Here are Laughing Water Capital’s Updates on NextNav (NN)

Laughing Water Capital, an investment management company, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the third quarter of 2025, Laughing Water Capital declined approximately -1% net of all expenses, bringing year-to-date returns to approximately -2.7%. The SP500TR and R2000 returned 12.4% and 8.1% respectively, in the quarter, and 14.8% and 10.4%, respectively, for YTD. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.

In its third-quarter 2025 investor letter, Laughing Water Capital highlighted stocks such as NextNav Inc. (NASDAQ:NN). NextNav Inc. (NASDAQ:NN) provides next-generation positioning, navigation, and timing (PNT) solutions.  The one-month return of NextNav Inc. (NASDAQ:NN) was -6.29%, and its shares gained 15.32% of their value over the last 52 weeks. On October 29, 2025, NextNav Inc. (NASDAQ:NN) stock closed at $13.40 per share, with a market capitalization of $1.804 billion.

Laughing Water Capital stated the following regarding NextNav Inc. (NASDAQ:NN) in its third quarter 2025 investor letter:

"NextNav Inc. (NASDAQ:NN) – NextNav is our wireless spectrum and alternative GPS investment. The thesis is that since the United States desperately needs a terrestrial backup to the GPS system, the Federal Communications Commission (FCC) will allow NextNav to repurpose its existing spectrum for 5G wireless communications that will also bring a terrestrial backup GPS system to the masses. When greenlit for 5G, NextNav’s spectrum should be worth multiples of where NN stock currently trades.

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Is NextNav Inc. (NN) the Best Small-Cap Growth Stock to Buy Now?

NextNav Inc. (NASDAQ:NN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 33 hedge fund portfolios held NextNav Inc. (NASDAQ:NN) at the end of the second quarter, up from 32 in the previous quarter. While we acknowledge the potential of NextNav Inc. (NASDAQ:NN) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

In another article, we covered NextNav Inc. (NASDAQ:NN) and shared the list of best growth stocks to buy. In addition, please check out our hedge fund investor letters Q3 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.

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