Altimeter Capital entities and Brad Gerstner report beneficial ownership in Confluent, Inc. Class A common stock. Each of Altimeter Capital Management General Partner LLC, Altimeter Capital Management, LP and Brad Gerstner beneficially own 13,122,150 shares, representing approximately 4.5% of Class A common stock based on 291,931,187 shares outstanding. The filing shows no sole voting or dispositive power and reports shared voting and dispositive power over these shares.
The filing also discloses that the Altimeter Entities beneficially owned 15,552,976 shares (about 5.3%) as of June 30, 2025 and 13,626,464 shares (about 5.5%) as of September 30, 2024, reflecting changes in reported holdings across periods. The Schedule 13G/A includes a certification that the position is not held to influence control of the issuer.
Positive
The filing discloses a clear beneficial position of 13,122,150 Class A shares, equal to approximately 4.5% of Confluent's outstanding Class A stock.
The Schedule 13G/A includes an explicit certification that the securities are not held to change or influence control, indicating passive intent under the filing rules.
The report provides historical context by stating the Altimeter Entities held 15,552,976 shares (~5.3%) as of June 30, 2025, allowing comparison across reporting periods.
Negative
Each reporting person reports no sole voting or dispositive power over the 13,122,150 shares, which limits direct influence on corporate decisions.
Reported holdings show a reduction in the percentage held
Insights
TL;DR: Altimeter and Brad Gerstner hold a meaningful passive stake in Confluent (~4.5%), disclosed via Schedule 13G/A.
The filing confirms each reporting person beneficially holds 13,122,150 Class A shares (~4.5% of the class) with only shared voting and dispositive power reported. From an investor perspective this is a material but non-controlling passive stake that warrants monitoring for portfolio-level changes rather than immediate governance impact. The document also notes the Altimeter Entities held 15,552,976 shares (~5.3%) as of June 30, 2025, indicating shifts in aggregate holdings between reporting dates.
TL;DR: Compliance filing shows passive ownership and shared control; not a Schedule 13D takeover signal.
The Schedule 13G/A and the Item 10 certification explicitly state the position is not held to influence control, which is important for governance risk assessment. Shared voting/dispositive power suggests the stake is held through managed funds rather than by a single controlling investor. The stated differences in reported totals across dates should be noted for tracking changes in influence or disposition of holdings.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
Confluent, Inc.
(Name of Issuer)
Class A Common Stock, par value $0.0001 per share
(Title of Class of Securities)
20717M103
(CUSIP Number)
06/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
20717M103
1
Names of Reporting Persons
Altimeter Capital Management, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,122,150.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,122,150.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,122,150.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.5 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP No.
20717M103
1
Names of Reporting Persons
Altimeter Capital Management General Partner, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,122,150.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,122,150.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,122,150.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
20717M103
1
Names of Reporting Persons
Brad Gerstner
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,122,150.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,122,150.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,122,150.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.5 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Confluent, Inc.
(b)
Address of issuer's principal executive offices:
899 W. EVELYN AVENUE, MOUNTAIN VIEW, CALIFORNIA, 94041
Item 2.
(a)
Name of person filing:
This Amendment Filing to the Schedule 13G (this "Amendment Filing") is being filed on behalf of Altimeter Capital Management General Partner LLC (the "General Partner"), Altimeter Capital Management, LP (the "Investment Manager"), and Brad Gerstner, who are collectively referred to as the "Reporting Persons." Mr. Gerstner is the sole managing principal of the General Partner, the Investment Manager and the Fund General Partner. The General Partner is the sole general partner of the Investment Manager, which is the investment manager of the Fund. The Fund General Partner is the sole general partner of the Fund. The Reporting persons have entered into a Joint Filing Agreement, dated as of February 14, 2024, a copy of which was filed as Exhibit 1 to the Reporting Persons' Schedule 13G/A previously filed with the Commission on February 14, 2024, pursuant to which the Reporting Persons have agreed to file this statement jointly in accordance with the provisions of Rule 13d-1(k) under the Act.
(b)
Address or principal business office or, if none, residence:
The principal business office of the Reporting Persons with respect to the shares reported hereunder is One International Place, Suite 4610, Boston, MA 02110.
(c)
Citizenship:
Each of the Investment Manager and the Fund is a Delaware limited partnership. Each of the General Partner and the Fund General Partner is a Delaware limited liability company. Mr. Gerstner is a United States citizen.
(d)
Title of class of securities:
Class A Common Stock, par value $0.0001 per share
(e)
CUSIP No.:
20717M103
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The beneficial ownership of each Reporting Person of shares of Common Stock ("Common Stock") as of August 14, 2025 is as follows: each of the General Partner (as the general partner of the Investment Manager), the Investment Manager (as the investment manager of the Fund), and Mr. Gerstner (as the sole managing principal of the General Partner, and the Investment Manager) beneficially owns 13,122,150 shares of Common Stock, representing approximately 4.5% of such class of security. All ownership percentages of securities reported herein are based upon a total of 291,931,187 shares of Common Stock shares outstanding as of July 23, 2025.
Shares reported herein for the General Partner, the Investment Manager and Mr. Gerstner represent shares of Class A Common Stock beneficially owned and held by record of several private funds (collectively, the "Altimeter Entities") for which the Investment Manager serves as the investment manager. The General Partner serves as the sole general partner of the Investment Manager. Shares reported herein for Mr. Gerstner represent shares of Class A Common Stock beneficially owned and held of record by the Altimeter Entities. Mr. Gerstner is the sole managing principal of the General Partner, the Investment Manager and the Fund General Partner. Shares reported herein of the Fund General Partner represent shares of Class A Common Stock beneficially owned and held of record by the Fund.
As of June 30, 2025, the Altimeter Entities beneficially owned 15,552,976 shares of Common Stock, representing approximately 5.3% of such class of security, based upon a total of 291,931,187 shares of Common Stock shares outstanding as of July 23, 2025.
As of September 30, 2024, the Altimeter Entities beneficially owned 13,626,464 shares of Common Stock, representing approximately 5.5% of such class of security, based upon a total of 250,068,648 shares of Common Stock outstanding as of July 24, 2024.
Altimeter Capital Management General Partner LLC - 13,122,150 shares
Altimeter Capital Management, LP - 13,122,150 shares
Brad Gerstner - 13,122,150 shares
(b)
Percent of class:
Altimeter Capital Management General Partner LLC - 4.5%
Altimeter Capital Management, LP - 4.5%
Brad Gerstner - 4.5%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Altimeter Capital Management General Partner LLC - 0 -
Altimeter Capital Management, LP - 0 -
Brad Gerstner - 0-
(ii) Shared power to vote or to direct the vote:
Altimeter Capital Management General Partner LLC - 13,122,150 shares
Altimeter Capital Management, LP - 13,122,150 shares
Brad Gerstner - 13,122,150 shares
(iii) Sole power to dispose or to direct the disposition of:
(iv) Shared power to dispose or to direct the disposition of:
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
How many Confluent (CFLT) shares do Altimeter and Brad Gerstner beneficially own?
Each reporting person discloses beneficial ownership of 13,122,150 Class A shares of Confluent.
What percentage of Confluent does that represent?
The 13,122,150 shares represent approximately 4.5% of Confluent's Class A common stock based on 291,931,187 shares outstanding.
Does this filing indicate Altimeter or Brad Gerstner intend to influence control of Confluent (CFLT)?
No. The Schedule 13G/A includes a certification stating the securities were not acquired and are not held to change or influence control of the issuer.
Did Altimeter report different ownership amounts in prior periods?
Yes. The filing states the Altimeter Entities beneficially owned 15,552,976 shares (~5.3%) as of June 30, 2025 and 13,626,464 shares (~5.5%) as of September 30, 2024.
Who filed this Schedule 13G/A for Confluent (CFLT)?
The filing was made jointly by Altimeter Capital Management General Partner LLC, Altimeter Capital Management, LP, and Brad Gerstner.
