Founders Fund, the VC firm co-founded by Peter Thiel, is reportedly raising about US$3 billion for its third growth equity fund, according to sources.

This follows the firm’s history of backing notable technology companies such as SpaceX and Stripe.

In 2022, Founders Fund raised US$3.4 billion for its second growth equity fund and US$1.8 billion for its eighth early-stage fund.

Sources say while the firm has not officially disclosed a target size to prospective investors, it has cited the US$3 billion figure as an estimate.

A spokesperson for Founders Fund declined to comment on the ongoing fundraising effort.

It is reported that most of the capital from the second growth equity fund has already been deployed, including investments in AI-focused companies.