— Thrive Capital, the venture firm founded by Josh Kushner, said it has raised more than $10 billion in its largest-ever fund. The oversubscribed raise—announced on Feb. 17 and later updated—saw the firm turn away billions in potential commitments. Thrive said the new capital will expand investments across artificial intelligence applications and infrastructure, space, robotics and life sciences. The influx follows outsized returns from portfolio companies including OpenAI, SpaceX and Stripe, now among the most valuable private companies in the world.
Key Takeaways
- Fund size: Thrive Capital raised over $10 billion, marking its largest fund to date and roughly double the size of its previous vehicle (about $5 billion).
- Oversubscription: The firm reported the round was heavily oversubscribed and declined additional commitments totaling “billions” of dollars.
- Target sectors: New commitments will primarily back AI applications and infrastructure, space, robotics and life sciences.
- Portfolio strength: Thrive’s recent performance has been boosted by stakes in OpenAI, SpaceX and Stripe, which remain highly valued private companies.
- Strategic flexibility: The cash infusion gives Thrive a broader “war chest” to lead larger rounds and to support capital-intensive startups.
Background
Thrive Capital, founded by Josh Kushner, has grown from a boutique venture firm into a major institutional investor over the past decade. The firm built a reputation by backing a mix of consumer and enterprise technology companies, and in recent years some of its highest-profile investments have generated substantial unrealized gains. That performance has helped attract both new and existing limited partners to larger vehicles as private-market competition for high-potential startups intensified.
Mega-funds have become more common across venture capital as successful firms scale their pools to follow later-stage and cross-sector opportunities—particularly in capital-hungry domains such as AI infrastructure and life sciences. Thrive’s decision to double its fund size follows a broader pattern of top-tier firms offering larger allocation vehicles to meet demand from institutional investors seeking exposure to breakout private companies.
Main Event
The firm announced the final close of its latest fund on Feb. 17, 2026, reporting more than $10 billion in commitments. According to Thrive, demand outpaced supply enough that the firm rejected billions in potential commitments, a sign of strong investor appetite for top-tier venture managers. Thrive characterized the new vehicle as broadly flexible, able to back early-stage bets while also leading larger, growth-stage financings.
Thrive identified AI applications and underlying infrastructure as a priority for deployment, reflecting ongoing investor interest in generative AI and related compute and tooling. The firm also cited space, robotics and life sciences as strategic areas, sectors where capital requirements and longer development timelines have increased demand for patient, well-funded backers.
The firm’s track record—most notably stakes that benefited from the rapid appreciation of OpenAI, SpaceX and Stripe—was presented as a principal reason institutional investors were willing to provide large commitments. Thrive’s leaders said the fund will allow them to both protect positions in existing winners and to seek new category-defining companies across multiple industries.
Analysis & Implications
For startups, Thrive’s larger pool of capital could mean easier access to follow-on funding for companies in its portfolio, particularly capital-intensive endeavors in robotics, space and life sciences that require multi-year investment. Firms with existing Thrive relationships may gain negotiating leverage in rounds where Thrive can write meaningful checks or syndicate larger financings.
For the venture ecosystem, the raise underscores the concentration of capital among a relatively small number of top-tier firms. That concentration can accelerate scaling for winners but may also increase pressure on later-stage valuations and on smaller funds that cannot match such firepower. Investors and founders should watch for shifts in deal terms as megafunds compete to secure ownership of the most promising startups.
The emphasis on AI infrastructure aligns with broader market signals: investors are funneling capital into companies that support model training, deployment and tooling, not only into consumer AI applications. This could accelerate infrastructure consolidation and raise the importance of partnerships between cloud providers, chipmakers and specialized AI startups.
Comparison & Data
| Fund | Year | Size (approx.) |
|---|---|---|
| Thrive Capital Fund (latest) | 2026 | $10 billion |
| Thrive Capital Prior Fund | prior vehicle | $5 billion |
The table shows the scale-up from Thrive’s prior vehicle to the 2026 fund. That step-change is consistent with top-tier firms expanding fund sizes after realizing significant paper gains from earlier investments. Larger funds change portfolio construction, often increasing allocation to later-stage and follow-on investments.
Reactions & Quotes
Thrive framed the fund as a tool to back long-horizon, high-capital opportunities and to support existing winners.
“This vehicle gives us the flexibility to support companies across stages and sectors where longer-term capital is required.”
Thrive Capital (official statement)
Industry observers noted the raise signals continued investor confidence in a subset of venture managers that have delivered strong returns.
“Large, successful funds are drawing disproportionate investor dollars, which reshapes the competitive dynamics for follow-on financing.”
Venture analyst (industry observer)
Founders in capital-intensive fields said access to a firm with deep reserves can be decisive for projects with longer development timetables.
“Access to patient capital from established firms can determine whether hard-tech projects reach commercialization.”
Startup founder in robotics (anonymized)
Unconfirmed
- Specific limited partners and their committed amounts have not been publicly disclosed and remain unconfirmed.
- Detailed allocation plans—what percentage will go to AI versus space, robotics or life sciences—were not released and are not yet confirmed.
Bottom Line
Thrive Capital’s $10 billion+ fund marks a significant scaling step for the firm, enabled by strong performance from marquee investments like OpenAI, SpaceX and Stripe. The raise reinforces a market trend where top venture managers aggregate larger pools of capital to back both early-stage innovation and later-stage capitalization needs.
For founders and investors, the important signals are twofold: more patient, larger checks are available from leading firms, and the competitive landscape for follow-on funding will continue to favor managers with proven track records. Watch for allocation details, LP disclosures and how Thrive deploys capital across AI infrastructure and other capital-intensive sectors in the coming quarters.
Sources
- Bloomberg (Media report; Feb. 17, 2026)