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

Source: TechCrunch

Image Credit: Jemal Countess / Stringer / Getty Images

Fund Overview

Thrive Capital announced that it has raised $10 billion for a new fund—its largest ever and nearly double the size of its previous fund. The fund, named Thrive X, is the firm’s 10th fund and is split between $1 billion for early‑stage investments and the remainder for growth‑stage investments. The announcement can be found on the firm’s website here.

Bloomberg reported that the raise was oversubscribed (source).

Key Investments

Thrive’s portfolio includes several high‑profile companies whose valuations continue to climb:

• OpenAI
• Stripe
• SpaceX
• Databricks
• Anduril
• Cursor

The firm also incubates companies, having spun up 12 to date, with at least six achieving unicorn status.

Investment Strategy

According to the firm’s announcement, Thrive’s strategy is to “commit deeply to a small number of founders.” The firm emphasizes that concentration requires loyalty to the founders and the missions they pursue.

Comments from Josh Kushner

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

Market Implications

The massive raise hints at growing expectations around potential IPOs for portfolio companies such as OpenAI and SpaceX. Limited partners are reportedly anticipating significant returns, with some analysts suggesting an unprecedented flow of capital back to LPs (PitchBook analysis).

We have reached out to Thrive for additional details.