Thrive raises $10B for new fund, its largest yet

Thrive Capital has raised $10 billion for a new fund — the biggest fundraise in the firm’s history and almost twice the size of its previous fund. Of that total, $1 billion will be allocated to early-stage investing, while the remainder is set aside for growth-stage investments, according to the firm’s announcement.

Thrive told Bloomberg that the raise was oversubscribed. The new vehicle is the firm’s 10th fund, known as Thrive X, and it arrives as several of Thrive’s largest bets — including OpenAI, Stripe, and SpaceX — continue to climb in value. Other notable investments in the portfolio include Databricks, Anduril, and Cursor. The firm also has an incubation arm and has launched 12 companies so far, with at least 6 reaching unicorn status.

Thrive’s approach, according to the announcement, is to “commit deeply to a small number of founders.” The firm added, “Concentration demands loyalty to the founders and missions we back.”

In comments to Bloomberg, Thrive founder Josh Kushner said he believes the eventual winners of the AI boom will “be bigger than we can ever imagine,” and that the technology is still in its early stages.

The scale of the fundraising also signals something else. IPO speculation has continued to swirl around OpenAI and SpaceX in particular, drawing increased attention from limited partners seeking liquidity. Those two companies, if they do go public, could drive an unusually large flow of capital back to limited partners.