Thrive Capital Secures Record $10B Fund Raise to Double Down on AI and Growth-Stage Investments

17.02.2026

Thrive Capital has successfully closed a $10 billion fundraising round for its latest investment vehicle, marking the largest fund in the firm's history and representing nearly double the capital raised in its previous fund. The allocation strategy designates $1 billion for early-stage venture investments, with the remaining $9 billion earmarked for growth-stage opportunities.

According to reports, the fundraising effort was significantly oversubscribed, demonstrating strong investor confidence in Thrive's investment thesis and portfolio performance. This milestone represents the firm's 10th fund, designated as Thrive X, and arrives amid substantial valuation appreciation across several key portfolio companies.

The firm's investment portfolio includes some of the technology sector's most valuable private companies:

• OpenAI - Leading artificial intelligence research and deployment company
• Stripe - Global payment infrastructure platform
• SpaceX - Aerospace manufacturer and space transportation company
• Databricks - Data and AI platform provider
• Anduril - Defense technology company
• Cursor - AI-powered development tool

Beyond traditional venture capital activities, Thrive operates an internal incubation program that has launched 12 companies to date, with at least six achieving unicorn status (valuations exceeding $1 billion).

The firm articulated its investment philosophy in the announcement, emphasizing a concentrated portfolio approach: "We commit deeply to a small number of founders. Concentration demands loyalty to the founders and missions we back."

Founder Josh Kushner expressed conviction that AI market leaders will achieve unprecedented scale, stating that winners of the AI revolution "will be bigger than we can ever imagine," while noting that the technology remains in its early developmental stages.

The substantial capital raise also reflects anticipated liquidity events among portfolio companies. Market speculation surrounding potential IPOs for OpenAI and SpaceX has generated significant interest from limited partners expecting substantial returns. These exits could potentially generate historic capital distributions to fund investors.

Sources:
Thrive Capital Official Announcement
Bloomberg Coverage
PitchBook Analysis