock rows.
Snapshot date versus SEC acceptance
The filing is a snapshot dated 30 September. The SEC accepted it 34 calendar days later. In between, Palantir rose from $182.42 to $207.18 — up 13.57% from the quarter-end close to the last regular-session close before acceptance.
That is the disclosure-lag problem in one line: the underlying had moved 13.57% across the lag, while the filing did not reveal entry price, premium, strike, expiry, current status or net portfolio context. Anyone treating it as a live signal was acting on a picture five weeks old — and one that never carried the details a reader would need to interpret the move at all.
When the filing first became visible to anyone outside the SEC is not recorded. The earliest coverage we could retrieve appeared pre-market on 4 November.
Palantir's market reaction
Palantir closed 3 November up 3.35% at $207.18. That happened before either filing was accepted, so it is context, not a reaction to anything discussed here.
The SEC accepted Palantir's earnings at 4:06:20 p.m. ET and Scion's 13F at 4:33:10 p.m. ET. Both were after the regular close, and no regular trading session remained that day. The earliest coverage of the filing we could retrieve was pre-market on 4 November.
Because both filings were accepted after the regular close, the 4 November open is the first regular-session benchmark in this analysis. Buteon did not retrieve a reliable after-hours series and does not claim the stock was untradeable before that open. Measured from that benchmark, the move is stark: Palantir gapped from $207.18 to open at $192.07, down 7.29%, then drifted only 0.69% lower across the whole session to close at $190.74 on 121.4 million shares, against 52.7 million two sessions earlier. The Nasdaq-100 proxy fell 2.03% that day and the software proxy 3.20%.
That shape matters. Almost the entire move was the overnight gap, and the gap spans the earnings release, the 13F, and whatever else happened between the two closes. Nothing in the price record can tell them apart.
SEC acceptance sequence
Acceptance is recorded; exact first availability on sec.gov and public awareness are not.
Regular session closes.
SEC accepts Palantir’s Q3 2025 Form 8-K.
SEC accepts Scion’s Form 13F-HR.
SEC accepts the first related affiliate notice.
SEC accepts the second related affiliate notice.
SEC accepts Palantir’s Q3 2025 Form 10-Q.
The Form 10-Q’s EDGAR filing date.
| Window | PLTR | QQQ |
|---|---|---|
| Quarter-end (30 Sep) → 3 Nov close — PRE-EVENT CONTEXT | +13.57% | +5.28% |
| 31 Oct close → 3 Nov close — PRE-EVENT, both filings still to come | +3.35% | +0.48% |
| 3 Nov close → 4 Nov OPEN — overnight gap, spans both filings | −7.29% | n/a |
| 4 Nov open → 4 Nov close — first regular session after both filings | −0.69% | n/a |
| 3 Nov close → 4 Nov close | −7.94% | −2.03% |
| 4 Nov close → T+4 (10 Nov) | +1.50% | +0.64% |
| 4 Nov close → ~T+30 sessions (15 Dec) | −3.93% | −1.41% |
PLTR opened 7.29% below its 3 November close. QQQ finished 4 November down 2.03%, and IGV finished down 3.20%. Those comparisons show that Palantir underperformed the broader and software benchmarks, but they do not allocate the overnight move among earnings, filing publicity, macro conditions, or other causes.
The −7.29% overnight gap accounts for almost all of the −7.94% two-close move; the 4 November session itself contributed only −0.69%. That gap window contains Palantir’s earnings, Scion’s 13F, and overnight macro. Nothing in the price record separates them.
These are daily figures. Because both filings were accepted after the close, the entire information event sits inside an overnight gap that no daily series can decompose. The first two rows are pre-event context and must not be read as reactions to either filing. This is a descriptive event study, not a causal model.
Earnings and the wider market
The SEC accepted Palantir's third-quarter results on Form 8-K at 4:06:20 p.m. ET on 3 November — 26 minutes and 50 seconds before it accepted Scion's 13F. Revenue rose 63% year over year to $1.181 billion, US commercial revenue rose 121%, and full-year guidance was raised. The company's own release headline described the results as crushing consensus expectations.
The order matters, and it is the opposite of how the episode is usually told. Earnings came first. The 13F followed, into the same after-hours window, with no regular trading session left in the day.
Palantir then gapped down 7.29% at the next open and finished 4 November down 7.94% from the prior close. The pattern — a fall after strong results, alongside a broad software and AI drawdown — is consistent with a valuation and expectations reset. But both filings sit inside the same overnight gap, and the available evidence cannot separate their effects. This page does not claim the disclosure contributed nothing, and it does not claim it contributed anything.
Burry's later public correction
Nine calendar days after SEC acceptance, on the evening of 12 November 2025, Burry posted on X to correct the coverage directly. He described buying 50,000 contracts at $1.84 each, each covering 100 shares — $9.2 million, he wrote, rather than $912 million. His attached, undated image showed a two-line position table, including Palantir puts struck at $50 expiring January 2027.
That attached image is the only public source for any strike or expiry in this story. None of it appears in the filing, because Form 13F has no field for it.
Burry later continued discussing Palantir through public and subscriber channels. Because some of that material is paywalled, self-disclosed, and not SEC-verified, this note does not rely on its substance.
SEC-verified versus self-disclosed
Put entry referencing 5,000,000 Palantir shares as of 30 September 2025
Form 13F-HR
Reported value of $912,100,000
Form 13F-HR
SEC accepted the filing 3 November 2025, 4:33:10 p.m. ET, after the close
EDGAR filing index and SGML header
The exact time the filing first became available on sec.gov
The SEC states there is no timestamp for this; typical lag is 1–3 minutes but is not guaranteed.
No later public Scion filing found after 3 November 2025 through 21 July 2026
EDGAR searches across the related entities. A future filing or amendment remains legally possible, and adviser deregistration does not itself end a Form 13F obligation.
50,000 contracts at $1.84 and $9.2 million spent
Burry's public post, 12 November 2025
That $9.2 million was the cost of the position in the 30 September filing
No source connects them. His own post points to October, after the filing’s reporting date.
Palantir puts struck at $50 expiring January 2027
An undated image attached to his public post. Not in the filing.
Any later subscriber position update after 12 November 2025
Voluntary subscriber channels; self-disclosed, paywalled, and not SEC-verified.
Adviser registration terminated effective 10 November 2025
SEC IAPD record. The underlying Form ADV-W was not separately reviewed.
No later public Scion filing was found in EDGAR through 21 July 2026 to support later-filing claims. A future filing or amendment remains legally possible, and adviser deregistration does not itself end a Form 13F duty. Later voluntary commentary is a different evidence class; this note does not rely on paywalled substance.
Edge Window
The snapshot dated from 30 September. The SEC did not accept the filing until 4:33:10 p.m. ET on 3 November — 34 calendar days later, during which the underlying had risen 13.57%, and 26 minutes and 50 seconds after the SEC accepted Palantir's earnings 8-K into the same after-hours window. No regular trading session remained that day, and the exact moment the filing first became visible publicly is not recorded.
The filing did tell a reader something: Scion held a long put position referencing 5,000,000 Palantir shares. What it could not tell them was anything needed to act on it — not when the position was established, not what it cost, not the strike or expiry, not whether it was still held, and not whether it stood alone or hedged something else. The quarter-end mark of $182.42 is a valuation reference, not an entry price.
That is why the label is Context only: the disclosure was usable as context about reported quarter-end exposure, and as nothing more.
Why not follow?
- A documented contrarian record and a genuine, developed public thesis.
- SEC-confirmed put exposure — not a rumour, and not an anonymous claim.
- The filing showed a long put position, while leaving out its premium, strike, expiry, entry date, current status, offsets and net portfolio role.
- Later company and competitive concerns that were, in part, independently observable.
- A quarter-end snapshot, not a live position.
- SEC accepted 34 calendar days after the quarter-end snapshot; exact first public availability is not recorded.
- The reported value is not the premium and not the capital at risk.
- No strike, expiry or entry price — so the trade cannot be sized or replicated.
- No confirmation the position was still held at SEC acceptance or when the filing was first seen publicly.
- Possible offsetting or additional exposure that a 13F would not show.
- A beat-and-raise earnings release landed the same afternoon, and a sector-wide drawdown followed.
- No later public Scion filing was found in EDGAR through 21 July 2026; a future filing or amendment remains legally possible.
- Long options carry expiry risk, while the filing never disclosed the terms that would determine it.
Highly notable actor activity, but not a clean, current, or automatically copyable public signal.
Public-disclosure replay
What a reader could actually have known, in order:
Nothing. The position exists but is private.
Nothing yet. Palantir closes up 3.35% at $207.18 — before either filing. Pre-event context, not a reaction.
SEC accepts Palantir’s Q3 results: beat and raise. Earnings are first.
SEC accepts Scion’s 13F: a reported long put position referencing 5,000,000 shares, valued at $912.1 million. No premium, strike, expiry, entry date, current-status or net-exposure information. The regular session is closed; exact sec.gov availability is not recorded.
Earliest press coverage of the filing we could find.
First regular-session benchmark after both filings. Palantir opens at $192.07 — a 7.29% gap containing both events. This does not establish the earliest tradable public moment; no reliable after-hours series was retrieved.
Closes $190.74, down 7.94% from the prior close but only 0.69% from the open, alongside a falling sector.
For the first time, an actual cost figure — from the actor, not the filing.
No later public Scion filing was found in EDGAR through 21 July 2026. A future filing or amendment remains legally possible, and adviser deregistration does not itself end a Form 13F duty. This note does not rely on paywalled substance.
What Buteon would monitor next
This event sits outside Buteon's live evidence perimeter. Buteon does not live-ingest or monitor Form 13F filings. It separately displays a manually curated, stale-labelled Q1 2026 long-share Form 13F Institutional Register — a static, display-only artifact that does not cover Scion, Michael Burry, option rows, or the September 2025 event. Buteon's live insider-disclosure coverage includes Forms 3, 4, 5, and 144, whose filing deadlines differ; Form 4 is generally due within two business days. Buteon also covers a live 13D/G ownership lane.
What this case sharpens is the framework: the distance between when a position exists and when the public can see it; the difference between a reported value and committed capital; and the discipline of separating what a regulator verified from what an actor said afterwards. Those apply to every disclosure class Buteon does cover.
- Live Form 13F lane
- No live ingestion or monitoring.
- Static 13F surface
- A manually curated, stale-labelled Q1 2026 long-share Institutional Register. PUT/CALL rows are excluded by construction.
- Live ownership lane
- Form 13D/G coverage.
- This event
- No Scion, Michael Burry, option-row, or September 2025 event record in the static register.
Repository inspection does not prove the state of an external production database.
Primary sources
- Scion Asset Management, Form 13F-HR (accession 0001649339-25-000007) (opens in a new tab)
Filing index, filed 3 November 2025 for the period ended 30 September 2025.
- Form 13F information table (raw XML) (opens in a new tab)
The Palantir row as filed.
- SEC Form 13F instructions (opens in a new tab)
Special Instructions 8 and 10 govern the valuation basis for option entries.
- Palantir Q3 2025 results, Form 8-K (opens in a new tab)
Items 2.02, 7.01 and 9.01. SEC accepted the filing at 4:06:20 p.m. ET on 3 November 2025.
- Michael Burry, public post on X, 12 November 2025 (opens in a new tab)
The actor's own correction of the reported figure.
- SEC Division of Investment Management — Frequently Asked Questions About Form 13F (opens in a new tab)
SEC staff guidance on short positions, netting, and written options.
- SEC Webmaster Frequently Asked Questions (opens in a new tab)
EDGAR Acceptance Time is Eastern Time. No timestamp records exact first sec.gov availability.
Product bridge
Buteon reads filings the way this note does: what the document establishes, what it leaves out, how fresh it is, and what would change the picture. Buteon’s live insider-disclosure coverage includes Forms 3, 4, 5, and 144, whose filing deadlines differ; Form 4 is generally due within two business days. Buteon also covers a live 13D/G ownership lane, and separately displays a manually curated, stale-labelled quarterly Form 13F register that is not a live monitoring lane.
Disclaimer
Buteon is a research tool. This note is educational, is based on public filings and public market data, and does not provide investment advice or buy, sell or short recommendations. It is a retrospective analysis prepared on 21 July 2026, not a contemporaneous Buteon read, and not a record of any position Buteon held or published at the time. Nothing here is a prediction or a performance claim.