Coursera, Inc. Schedule 13G filed reporting that Pale Fire Capital SICAV a.s. directly owns 9,704,521 shares of Coursera common stock. The filing states this equals approximately 5.8% of the 168,200,000 Shares outstanding as of February 13, 2026.
The filing lists affiliated entities and individuals — Pale Fire Capital investicni spolecnost a.s., Pale Fire Capital, Dusan Senkypl, and Jan Barta — each of which may be deemed to beneficially own the same 9,704,521 shares by virtue of control or managerial relationships. The joint filing includes a Joint Filing Agreement dated March 10, 2026.
Positive
None.
Negative
None.
Insights
Pale Fire Capital reports a passive ~5.8% stake in Coursera.
The Schedule 13G shows PFC SICAV directly holds 9,704,521 shares, representing 5.8% of 168,200,000 shares outstanding as of February 13, 2026. The filing attributes beneficial ownership across affiliated entities and named individuals by control/managerial relationships.
Because this is a 13G disclosure, it is consistent with a passive reporting status under beneficial ownership rules; the filing language uses "may be deemed" and a joint filing agreement dated March 10, 2026. Subsequent filings would show any change in intent or voting power.
Affiliated entities and principals are disclosed but disclaim direct ownership beyond PFC SICAV's holdings.
The filing identifies governance relations: PFC IS is the investment manager of PFC SICAV and Pale Fire Capital is the controlling shareholder of both entities. Messrs. Senkypl and Barta are identified as control persons and may be deemed beneficial owners under disclosure rules.
Disclosure preserves each reporting person's disclaimer of ownership for securities not directly owned. The Joint Filing Agreement is attached as Exhibit 99.1 and dated March 10, 2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Coursera, Inc.
(Name of Issuer)
Common Stock, $0.00001 par value per share
(Title of Class of Securities)
03/03/2026
(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 Number(s):
1
Names of Reporting Persons
Pale Fire Capital SICAV a.s.
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
CZECH REPUBLIC
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
9,704,521.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,704,521.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,704,521.00
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)
5.8 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP Number(s):
1
Names of Reporting Persons
Pale Fire Capital investicni spolecnost a.s.
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
CZECH REPUBLIC
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
9,704,521.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,704,521.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,704,521.00
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)
5.8 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP Number(s):
1
Names of Reporting Persons
PALE FIRE CAPITAL SE
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
CZECH REPUBLIC
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
9,704,521.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,704,521.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,704,521.00
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)
5.8 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP Number(s):
1
Names of Reporting Persons
Senkypl Dusan
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
CZECH REPUBLIC
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
9,704,521.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,704,521.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,704,521.00
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)
5.8 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
1
Names of Reporting Persons
Barta Jan
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
CZECH REPUBLIC
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
9,704,521.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,704,521.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,704,521.00
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)
5.8 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Coursera, Inc.
(b)
Address of issuer's principal executive offices:
2440 WEST EL CAMINO REAL, MOUNTAIN VIEW, CA 94040
Item 2.
(a)
Name of person filing:
This statement is filed by Pale Fire Capital SICAV a.s., a Joint Stock Company organized under the laws of the Czech Republic ("PFC SICAV"), Pale Fire Capital investicni spolecnost a.s., a Joint Stock Company organized under the laws of the Czech Republic ("PFC IS"), Pale Fire Capital SE, a Societas Europaea organized under the laws of the Czech Republic ("Pale Fire Capital"), Dusan Senkypl and Jan Barta. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons."
PFC IS is the investment manager of PFC SICAV and may be deemed to beneficially own the Common Stock, $0.00001 par value per share, of the Issuer (the "Shares") owned directly by PFC SICAV. Pale Fire Capital is the controlling person and sole shareholder of each of PFC SICAV and PFC IS and may be deemed to beneficially own the Shares owned directly by PFC SICAV. Mr. Senkypl is a control person and Chairman of the board of Pale Fire Capital and may be deemed to beneficially own the Shares owned directly by PFC SICAV. Mr. Barta is a control person and Chairman of the supervisory board of Pale Fire Capital and Chief Investment Officer of PFC IS and may be deemed to beneficially own the Shares owned directly by PFC SICAV.
(b)
Address or principal business office or, if none, residence:
The address of the principal office of each of PFC SICAV, PFC IS, and Pale Fire Capital is Zatecka 55/14, Josefov, 110 00 Prague 1, Czech Republic. The address of the principal office of Mr. Senkypl is Jestrabi 493, Osnice, 252 42 Jesenice, Czech Republic. The address of the principal office of Mr. Barta is Na bateriich 104/35, Brevnov, 162 00 Prague 6, Czech Republic.
(c)
Citizenship:
Each of PFC SICAV, PFC IS and Pale Fire Capital is organized under the laws of the Czech Republic. Each of Messrs. Senkypl and Barta are citizens of the Czech Republic.
(d)
Title of class of securities:
Common Stock, $0.00001 par value per share
(e)
CUSIP No.:
22266M104
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:
As of the close of business on the date hereof:
(i) PFC SICAV directly owned 9,704,521 Shares;
(ii) PFC IS, as the investment manager of PFC SICAV, may be deemed the beneficial owner of the 9,704,521 Shares directly owned by PFC SICAV;
(iii) Pale Fire Capital, as the controlling person and sole shareholder of each of PFC SICAV and PFC IS, may be deemed the beneficial owner of the 9,704,521 Shares directly owned by PFC SICAV;
(iv) Mr. Senkypl, as a control person of Pale Fire Capital and Chairman of its board, may be deemed the beneficial owner of the 9,704,521 Shares directly owned by PFC SICAV; and
(v) Mr. Barta, as a control person of Pale Fire Capital and Chairman of its supervisory board and Chief Investment Officer of PFC IS, may be deemed the beneficial owner of the 9,704,521 Shares directly owned by PFC SICAV.
The filing of this Schedule 13G shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that such Reporting Person does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(b)
Percent of class:
The following percentages are based on 168,200,000 Shares outstanding as of February 13, 2026, which is the total number of Shares outstanding as disclosed in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 23, 2026.
As of the close of business on the date hereof, (i) PFC SICAV beneficially owned approximately 5.8% of the outstanding Shares and (ii) each of PFC IS, Pale Fire Capital and Messrs. Senkypl and Barta may be deemed to beneficially own approximately 5.8% of the outstanding Shares.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Cover Pages Items 5-9.
(ii) Shared power to vote or to direct the vote:
See Cover Pages Items 5-9.
(iii) Sole power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
(iv) Shared power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
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.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit 99.1.
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.
What stake does Pale Fire Capital report in Coursera (COUR)?
Pale Fire Capital SICAV reports direct ownership of 9,704,521 shares. The filing states this equals approximately 5.8% of the company's 168,200,000 shares outstanding as of February 13, 2026.
Which Pale Fire entities and individuals are named in the Schedule 13G?
The filing names Pale Fire Capital SICAV a.s., Pale Fire Capital investicni spolecnost a.s., Pale Fire Capital, and individuals Dusan Senkypl and Jan Barta, each described as a Reporting Person.
Does the Schedule 13G indicate active control or voting power?
The cover data shows shared voting and dispositive power of 9,704,521 shares for the reporting entities. The text uses may be deemed language tying beneficial ownership to control/managerial roles.
What date anchors are provided in the filing for ownership and the joint agreement?
Shares outstanding are cited as of February 13, 2026. The Joint Filing Agreement attached as Exhibit 99.1 is dated March 10, 2026.
Is the Schedule 13G consistent with a passive investor filing?
Yes. The use of Schedule 13G and the disclosure language indicate reporting of passive beneficial ownership rather than an active acquisition filing, consistent with passive-status disclosures.
