Thrive Capital just closed a $10 billion fund, nearly double the size of its previous raise and cementing its position among the top-tier venture firms betting big on AI. The announcement comes as limited partners continue pouring capital into firms with proven track records in backing breakout companies like OpenAI, Instagram, and Stripe. For founder Josh Kushner, the massive raise validates Thrive's strategy of concentrated bets on category-defining startups.
Thrive Capital is riding high. The New York-based venture firm founded by Josh Kushner just announced it's closed a $10 billion fund, according to TechCrunch, marking a dramatic escalation in the firm's ambitions and nearly doubling the size of its previous vehicle.
The timing couldn't be more telling. While much of the venture industry spent 2025 licking its wounds from the post-2021 correction, Thrive was quietly capitalizing on what might be its shrewdest bet yet - leading a $6.6 billion funding round for OpenAI that valued the company at $157 billion. That deal alone likely convinced limited partners that Thrive deserves to play in the big leagues alongside Sequoia Capital, Andreessen Horowitz, and Benchmark.
But Thrive's appeal goes beyond one spectacular win. The firm has methodically built a portfolio that reads like a who's who of tech's last decade - Instagram before Facebook's acquisition, Stripe during its early scaling phase, and more recently, AI infrastructure plays that are suddenly looking prescient. It's the kind of track record that makes institutional investors open their checkbooks even when venture returns broadly disappoint.
The $10 billion haul puts Thrive in rarefied air. For context, Andreessen Horowitz raised a $7.2 billion fund in 2022, while Sequoia has moved to an evergreen structure that obscures individual fund sizes. The mega-fund arms race reflects a fundamental shift in venture economics - as companies stay private longer and require more capital to reach exits, the firms writing the biggest checks gain disproportionate influence.
