Thrive Capital, a U.S. venture capital firm, has closed its largest fund to date, securing more than $10 billion in fresh capital as it looks to deepen its footprint across AI, space, robotics, and life sciences. This move comes after OpenAI announced an official ownership stake in the firm in 2025. The fund also follows a series of large-scale bets in major AI companies, such as Elon Musk’s SpaceX.
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Founded in 2009 by Josh Kushner, Thrive Capital has built its identity around backing a limited number of startups and scaling its ownership as they grow. Kushner maintains that artificial intelligence is still in its early stages, predicting that nearly every major business vertical will be reshaped.
Thrive Capital Raises $10 Billion in New Funding
Investor confidence in Thrive X, the firm’s tenth fund, reflects Thrive Capital’s deep roots in the AI industry. At $10 Billion, the new vehicle is nearly double the size of its predecessor, showing strong institutional backing and growing conviction in the firm’s strategy. Of the total raise, $1 billion is earmarked for early-stage investments, while the remaining capital will target growth-stage companies, giving the firm flexibility across the startup lifecycle.
The fund strengthens Thrive Capital’s balance sheet and reinforces its focus on backing category-defining companies positioned to shape the next era of technological growth. Beyond this, Thrive has also backed players such as Databricks, Anduril, and others. In addition to investing, the firm plays an active role in creating companies, having launched 12 ventures to date, at least half of which have achieved unicorn valuations.
New Fund Follows Early Bets on OpenAI and SpaceX
Thrive Capital’s foothold in the artificial intelligence industry continues to grow with newly raised funds and investments in some of the biggest AI companies. The venture capital firm first backed OpenAI in early 2023, shortly after the debut of ChatGPT, when the company was valued at $29 billion. Thrive Capital later expanded its position as OpenAI announced an official stake in the company.
Earlier investments have followed a similar trajectory. Thrive Capital invested in Stripe in 2014 at a $3.6 billion valuation, and now the payments firm is said to be exploring a tender offer valuing it north of $140 billion. Thrive also entered SpaceX at a $38 billion valuation, and, after its merger with xAI, the company’s value climbed to approximately $1.25 trillion, cementing its status as the world’s most valuable private company.
Is OpenAI Worth More than SpaceX?
According to TipRanks private company center, OpenAI has an estimated valuation of $750 billion, putting it ahead of many private AI companies. However, SpaceX currently ranks higher, with an estimated market value of $2 trillion.
