The Transit OS: Why Koch Is Betting on Via’s Rewrite of Public Mobility

On November 12, 2025, Koch, Inc. disclosed a new position in Via Transportation (NYSE:VIA), acquiring 1,700,231 shares valued at $81.75 million, according to an SEC filing.

What happened

Koch, Inc. established a new equity position in Via Transportation (NYSE:VIA) during the third quarter, according to a November 12, 2025, Securities and Exchange Commission (SEC) filing. The fund reported ownership of 1,700,231 shares at quarter-end, with a market value of $81.75 million. This addition brought the fund’s total number of reportable positions to seven, and the Via stake accounted for 10.8% of its 13F assets.

What else to know

The new position in Via represents 10.8% of Koch’s 13F assets under management as of September 30, 2025.

Top holdings after the filing:

• NYSE:KBDC: $162.26 million (about 21.4% of AUM)
• NYSE:GETY: $159.85 million (about 21.1% of AUM)
• NYSE:CMP: $135.06 million (about 17.8% of AUM)
• NYSE:IBTA: $122.24 million (about 16.2% of AUM)
• NYSE:VIA: $81.75 million (about 10.8% of AUM)

As of November 11, 2025, shares of Via were priced at $48.95.

Via reported trailing twelve months revenue of $405.03 million and a net loss of $60.32 million for the period ending September 30, 2025.

Company Overview

Company Snapshot

Via Transportation offers a digital public transportation platform, including microtransit, paratransit, student transportation, non-emergency medical transport, and shuttle solutions.

The company generates revenue by providing software and operational services to cities, transit authorities, school districts, universities, corporations, and healthcare organizations, enabling them to plan and manage end-to-end transit networks.

Primary customers include public sector transit agencies, educational institutions, corporate clients, healthcare providers, and other organizations seeking integrated mobility solutions.

Via Transportation is a technology-driven provider of digital transit solutions, operating at scale with a presence in the United States, Germany, and other international markets.

The company leverages its TransitTech platform to enable partners to efficiently manage and optimize public mobility networks across multiple transportation modes. Via's focus on flexible, on-demand transit and its diverse client base position it as a key player in the evolving public transportation technology sector.

Foolish take

Koch, Inc. just opened a new position in Via Transportation that now accounts for more than ten percent of its institutional portfolio,a sizable swing for a concentrated investor. The move stands out because Via is still early in its public-market life — young enough to be unprofitable, and established enough that cities rely on its technology to modernize public mobility.

Via develops the infrastructure that lets transit agencies operate more efficient, demand-based networks instead of static and route-driven systems. What began as dynamic routing software has expanded into a platform that supports paratransit, school transport, fleet orchestration, and emerging autonomous initiatives. More than 700 agencies now depend on the company, and revenue continues to climb at a pace that reflects real market demand. Gross margins have improved as the platform scales, while losses persist, less tied to weak demand and more to the company’s deliberate investment posture. The operating profile is changing, and investors paying attention can see the contours of a business moving toward sturdier economics.

For investors, the question is whether Via can convert its widening role in public transit into a self-sustaining model. Customer expansion, deeper platform penetration, and steady progress toward adjusted profitability will offer the clearest read. Koch’s entry signals a belief that these foundations are starting to take hold. The next phase will show whether Via can translate that traction into lasting cash-generation power.

Glossary

13F assets: Securities and Exchange Commission (SEC) reportable holdings managed by institutional investment managers, typically over $100 million in assets.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Net position change: The difference in the value or number of shares held in a security after a transaction compared to before.
Quarter-end: The final day of a fiscal quarter, used as a reference point for financial reporting.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Alpha: A measure of an investment’s performance compared to a benchmark, such as the S&P 500, indicating outperformance or underperformance.
Microtransit: Flexible, technology-enabled public transportation service using smaller vehicles and dynamic routing to meet real-time demand.
Paratransit: Transportation services for individuals with disabilities or special needs, often required by law to supplement public transit.
Non-emergency medical transport: Transportation services for patients who need to travel to medical appointments but do not require emergency care.
TransitTech platform: Technology solutions designed to help manage, optimize, and deliver public transportation services efficiently.
Reportable positions: Investment holdings that must be disclosed to regulators due to their size or regulatory requirements.
On-demand transit: Transportation services that are scheduled in real time based on user requests, rather than fixed routes or schedules.

Eric Trie has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Compass Minerals International and Ibotta. The Motley Fool has a disclosure policy.