# EDGAR Filing Document

**Accession Number:** 0001134007
**File Stem:** 0001134007-26-000002
**Filing Date:** 2026-2
**Character Count:** 15541
**Document Hash:** 6a97a05645cfb21d0d06d10640d79c61
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001134007-26-000002.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001134007-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**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:** 26633064

**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:** 12-31-2025

**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  02-13-2026<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:** 121

**Form 13F Information Table Value Total:** $1439940110

      (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 |  | 20078099 | 1100773 | SH |  | SOLE |  | 1000546 | 0 | 100227 |
| Aaon Inc | COM | 000360206 |  | 10627801 | 139381 | SH |  | SOLE |  | 113786 | 0 | 25595 |
| Adaptive Biotechnologies | COM | 00650F109 |  | 15324015 | 943597 | SH |  | SOLE |  | 886220 | 0 | 57377 |
| Advanced Micro Devices | COM | 007903107 |  | 2802497 | 13086 | SH |  | SOLE |  | 13086 | 0 | 0 |
| Aehr Test Systems | COM | 00760J108 |  | 11155096 | 552506 | SH |  | SOLE |  | 501642 | 0 | 50864 |
| Aerovironment | COM | 008073108 |  | 6456285 | 26691 | SH |  | SOLE |  | 21790 | 0 | 4901 |
| Agilysys | COM | 00847J105 |  | 9862531 | 82990 | SH |  | SOLE |  | 76963 | 0 | 6027 |
| Alignment Healthcare | COM | 01625V104 |  | 45588668 | 2308287 | SH |  | SOLE |  | 2080744 | 0 | 227543 |
| Almonty Industries | COM | 020398707 |  | 16344840 | 1855260 | SH |  | SOLE |  | 1706824 | 0 | 148436 |
| Alphabet Inc-Cl A | COM | 02079K305 |  | 10734022 | 34294 | SH |  | SOLE |  | 34294 | 0 | 0 |
| Alphatec Holdings Inc | COM | 02081G201 |  | 50880989 | 2418298 | SH |  | SOLE |  | 2192940 | 0 | 225358 |
| Amazon.Com | COM | 023135106 |  | 11872457 | 51436 | SH |  | SOLE |  | 51436 | 0 | 0 |
| Apple Computer Inc | COM | 037833100 |  | 21586227 | 79402 | SH |  | SOLE |  | 79402 | 0 | 0 |
| Applied Digital Corp | COM | 038169207 |  | 19548251 | 797237 | SH |  | SOLE |  | 740460 | 0 | 56777 |
| Applied Optoelectronics | COM | 03823U102 |  | 16219939 | 465288 | SH |  | SOLE |  | 465288 | 0 | 0 |
| Applovin | COM | 03831W108 |  | 5518585 | 8190 | SH |  | SOLE |  | 8190 | 0 | 0 |
| Arteris | COM | 04302A104 |  | 7647188 | 493367 | SH |  | SOLE |  | 493367 | 0 | 0 |
| Artivion Inc | COM | 228903100 |  | 47634855 | 1044395 | SH |  | SOLE |  | 946271 | 0 | 98124 |
| Astronics Corp | COM | 046433108 |  | 57907274 | 1067612 | SH |  | SOLE |  | 955772 | 0 | 111840 |
| Ategrity Specialty Holdings | COM | 04681Y103 |  | 3018233 | 143657 | SH |  | SOLE |  | 143657 | 0 | 0 |
| Axogen Inc | COM | 05463X106 |  | 26180137 | 799882 | SH |  | SOLE |  | 717280 | 0 | 82602 |
| Axon Enterprise | COM | 05464C101 |  | 3658605 | 6442 | SH |  | SOLE |  | 6442 | 0 | 0 |
| Beta Technologies | COM | 086921103 |  | 2666578 | 94526 | SH |  | SOLE |  | 76652 | 0 | 17874 |
| BillionToOne | COM | 090168105 |  | 3000172 | 36659 | SH |  | SOLE |  | 29723 | 0 | 6936 |
| Biolife Solutions | COM | 09062W204 |  | 6358638 | 262971 | SH |  | SOLE |  | 262971 | 0 | 0 |
| Black Rock Coffee Bar | COM | 092244102 |  | 3595622 | 161601 | SH |  | SOLE |  | 161601 | 0 | 0 |
| Bloom Energy Corp | COM | 093712107 |  | 3977476 | 45776 | SH |  | SOLE |  | 37375 | 0 | 8401 |
| Boeing Co | COM | 097023105 |  | 2352278 | 10834 | SH |  | SOLE |  | 10834 | 0 | 0 |
| Boston Scientific Corp | COM | 101137107 |  | 972379 | 10198 | SH |  | SOLE |  | 10198 | 0 | 0 |
| Bridgewater Bancshares | COM | 108621103 |  | 5942880 | 339012 | SH |  | SOLE |  | 339012 | 0 | 0 |
| Broadcom | COM | 11135F101 |  | 11003211 | 31792 | SH |  | SOLE |  | 31792 | 0 | 0 |
| Carpenter Technology | COM | 144285103 |  | 18435456 | 58555 | SH |  | SOLE |  | 47805 | 0 | 10750 |
| Carvana | COM | 146869102 |  | 2365000 | 5604 | SH |  | SOLE |  | 5604 | 0 | 0 |
| Caterpillar | COM | 149123101 |  | 2879244 | 5026 | SH |  | SOLE |  | 5026 | 0 | 0 |
| Celsius Holdings | COM | 15118V207 |  | 11340318 | 247930 | SH |  | SOLE |  | 202450 | 0 | 45480 |
| Centrus Energy Corp | COM | 15643U104 |  | 8123235 | 33462 | SH |  | SOLE |  | 31011 | 0 | 2451 |
| Coastal Financial Corp | COM | 19046P209 |  | 20422688 | 178224 | SH |  | SOLE |  | 166155 | 0 | 12069 |
| Coherent Corp | COM | 19247G107 |  | 18367852 | 99517 | SH |  | SOLE |  | 81262 | 0 | 18255 |
| Costco Wholesale Corp | COM | 22160K105 |  | 1933366 | 2242 | SH |  | SOLE |  | 2242 | 0 | 0 |
| Credo Technology Group Holding | COM | G25457105 |  | 10105682 | 70232 | SH |  | SOLE |  | 57184 | 0 | 13048 |
| Crowdstrike Holdings Inc | COM | 22788C105 |  | 1794413 | 3828 | SH |  | SOLE |  | 3828 | 0 | 0 |
| Dutch Bros Inc | COM | 26701L100 |  | 18911470 | 308910 | SH |  | SOLE |  | 258524 | 0 | 50386 |
| Evolv Technologies | COM | 30049H102 |  | 5874622 | 820478 | SH |  | SOLE |  | 820478 | 0 | 0 |
| FTAI Aviation | COM | G3730v105 |  | 23210977 | 117912 | SH |  | SOLE |  | 96248 | 0 | 21664 |
| Figure Technology Solutions | COM | 349381103 |  | 6412574 | 157017 | SH |  | SOLE |  | 128189 | 0 | 28828 |
| Frequency Electronics | COM | 358010106 |  | 11815887 | 219463 | SH |  | SOLE |  | 219463 | 0 | 0 |
| GE Aerospace | COM | 369604301 |  | 5400689 | 17533 | SH |  | SOLE |  | 17533 | 0 | 0 |
| GE Vernova | COM | 36828A101 |  | 4175658 | 6389 | SH |  | SOLE |  | 6389 | 0 | 0 |
| GeneDx Holdings | COM | 81663L200 |  | 22553834 | 173411 | SH |  | SOLE |  | 156258 | 0 | 17153 |
| Global-E Online | COM | M5216V106 |  | 10798771 | 274708 | SH |  | SOLE |  | 224319 | 0 | 50389 |
| Goldman Sachs Group Com | COM | 38141G104 |  | 6815766 | 7754 | SH |  | SOLE |  | 7754 | 0 | 0 |
| Goosehead Insurance | COM | 38267D109 |  | 1918582 | 26050 | SH |  | SOLE |  | 26050 | 0 | 0 |
| Great Lakes Dredge  Doc | COM | 390607109 |  | 400422 | 30520 | SH |  | SOLE |  | 30520 | 0 | 0 |
| Guardant Health | COM | 40131M109 |  | 1887955 | 18484 | SH |  | SOLE |  | 18484 | 0 | 0 |
| Guidewire Software | COM | 40171V100 |  | 1998642 | 9943 | SH |  | SOLE |  | 9943 | 0 | 0 |
| Howmet Aerospace | COM | 443201108 |  | 6585652 | 32122 | SH |  | SOLE |  | 32122 | 0 | 0 |
| Impinj Inc | COM | 453204109 |  | 3035430 | 17444 | SH |  | SOLE |  | 17444 | 0 | 0 |
| Innodata Inc | COM | 457642205 |  | 18639293 | 365835 | SH |  | SOLE |  | 339577 | 0 | 26258 |
| Insmed Inc | COM | 457669307 |  | 3533186 | 20301 | SH |  | SOLE |  | 20301 | 0 | 0 |
| JFrog | COM | M6191J100 |  | 22359180 | 357976 | SH |  | SOLE |  | 310459 | 0 | 47517 |
| Karman Holdings | COM | 485924104 |  | 16998854 | 232320 | SH |  | SOLE |  | 189815 | 0 | 42505 |
| Kestra Medical Technology | COM | G52441105 |  | 12354209 | 465845 | SH |  | SOLE |  | 439445 | 0 | 26400 |
| Kinsale Capital Group | COM | 49714P108 |  | 6974842 | 17833 | SH |  | SOLE |  | 14564 | 0 | 3269 |
| Lattice Semiconductor Corp | COM | 518415104 |  | 22879333 | 310945 | SH |  | SOLE |  | 253908 | 0 | 57037 |
| Legence Corp | COM | 52476L109 |  | 10417616 | 242045 | SH |  | SOLE |  | 242045 | 0 | 0 |
| Limbach Holdings | COM | 53263P105 |  | 2987960 | 38381 | SH |  | SOLE |  | 38381 | 0 | 0 |
| Lincoln Educational Services | COM | 533535100 |  | 19109194 | 791271 | SH |  | SOLE |  | 791271 | 0 | 0 |
| Loar Holdings | COM | 53947R105 |  | 3130448 | 46036 | SH |  | SOLE |  | 37582 | 0 | 8454 |
| M-Tron Industries | COM | 55380K109 |  | 5848026 | 109884 | SH |  | SOLE |  | 109884 | 0 | 0 |
| MACOM Technology Solutions Hol | COM | 55405Y100 |  | 21489816 | 125466 | SH |  | SOLE |  | 102447 | 0 | 23019 |
| MP Materials Corp | COM | 553368101 |  | 6634640 | 131327 | SH |  | SOLE |  | 107236 | 0 | 24091 |
| MYR Group Inc | COM | 55405W104 |  | 28950376 | 132496 | SH |  | SOLE |  | 122029 | 0 | 10467 |
| Mama's Creations | COM | 56146T103 |  | 22816918 | 1691395 | SH |  | SOLE |  | 1597814 | 0 | 93581 |
| Mastercard Inc | COM | 57636Q104 |  | 2918909 | 5113 | SH |  | SOLE |  | 5113 | 0 | 0 |
| Meta Platforms Inc. | COM | 30303M102 |  | 6061606 | 9183 | SH |  | SOLE |  | 9183 | 0 | 0 |
| Microsoft Corp. | COM | 594918104 |  | 20898187 | 43212 | SH |  | SOLE |  | 43212 | 0 | 0 |
| Mirum Pharmaceuticals | COM | 604749101 |  | 29071084 | 368035 | SH |  | SOLE |  | 342081 | 0 | 25954 |
| MongoDB | COM | 60937P106 |  | 3766298 | 8974 | SH |  | SOLE |  | 8974 | 0 | 0 |
| Netskope | COM | 64119N608 |  | 10144522 | 578365 | SH |  | SOLE |  | 472305 | 0 | 106060 |
| Nvidia Corporation | COM | 67066G104 |  | 23163859 | 124203 | SH |  | SOLE |  | 124203 | 0 | 0 |
| Ollie's Bargain Outlet | COM | 681116109 |  | 9335154 | 85167 | SH |  | SOLE |  | 69553 | 0 | 15614 |
| Optimizerx Corp | COM | 68401U204 |  | 6196289 | 505407 | SH |  | SOLE |  | 505407 | 0 | 0 |
| Oracle Corporation | COM | 68389X105 |  | 2219050 | 11385 | SH |  | SOLE |  | 11385 | 0 | 0 |
| Orion Group Holdings | COM | 68628V308 |  | 6636480 | 667654 | SH |  | SOLE |  | 667654 | 0 | 0 |
| Owlet Inc | COM | 69120X206 |  | 7850660 | 484908 | SH |  | SOLE |  | 484908 | 0 | 0 |
| Pagaya Technologies | COM | M7S64L123 |  | 5928912 | 283680 | SH |  | SOLE |  | 258936 | 0 | 24744 |
| Park AeroSpace | COM | 70014A104 |  | 11225992 | 526054 | SH |  | SOLE |  | 526054 | 0 | 0 |
| Paymentus Holdings | COM | 70439P108 |  | 37327502 | 1181624 | SH |  | SOLE |  | 1075087 | 0 | 106537 |
| Pegasystems | COM | 705573103 |  | 6967293 | 116666 | SH |  | SOLE |  | 95266 | 0 | 21400 |
| Penumbra | COM | 70975L107 |  | 14870825 | 47830 | SH |  | SOLE |  | 39055 | 0 | 8775 |
| Personalis Inc | COM | 71535D106 |  | 4969929 | 624363 | SH |  | SOLE |  | 624363 | 0 | 0 |
| Phathom Pharmaceuticals | COM | 71722W107 |  | 6532710 | 393774 | SH |  | SOLE |  | 351774 | 0 | 42000 |
| Planet Labs PBC | COM | 72703X106 |  | 21005073 | 1065166 | SH |  | SOLE |  | 988828 | 0 | 76338 |
| Procore Technologies | COM | 74275K108 |  | 3254023 | 44735 | SH |  | SOLE |  | 36534 | 0 | 8201 |
| Quanta Services | COM | 74762E102 |  | 2319641 | 5496 | SH |  | SOLE |  | 5496 | 0 | 0 |
| RBC  Bearings Inc | COM | 75524B104 |  | 16486080 | 36764 | SH |  | SOLE |  | 30015 | 0 | 6749 |
| Robinhood Markets | COM | 770700102 |  | 4158347 | 36767 | SH |  | SOLE |  | 36767 | 0 | 0 |
| Roku Inc | COM | 77543R102 |  | 2234785 | 20599 | SH |  | SOLE |  | 20599 | 0 | 0 |
| SI-BONE Inc | COM | 825704109 |  | 2800200 | 141998 | SH |  | SOLE |  | 141998 | 0 | 0 |
| Saia Inc | COM | 78709Y105 |  | 10036898 | 30739 | SH |  | SOLE |  | 25100 | 0 | 5639 |
| ServiceNow Inc | COM | 81762P102 |  | 1971555 | 12870 | SH |  | SOLE |  | 12870 | 0 | 0 |
| Shopify Inc | COM | 82509L107 |  | 6122654 | 38036 | SH |  | SOLE |  | 38036 | 0 | 0 |
| Sitime Corp | COM | 82982T106 |  | 13844694 | 39199 | SH |  | SOLE |  | 34763 | 0 | 4436 |
| Snowflake Inc | COM | 833445109 |  | 5586879 | 25469 | SH |  | SOLE |  | 25469 | 0 | 0 |
| StandardAero Inc | COM | 85423L103 |  | 7723552 | 269301 | SH |  | SOLE |  | 219848 | 0 | 49453 |
| Sterling Infrastruture | COM | 859241101 |  | 25092179 | 81939 | SH |  | SOLE |  | 66833 | 0 | 15106 |
| TAT Technologies | COM | M8740S227 |  | 5901997 | 132154 | SH |  | SOLE |  | 132154 | 0 | 0 |
| Tactile Systems | COM | 87357P100 |  | 11309420 | 389980 | SH |  | SOLE |  | 389980 | 0 | 0 |
| Terawulf Inc | COM | 88080T104 |  | 13564347 | 1180535 | SH |  | SOLE |  | 1127022 | 0 | 53513 |
| Tesla Motors Inc | COM | 88160R101 |  | 4830892 | 10742 | SH |  | SOLE |  | 10742 | 0 | 0 |
| Transmedics Group Inc | COM | 89377M109 |  | 11978632 | 98468 | SH |  | SOLE |  | 88210 | 0 | 10258 |
| United States Antimony | COM | 911549103 |  | 2411758 | 480430 | SH |  | SOLE |  | 480430 | 0 | 0 |
| Universal Technical Institute | COM | 913915104 |  | 29345740 | 1123067 | SH |  | SOLE |  | 1006489 | 0 | 116578 |
| Vertiv Holdings | COM | 92537N108 |  | 5364313 | 33111 | SH |  | SOLE |  | 33111 | 0 | 0 |
| Visa Inc | COM | 92826C839 |  | 3359801 | 9580 | SH |  | SOLE |  | 9580 | 0 | 0 |
| Waystar Holdings | COM | 946784105 |  | 7762896 | 237035 | SH |  | SOLE |  | 193587 | 0 | 43448 |
| Wingstop | COM | 974155103 |  | 6115360 | 25642 | SH |  | SOLE |  | 20792 | 0 | 4850 |
| Xometry Inc | COM | 98423F109 |  | 47790865 | 803613 | SH |  | SOLE |  | 722045 | 0 | 81568 |
| Zeta Global | COM | 98956A105 |  | 7582023 | 372581 | SH |  | SOLE |  | 372581 | 0 | 0 |
| iRhythm Holdings | COM | 450056106 |  | 30668374 | 172838 | SH |  | SOLE |  | 154837 | 0 | 18001 |
| M-Tron Industries - Warrants | WT | 55380K125 |  | 27967 | 27967 | SH |  | SOLE |  | 27967 | 0 | 0 |

---