👩🍳 How we use AI at Tech in Asia, thoughtfully and responsibly.
🧔♂️ A friendly human may check it before it goes live. More news here
🧔♂️ A friendly human may check it before it goes live. More news here
Thrive Capital raises $10b for new US tech fund
Thrive Capital has raised US$10 billion for its latest fund, Thrive X, making it the firm’s largest fund to date and nearly double its previous size.
The fund allocates US$1 billion to early-stage investments and the remainder to growth-stage opportunities. Thrive described the fund as oversubscribed, according to Bloomberg.
The firm emphasizes a strategy of deep commitment to a small number of founders. Thrive’s founder, Josh Kushner, expressed optimism about the potential of AI, suggesting it could lead to substantial future growth.
🔗 Source: TechCrunch
🧠 Food for thought
Implications, context, and why it matters.
The numbers behind Thrive’s oversubscribed fund
- Sharp valuation jumps help explain why investors keep lining up.
- Thrive first invested in OpenAI in 2023 at a $29 billion valuation 1. It later joined a secondary sale, an investor-to-investor transaction of existing shares, that valued OpenAI at $500 billion. Fortune called it the world’s largest startup 2.
- Thrive also backed SpaceX at a $38 billion valuation 3. Fortune valued SpaceX at $400 billion as of October 2025 2.
- That track record supports bigger raises. Thrive Capital said it raised $10 billion for Thrive X, nearly twice the size of its previous vehicle 4.
A new venture capital model is solidifying around elite firms
- Thrive’s latest raise fits a broader VC pattern where more money clusters around a small set of managers who can get into the best rounds 5.
- Many limited partners, institutions like pension funds and endowments that invest in venture funds, increasingly focus on a few firms they expect can secure stakes in generational companies like OpenAI.
- The setup puts $1 billion into early-stage deals, with the remainder for growth-stage investments. It lets Thrive keep backing existing winners while using a smaller early pool to hunt for breakout companies in capital-intensive fields like AI and robotics 4.
- Large exits pull in more cash, which can widen lead positions in competitive rounds and squeeze smaller rivals.
