Lux Capital Raises $1.5 Billion for Its Largest Fund to Date

Lux Capital has closed its ninth fund at $1.5 billion, marking the venture capital firm's most significant fundraising to date and underscoring its focus on frontier science and defence technology.

The raise comes during a challenging period for venture capital fundraising. According to PitchBook data, 2025 marked a 10-year low in the number of new venture funds raised in the United States. Despite the slowdown, limited partners continued to commit capital to Lux, reflecting confidence in the firm's investment strategy and long-term performance.

Lux has been an active investor in defence technology well before geopolitical tensions elevated the sector's profile. The firm was a seed-stage backer of Anduril, a defence technology company most recently valued at $30.5 billion, and Applied Intuition, an autonomous-vehicle software startup that secured Pentagon contracts and reached a $15 billion valuation last year.

The firm also made early investments in artificial intelligence startups before the surge in interest following the release of ChatGPT. Lux's AI portfolio includes early-stage stakes in Hugging Face, Runway AI, and MosaicML, the latter of which was acquired by Databricks for $1.3 billion in 2023.

Beyond AI and defence, Lux has generated significant exits across biotechnology and robotics. The firm invested in Recursion Pharmaceuticals, an AI-driven drug-discovery company that went public in 2021, and in Auris Health, a surgical robotics company acquired by Johnson & Johnson for up to $6 billion in 2019.

With the close of the new fund, Lux Capital's assets under management now total approximately $7 billion.