The venture firm that ate Silicon Valley just raised another $15 billion

Andreessen Horowitz has announced that it has raised just over $15 billion in fresh capital, further cementing its position as one of the most powerful venture firms in the world.

According to co-founder Ben Horowitz, the latest fundraise accounts for more than 18% of all venture capital allocated in the United States in 2025. More striking, however, is what it brings the firm’s total assets under management to: more than $90 billion. That figure places a16z roughly on par with Sequoia Capital, reflecting how the once-upstart firm has grown into a global investment giant. The scale is perhaps unsurprising given the firm’s increasingly close ties with sovereign wealth funds, including at least one linked to Saudi Arabia.

Andreessen Horowitz now employs several hundred people across five offices—three in California and locations in New York and Washington, D.C.—and operates on six continents. In December, the firm opened its first Asia-based office in Seoul to support its crypto-focused investments.

The newly raised capital is spread across five funds: $6.75 billion for growth-stage investments; $1.7 billion each for applications and infrastructure; $1.176 billion for its “American Dynamism” strategy; $700 million for biotech and healthcare; and an additional $3 billion for other venture initiatives. The sheer scale of the raise raises obvious questions about where the money comes from and how it will be deployed.

Historically, a16z has been reluctant to disclose details about its limited partners or its distributed-to-paid-in capital ratio, a key metric showing how much cash has actually been returned to investors over the firm’s 16-year history. When asked this week about its LP base and DPI, the firm declined to comment. What is known is that CalPERS invested $400 million in 2023, marking the first time a16z accepted capital from a mcentralCalifornia pension fund. Transparency requirements may explain why such institutional investors were previously absent. It is also public that Sanabil Investments, the venture arm of Saudi Arabia’s Public Investment Fund, lists Andreessen Horowitz among its holdings.

The firm’s Saudi ties have been visible for years. In 2023, Marc Andreessen and Ben Horowitz shared a stage with Adam Neumann to discuss a $350 million investment in his residential real estate startup, Flow. The event was held at a conference backed by one of Saudi Arabia’s most significant sovereign wealth funds. During the appearance, Horowitz described Saudi Arabia as a “startup country,” remarking that “Saudi Arabia has a founder—you don’t call him a founder, you call him his royal highness.”

More recently, Marc Andreessen has developed a close relationship with another centre of power. Following President Donald Trump’s election victory in November 2024, Andreessen has spent significant time at Mar-a-Lago, advising on technology, business, and economic policy. Earlier in the year, he also served as an “unpaid intern” at the the Department of Government Efficiency, led by Elon Musk, where he helped vet candidates for the Trump administration across agencies,, including the Defence Department and intelligence services. Meanwhile, Scott Kupor—Andreessen Horowitz’s first hire in 2009—was sworn in this summer as director of the U.S. Office of Personnel Management.

Marc Andreessen (@pmarca) is a prominent Silicon Valley entrepreneur, investor, technologist, and co-founder and general partner at Andreessen Horowitz. In this @UncKnowledge discussion, Andreessen reflects on his journey—from growing up in rural Wisconsin to founding Netscape… pic.twitter.com/10fgVlqpW8 — Hoover Institution (@HooverInst) January 14, 2025

These political connections are notable because a16z’s investment strategy is now heavily focused on “American Dynamism,” a thesis centred on defence, aerospace, public safety, housing, education, and manufacturing. The firm’s portfolio also closely aligns with U.S. Department of Defence priorities, including investments in Anduril (autonomous defence systems), Shield AI (military drones), Saronic Technologies (autonomous naval vessels), and Castelion (hypersonic missile development). The broader wager is that the U.S. must rapidly reindustrialise and reshore manufacturing, particularly given concerns—cited by a16z itself—that the country could exhaust its missile stockpile in under 10 days during a conflict with China over Taiwan, followed by years of rebuilding.

Alongside defence, artificial intelligence represents one of a16z’s most ambitious—and risky—bets. The firm has positioned itself across the entire AI stack, backing infrastructure providers such as Databricks, investing in foundation model developers including Mistral AI, OpenAI, and xAI, and supporting application-layer companies like Character.AI.

Andreessen Horowitz can point to significant past successes. A $25 million investment in Coinbase ultimately led to an $86 billion valuation at its 2021 IPO. Other notable exits include Airbnb, now public at over $100 billion; Slack, acquired for $27.7 billion; and GitHub, sold to Microsoft for $7.5 billion. According to market intelligence firm Tracxn, a16z’s portfolio includes 115 unicorns, 35 IPOs, and 241 acquisitions. The firm has also traded heavily in cryptocurrency tokens, though returns in that area are less transparent.

In a blog post published Friday, Ben Horowitz wrote that “as the American leader in venture capital, the fate of new technology in the United States rests partly on our shoulders.” The statement is likely to irritate rival firms, some of which have operated for nearly half a century compared with a16z’s 16-year history. Horowitz framed the firm’s mission as ensuring “that America wins the next 100 years of technology.”

Whether that vision plays out remains uncertain. What is clear is that Andreessen Horowitz has become exceptionally skilled at raising capital—another $15 billion, this time—to back a sweeping vision of American technological dominance that stretches from Riyadh to Mar-a-Lago to the Pentagon. And judging by the size of the checks, it is a vision investors continue to embrace.