Duolingo, Inc.

DUOLRank #290 of 316

Reference Jun 30, 2026 close implied by Form 13F filings

Circulating market cap

$4.65B

Upper bound: lock-ups and restricted stock not reviewed yet.

Traditional market cap: $5.38B
Fully diluted value: n/a
Free float market cap: -
Gap to traditional: $736.04M (13.7%)

Circulating supply40.39M / 46.79M

Free float
Locked team
Other restricted

Circulating: 40.39M · 86.3%
Free float: -
Locked team: n/r
Other restricted: 6.40M · 13.7%
Total outstanding: 46,786,269

Lock-ups and restricted stock for this company have not been reviewed yet. Only unlisted share classes are excluded, so circulating supply is an upper bound.

Supply breakdown

Shares as of Aug 4, 2026

Circulating86.3%40.39M shares

Category	Shares	%	Value	Status
Circulating	40.39M	86.3%	$4.65B	Estimated
Free float	-	-	-	Unavailable
Insider-held, unrestricted	-	-	-	Unavailable
Locked team funds	-	-	-	Unavailable
Other restricted (unlisted classes only)	6.40M	13.7%	$736.04M	Verified
Total outstanding	46.79M	100.0%	$5.38B	Verified
Ownership views (overlap the categories above, never added)
Institutional holdings (13F)	39.81M	85.1%	$4.58B	Estimated
Insider-held, all (Forms 3, 4, 5)	-	-	-	Unavailable

Institutional and insider holdings can include both tradable and locked shares, so they are shown for reference and never added to the total. Check: no class has more shares deducted than it has outstanding, and the review found no shares that may be counted twice: reconciles.

Valuation

Traditional$5.38B
Fully diluted-
Circulating$4.65B
Free float-
Locked team value$0
Other restricted value$736.04M

Locked and restricted shares

1 item

Class B (not listed on any exchange)

6,399,257 shares

13.7% of total · $736.04M

Class B shares are not listed on any exchange and cannot be traded as they are. A holder must first convert them into Class A shares, which can then be sold. FloatCap counts them outside circulating supply until converted.

Verified10-Q, Cover page: shares outstanding by class; the class has no trading symbolApplied automatically to every unlisted class.

Institutional holders

13F, quarter ended Jun 30, 2026

Holder	Shares	% of total
BAILLIE GIFFORD & CO	4.82M	10.31%
BlackRock, Inc.	3.87M	8.27%
AQR CAPITAL MANAGEMENT LLC	2.33M	4.99%
VANGUARD CAPITAL MANAGEMENT LLC	1.75M	3.73%
TWO SIGMA INVESTMENTS, LP	1.63M	3.48%
FIL Ltd	1.60M	3.43%
VANGUARD PORTFOLIO MANAGEMENT LLC	1.60M	3.43%
FEDERATED HERMES, INC.	1.37M	2.93%
STATE OF MICHIGAN RETIREMENT SYSTEM	1.31M	2.79%
STATE STREET CORP	1.23M	2.63%

Sum of long share positions in Form 13F reports for the quarter. 13F covers managers with over $100M in US equities; some positions are reported by more than one filer.

Insiders

Forms 3, 4 and 5

Form 4 aggregation pending

Share classes

Class	Listing	Shares outstanding	As of
Class A	DUOL on Nasdaq	40,387,012	Aug 4, 2026
Class B	Not listed (valued at DUOL)	6,399,257	Aug 4, 2026

Notes and sources

Duolingo, Inc. 10-Q for period ended 2026-06-30, Cover page (0001628280-26-053603)
Duolingo, Inc. 10-Q for period ended 2026-06-30, Cover page: shares outstanding by class; the class has no trading symbol (0001628280-26-053603)
SEC public float (non-affiliates): $13.34B as of Jun 28, 2025, from the 10-K cover. It is a dollar value at a past date, not circulating supply.