# EDGAR Filing Document

**Accession Number:** 0001134007
**File Stem:** 0001134007-25-000012
**Filing Date:** 2025-11
**Character Count:** 15761
**Document Hash:** 0149efb4908dea9cf684ddd81587f566
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001134007-25-000012.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001134007-25-000012

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEXT CENTURY GROWTH INVESTORS LLC
- **CENTRAL INDEX KEY:** 0001134007

**ORGANIZATION NAME:**
- **EIN:** 411923871

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06277
- **FILM NUMBER:** 251482977

**BUSINESS ADDRESS:**
- **STREET 1:** TWO CARLSON PARKWAY
- **STREET 2:** SUITE 125
- **CITY:** PLYMOUTH
- **STATE:** MN
- **ZIP:** 55447
- **BUSINESS PHONE:** 7635914490

**MAIL ADDRESS:**
- **STREET 1:** TWO CARLSON PARKWAY
- **STREET 2:** SUITE 125
- **CITY:** PLYMOUTH
- **STATE:** MN
- **ZIP:** 55447

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** NEXT CENTURY GROWTH INVESTORS LLC<br>**Address:** TWO CARLSON PARKWAY<br>SUITE 125<br>PLYMOUTH, MN 55447

**Form 13F File Number:** 028-06277

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Gina Eickelberg Nelson<br>**Title:** Operations<br>**Phone:** 7635914490

**Signature, Place, and Date of Signing:**

Gina Nelson  Plymouth, MN  11-14-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 124

**Form 13F Information Table Value Total:** $1371805095

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                   | Form 13F File Number   |
|:---|:---|:---|
|  | RiverPark Advisors LLC | 028-15568              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADMA Biologics | COM | 000899104 |  | 5798850 | 395556 | SH |  | SOLE |  | 360959 | 0 | 34597 |
| Aaon Inc | COM | 000360206 |  | 10954251 | 117233 | SH |  | SOLE |  | 95889 | 0 | 21344 |
| Adeptive BioTechnologies | COM | 00650F109 |  | 7948502 | 531317 | SH |  | SOLE |  | 531317 | 0 | 0 |
| Aehr Test Systems | COM | 00760J108 |  | 8320778 | 276346 | SH |  | SOLE |  | 255659 | 0 | 20687 |
| Aerovironment | COM | 008073108 |  | 7821867 | 24840 | SH |  | SOLE |  | 20325 | 0 | 4515 |
| Agilysys | COM | 00847J105 |  | 8769535 | 83321 | SH |  | SOLE |  | 77321 | 0 | 6000 |
| Alignment Healthcare | COM | 01625V104 |  | 39659400 | 2272745 | SH |  | SOLE |  | 2054618 | 0 | 218127 |
| Alkami Technology | COM | 01644J108 |  | 5352771 | 215490 | SH |  | SOLE |  | 215490 | 0 | 0 |
| Alphabet Inc-Cl A | COM | 02079K305 |  | 9531951 | 39210 | SH |  | SOLE |  | 39210 | 0 | 0 |
| Alphatec Holdings Inc | COM | 02081G201 |  | 33142228 | 2279383 | SH |  | SOLE |  | 2082140 | 0 | 197243 |
| Amazon.Com | COM | 023135106 |  | 11290948 | 51423 | SH |  | SOLE |  | 51423 | 0 | 0 |
| American Superconductor | COM | 030111207 |  | 7614985 | 128220 | SH |  | SOLE |  | 128220 | 0 | 0 |
| Amprius Technologies | COM | 03214Q108 |  | 2405166 | 228628 | SH |  | SOLE |  | 228628 | 0 | 0 |
| Apple Computer Inc | COM | 037833100 |  | 18225906 | 71578 | SH |  | SOLE |  | 71578 | 0 | 0 |
| Applied Digital Corp | COM | 038169207 |  | 13997827 | 610193 | SH |  | SOLE |  | 577663 | 0 | 32530 |
| Applovin | COM | 03831W108 |  | 5904243 | 8217 | SH |  | SOLE |  | 8217 | 0 | 0 |
| Argan Inc | COM | 04010E109 |  | 17813578 | 65964 | SH |  | SOLE |  | 65964 | 0 | 0 |
| Arteris | COM | 04302A104 |  | 5002610 | 495308 | SH |  | SOLE |  | 495308 | 0 | 0 |
| Artivion Inc | COM | 228903100 |  | 44392897 | 1048486 | SH |  | SOLE |  | 951054 | 0 | 97432 |
| Astronics Corp | COM | 046433108 |  | 55383630 | 1214287 | SH |  | SOLE |  | 1097506 | 0 | 116781 |
| Ategrity Specialty Holdings | COM | 04681Y103 |  | 4516970 | 228476 | SH |  | SOLE |  | 228476 | 0 | 0 |
| Avepoint Inc | COM | 053604104 |  | 15440231 | 1028663 | SH |  | SOLE |  | 968055 | 0 | 60608 |
| Axon Enterprise | COM | 05464C101 |  | 2673926 | 3726 | SH |  | SOLE |  | 3726 | 0 | 0 |
| Biolife Solutions | COM | 09062W204 |  | 6734767 | 264005 | SH |  | SOLE |  | 264005 | 0 | 0 |
| Black Rock Coffee Bar | COM | 092244102 |  | 3747857 | 157077 | SH |  | SOLE |  | 157077 | 0 | 0 |
| Blend Labs | COM | 09352U108 |  | 6442644 | 1765108 | SH |  | SOLE |  | 1615187 | 0 | 149921 |
| Bloom Energy Corp | COM | 093712107 |  | 9602246 | 113542 | SH |  | SOLE |  | 92912 | 0 | 20630 |
| Boeing Co | COM | 097023105 |  | 6960733 | 32251 | SH |  | SOLE |  | 32251 | 0 | 0 |
| Boston Scientific Corp | COM | 101137107 |  | 1878791 | 19244 | SH |  | SOLE |  | 19244 | 0 | 0 |
| Bridgewater Bancshares | COM | 108621103 |  | 5990107 | 340347 | SH |  | SOLE |  | 340347 | 0 | 0 |
| Broadcom | COM | 11135F101 |  | 10508623 | 31853 | SH |  | SOLE |  | 31853 | 0 | 0 |
| Carpenter Technology | COM | 144285103 |  | 15824316 | 64447 | SH |  | SOLE |  | 52717 | 0 | 11730 |
| Carvana | COM | 146869102 |  | 2109148 | 5591 | SH |  | SOLE |  | 5591 | 0 | 0 |
| Caterpillar | COM | 149123101 |  | 2401018 | 5032 | SH |  | SOLE |  | 5032 | 0 | 0 |
| Celsius Holdings | COM | 15118V207 |  | 12682523 | 220604 | SH |  | SOLE |  | 180449 | 0 | 40155 |
| Centrus Energy Corp | COM | 15643U104 |  | 6643249 | 21425 | SH |  | SOLE |  | 19877 | 0 | 1548 |
| Coastal Financial Corp | COM | 19046P209 |  | 8382417 | 77493 | SH |  | SOLE |  | 77493 | 0 | 0 |
| Coherent Corp | COM | 19247G107 |  | 11060043 | 102674 | SH |  | SOLE |  | 84016 | 0 | 18658 |
| Costco Wholesale Corp | COM | 22160K105 |  | 5814807 | 6282 | SH |  | SOLE |  | 6282 | 0 | 0 |
| Credo Technology Group Holding | COM | G25457105 |  | 12896532 | 88569 | SH |  | SOLE |  | 72483 | 0 | 16086 |
| Crowdstrike Holdings Inc | COM | 22788C105 |  | 956731 | 1951 | SH |  | SOLE |  | 1951 | 0 | 0 |
| Dutch Bros Inc | COM | 26701L100 |  | 12968334 | 247771 | SH |  | SOLE |  | 207377 | 0 | 40394 |
| ELF Beauty | COM | 26856L103 |  | 10201489 | 77004 | SH |  | SOLE |  | 62992 | 0 | 14012 |
| Evolv Technologies | COM | 30049H102 |  | 4815178 | 637772 | SH |  | SOLE |  | 637772 | 0 | 0 |
| FTAI Aviation | COM | G3730v105 |  | 19074767 | 114316 | SH |  | SOLE |  | 93508 | 0 | 20808 |
| Frequency Electronics | COM | 358010106 |  | 2477668 | 73066 | SH |  | SOLE |  | 73066 | 0 | 0 |
| GE Vernova | COM | 36828A101 |  | 2574586 | 4187 | SH |  | SOLE |  | 4187 | 0 | 0 |
| GeneDx Holding Corp | COM | 81663L200 |  | 25222903 | 234109 | SH |  | SOLE |  | 210966 | 0 | 23143 |
| Global-E Online | COM | M5216V106 |  | 7089634 | 198256 | SH |  | SOLE |  | 162173 | 0 | 36083 |
| Goldman Sachs Group Com | COM | 38141G104 |  | 6182065 | 7763 | SH |  | SOLE |  | 7763 | 0 | 0 |
| Goosehead Insurance | COM | 38267D109 |  | 4655640 | 62559 | SH |  | SOLE |  | 62559 | 0 | 0 |
| Great Lakes Dredge  Doc | COM | 390607109 |  | 5357383 | 446821 | SH |  | SOLE |  | 446821 | 0 | 0 |
| Guidewire Software | COM | 40171V100 |  | 2666605 | 11601 | SH |  | SOLE |  | 11601 | 0 | 0 |
| Howmet Aerospace | COM | 443201108 |  | 6316251 | 32188 | SH |  | SOLE |  | 32188 | 0 | 0 |
| IRhythm Technologies | COM | 450056106 |  | 32520213 | 189082 | SH |  | SOLE |  | 171053 | 0 | 18029 |
| Impinj Inc | COM | 453204109 |  | 18913860 | 104641 | SH |  | SOLE |  | 97365 | 0 | 7276 |
| Innodata Inc | COM | 457642205 |  | 13591063 | 176347 | SH |  | SOLE |  | 176347 | 0 | 0 |
| Insmed Inc | COM | 457669307 |  | 2282414 | 15849 | SH |  | SOLE |  | 15849 | 0 | 0 |
| Intapp | COM | 45827U109 |  | 2444061 | 59757 | SH |  | SOLE |  | 59757 | 0 | 0 |
| JFrog | COM | M6191J100 |  | 12965532 | 273939 | SH |  | SOLE |  | 242126 | 0 | 31813 |
| Karman Holdings | COM | 485924104 |  | 9901147 | 137135 | SH |  | SOLE |  | 112184 | 0 | 24951 |
| Kestra Medical Technology | COM | G52441105 |  | 4348388 | 183013 | SH |  | SOLE |  | 183013 | 0 | 0 |
| Kinsale Capital Group | COM | 49714P108 |  | 16914291 | 39774 | SH |  | SOLE |  | 33435 | 0 | 6339 |
| Klaviyo Inc | COM | 49845K101 |  | 5521302 | 199397 | SH |  | SOLE |  | 163111 | 0 | 36286 |
| Knight-Swift Transportation Ho | COM | 499049104 |  | 3529428 | 89330 | SH |  | SOLE |  | 73071 | 0 | 16259 |
| Kura Sushi USA | COM | 501270102 |  | 3069477 | 51666 | SH |  | SOLE |  | 51666 | 0 | 0 |
| Lattice Semiconductor Corp | COM | 518415104 |  | 19067305 | 260056 | SH |  | SOLE |  | 212727 | 0 | 47329 |
| Legence Corp | COM | 52476L109 |  | 4869489 | 158049 | SH |  | SOLE |  | 158049 | 0 | 0 |
| Limbach Holdings | COM | 53263P105 |  | 15092545 | 155401 | SH |  | SOLE |  | 155401 | 0 | 0 |
| Lincoln Educational Services | COM | 533535100 |  | 17857673 | 759901 | SH |  | SOLE |  | 759901 | 0 | 0 |
| Loar Holdings | COM | 53947R105 |  | 3697360 | 46217 | SH |  | SOLE |  | 37802 | 0 | 8415 |
| M-Tron Industries | COM | 55380K109 |  | 4829534 | 87050 | SH |  | SOLE |  | 87050 | 0 | 0 |
| MACOM Technology Solutions Hol | COM | 55405Y100 |  | 20592264 | 165413 | SH |  | SOLE |  | 134952 | 0 | 30461 |
| MP Materials Corp | COM | 553368101 |  | 13621447 | 203093 | SH |  | SOLE |  | 166130 | 0 | 36963 |
| MYR Group Inc | COM | 55405W104 |  | 34328486 | 165017 | SH |  | SOLE |  | 150784 | 0 | 14233 |
| Mama's Creations | COM | 56146T103 |  | 11505370 | 1094707 | SH |  | SOLE |  | 1094707 | 0 | 0 |
| Mastercard Inc | COM | 57636Q104 |  | 2883297 | 5069 | SH |  | SOLE |  | 5069 | 0 | 0 |
| Meta Platforms Inc. | COM | 30303M102 |  | 8024570 | 10927 | SH |  | SOLE |  | 10927 | 0 | 0 |
| Microsoft Corp. | COM | 594918104 |  | 22419465 | 43285 | SH |  | SOLE |  | 43285 | 0 | 0 |
| Mirum Pharmaceuticals | COM | 604749101 |  | 26460071 | 360934 | SH |  | SOLE |  | 336658 | 0 | 24276 |
| MongoDB | COM | 60937P106 |  | 2786281 | 8977 | SH |  | SOLE |  | 8977 | 0 | 0 |
| Netflix.com | COM | 64110L106 |  | 1955438 | 1631 | SH |  | SOLE |  | 1631 | 0 | 0 |
| Netskope | COM | 64119N608 |  | 7025433 | 309082 | SH |  | SOLE |  | 252821 | 0 | 56261 |
| Nvidia Corporation | COM | 67066G104 |  | 23840632 | 127777 | SH |  | SOLE |  | 127777 | 0 | 0 |
| Ollie's Bargain Outlet | COM | 681116109 |  | 21565165 | 167953 | SH |  | SOLE |  | 137435 | 0 | 30518 |
| Optimizerx Corp | COM | 68401U204 |  | 4319739 | 210719 | SH |  | SOLE |  | 210719 | 0 | 0 |
| Oracle Corporation | COM | 68389X105 |  | 3206698 | 11402 | SH |  | SOLE |  | 11402 | 0 | 0 |
| Orion Group Holdings | COM | 68628V308 |  | 5577861 | 670416 | SH |  | SOLE |  | 670416 | 0 | 0 |
| Owlet Inc | COM | 69120X206 |  | 3468465 | 409500 | SH |  | SOLE |  | 409500 | 0 | 0 |
| Pagaya Technologies | COM | M7S64L123 |  | 19613451 | 660608 | SH |  | SOLE |  | 603749 | 0 | 56859 |
| Park AeroSpace | COM | 70014A104 |  | 5543585 | 272546 | SH |  | SOLE |  | 272546 | 0 | 0 |
| Paymentus Holdings | COM | 70439P108 |  | 35705242 | 1166838 | SH |  | SOLE |  | 1064333 | 0 | 102505 |
| Penumbra | COM | 70975L107 |  | 13154400 | 51928 | SH |  | SOLE |  | 42480 | 0 | 9448 |
| Planet Labs PBC | COM | 72703X106 |  | 23072352 | 1777531 | SH |  | SOLE |  | 1675085 | 0 | 102446 |
| Porch Group | COM | 733245104 |  | 8757633 | 521909 | SH |  | SOLE |  | 487683 | 0 | 34226 |
| Progressive Corp | COM | 743315103 |  | 976440 | 3954 | SH |  | SOLE |  | 3954 | 0 | 0 |
| Q2 Holdings | COM | 74736L109 |  | 6474995 | 89446 | SH |  | SOLE |  | 73165 | 0 | 16281 |
| Quanta Services | COM | 74762E102 |  | 3662643 | 8838 | SH |  | SOLE |  | 8838 | 0 | 0 |
| RBC  Bearings Inc | COM | 75524B104 |  | 19164800 | 49104 | SH |  | SOLE |  | 40114 | 0 | 8990 |
| Robinhood Markets | COM | 770700102 |  | 2427760 | 16956 | SH |  | SOLE |  | 16956 | 0 | 0 |
| SI-BONE Inc | COM | 825704109 |  | 343579 | 23341 | SH |  | SOLE |  | 23341 | 0 | 0 |
| Saia Inc | COM | 78709Y105 |  | 14781199 | 49376 | SH |  | SOLE |  | 41685 | 0 | 7691 |
| ServiceNow Inc | COM | 81762P102 |  | 2964221 | 3221 | SH |  | SOLE |  | 3221 | 0 | 0 |
| ServiceTitan | COM | 81764X103 |  | 6167367 | 61166 | SH |  | SOLE |  | 50037 | 0 | 11129 |
| Shopify Inc | COM | 82509L107 |  | 5664864 | 38119 | SH |  | SOLE |  | 38119 | 0 | 0 |
| Sitime Corp | COM | 82982T106 |  | 18619451 | 61795 | SH |  | SOLE |  | 56163 | 0 | 5632 |
| Snowflake Inc | COM | 833445109 |  | 5753554 | 25509 | SH |  | SOLE |  | 25509 | 0 | 0 |
| Spotify Technology | COM | L8681T102 |  | 2134484 | 3058 | SH |  | SOLE |  | 3058 | 0 | 0 |
| StandardAero Inc | COM | 85423L103 |  | 6674888 | 244591 | SH |  | SOLE |  | 200073 | 0 | 44518 |
| Sterling Infrastruture | COM | 859241101 |  | 30593279 | 90065 | SH |  | SOLE |  | 73672 | 0 | 16393 |
| TWFG Inc | COM | 87318A101 |  | 3933249 | 143340 | SH |  | SOLE |  | 143340 | 0 | 0 |
| Terawulf Inc | COM | 88080T104 |  | 8818044 | 772158 | SH |  | SOLE |  | 772158 | 0 | 0 |
| Tesla Motors Inc | COM | 88160R101 |  | 5557221 | 12496 | SH |  | SOLE |  | 12496 | 0 | 0 |
| Toll Brothers Inc | COM | 889478103 |  | 10070406 | 72900 | SH |  | SOLE |  | 59630 | 0 | 13270 |
| Transmedics Group Inc | COM | 89377M109 |  | 6098070 | 54350 | SH |  | SOLE |  | 48694 | 0 | 5656 |
| Universal Technical Institute | COM | 913915104 |  | 36059182 | 1107809 | SH |  | SOLE |  | 995397 | 0 | 112412 |
| Vertiv Holdings | COM | 92537N108 |  | 4993164 | 33098 | SH |  | SOLE |  | 33098 | 0 | 0 |
| Visa Inc | COM | 92826C839 |  | 3243110 | 9500 | SH |  | SOLE |  | 9500 | 0 | 0 |
| Waystar Holdings | COM | 946784105 |  | 10496976 | 276819 | SH |  | SOLE |  | 226438 | 0 | 50381 |
| Western Alliance Bancorp | COM | 957638109 |  | 6461420 | 74509 | SH |  | SOLE |  | 60415 | 0 | 14094 |
| Wingstop | COM | 974155103 |  | 5084942 | 20204 | SH |  | SOLE |  | 16411 | 0 | 3793 |
| Xometry Inc | COM | 98423F109 |  | 43985832 | 807524 | SH |  | SOLE |  | 726304 | 0 | 81220 |
| Zeta Global | COM | 98956A105 |  | 7432313 | 374047 | SH |  | SOLE |  | 374047 | 0 | 0 |
| M-Tron Industries - Warrants | WT | 55380K125 |  | 123110 | 70349 | SH |  | SOLE |  | 70349 | 0 | 0 |

---