Thiel's First Major Argentine Bet
Peter Thiel, the billionaire entrepreneur and co-founder of Palantir and PayPal, has made his first significant investment in Argentina by purchasing shares of Vista, the oil company led by Miguel Galuccio that operates in the Vaca Muerta shale formation. The acquisition was disclosed in a quarterly Form 13F filing with the U.S. Securities and Exchange Commission (SEC) by Thiel Macro LLC, the fund associated with the German-born investor.[S1]
The filing, submitted on August 14, 2026, reveals a position of 1,189,792 American Depositary Shares (ADS) of Vista, valued at approximately $76 million as of the end of the second quarter of 2026. This stake represents about 18% of Thiel Macro's reported portfolio, which totals $418.7 million, and equates to roughly a 1% ownership in Vista. The position is the second largest in the fund, behind only Amazon.[S1]
A Portfolio Focused on Energy and AI
Thiel's portfolio is highly concentrated, comprising just eight companies, including Amazon, Vistra, American Electric Power, DTE Energy, FirstEnergy, CMS Energy, and X-energy. This composition reflects a strong bet on energy and electricity generation, aligning with Thiel's apparent belief that the next AI revolution will be won not only with chips and software but also by those who control the energy needed to power data centers.[S1]
Vista is Argentina's leading oil exporter, founded in 2017 by Galuccio. It produces about 160,000 barrels of oil and gas per day, with 70% exported, and is focused on Vaca Muerta. In the second quarter of this year, Vista's total production reached 156,000 barrels of oil equivalent per day, a 32% increase year-over-year, driven by development in Vaca Muerta and the consolidation of Equinor assets from May.[S1]
Thiel's Ties to Argentina and Milei
During his visit to Argentina, Thiel bought a mansion in Barrioparque, attended a Boca-River superclásico, and participated in an amateur chess tournament. In April, he met with President Javier Milei at Casa Rosada, where he asked about the sustainability of reforms and taxes on the wealthy. Milei later recounted that Thiel's most intelligent question was about how the changes would endure over time.[S1]
The meeting on April 23 included Chancellor Pablo Quirno, Matt Danzeisen, and Matias Van Thienen. Thiel's libertarian ideas resonate with Milei, who described him as an anarcho-capitalist finding another anarcho-capitalist implementing ideas in reality. Milei emphasized the importance of cultural battle and political structure, noting that his sister built a national party in six months, winning 16 of 24 districts in the last election.[S1]
Market Context and Other Investors
Thiel's move comes as other major investors also show interest in Argentine assets. Stanley Druckenmiller remains the top individual investor with an Argentine position, having bought over three million shares of YPF in the first quarter, valued at nearly $150 million. He also purchased Vista shares and an MSCI Argentina fund, while selling Mercado Libre. Thiel, however, has only bet on Galuccio's company, not on YPF.[S2]
The SEC filing deadline for the second quarter of 2026 was last Friday, and a survey of about 422 funds found at least six Argentine stocks, including YPF, Vista, Pampa, TGS, Telecom, and Banco Galicia, excluding Mercado Libre. This indicates growing international interest in Argentina's energy sector, particularly Vaca Muerta, as a strategic asset for the AI-driven energy demand.[S2]
