Observed Signal · Feb 20, 2026 · Funding · Source: Newcomer · Impact: 3/5 · Sentiment: Positive
Thrive Raises $10B; Benchmark Hires Jack Altman
Thrive Capital, led by Josh Kushner, raised a $10 billion vehicle — its largest to date. Reporting and a leaked pitch deck (six slides) reveal performance metrics including a reported 2.4x DPI from a 2016 fund and slides on assets under management, MOIC, TVPI and distributions; the deck's data are dated June 30, 2025 and may undercount later markups. Thrive is an investor in companies such as OpenAI, Stripe, Databricks, Cursor and Anduril. The fund was reported in prior coverage as split between a $1 billion early-stage pool and $9 billion for growth investments. Thrive declined to comment on the deck.
A $10B venture fund materially increases available capital and concentration among top VCs, affecting startup financing dynamics and competitive positioning; Benchmark’s key hires influence partnership strength and signaling in the VC ecosystem.
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Key Takeaways & Evidence Grounding
- Thrive Capital announced a $10 billion fundraise.
- A leaked pitch deck reportedly shows Thrive achieved 2.4x DPI from a 2016 fund (data as of June 30, 2025).
- The deck includes slides on assets under management, multiple on invested capital (MOIC), distributions to paid-in capital (DPI) and total value to paid-in capital (TVPI).
- Thrive is an investor in OpenAI, Stripe, Databricks, Cursor and Anduril; Thrive declined to comment on the deck.
Connected Companies & Entities
5 Entities mappedRelated Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
Thrive Capital Secures $10B for Record-Breaking Fund
Thrive Capital has raised $10 billion for its tenth fund, Thrive X, the largest in the firm’s history and reported to be nearly double the size of its previous fund. Of the $10 billion, $1 billion is allocated to early-stage investments and the remainder for growth-stage deals. Thrive told Bloomberg the fund was oversubscribed. The firm cites major existing investments — including OpenAI, Stripe and SpaceX — as drivers of interest, and has other notable holdings such as Databricks, Anduril and Cursor. Thrive also incubates startups and has spun up 12 companies to date, at least six of which have become unicorns. Founder Josh Kushner emphasized belief in the long-term potential of AI winners.
Thrive Capital Raises $2B, Eyes Lakers Stake
Thrive Capital announced a $2 billion outside fundraise for its AI roll-up vehicle, Thrive Holdings, at a $12 billion valuation with investors including SoftBank, Altimeter Capital and D1 Capital Partners. Founding partner Joshua Kushner and Bob Iger agreed to acquire Mark Walter’s reported 80% stake in the Los Angeles Lakers partly via a separate vehicle, Thrive Eternal. The firm is positioning three core theses: traditional venture investing (including a Thrive X allocation), AI-driven transformation via Thrive Holdings (noting OpenAI’s reported stake in the vehicle), and investments in cultural/live assets through Thrive Eternal. An investor letter disclosed strong paper returns (a 2022 vintage marked at 10.5x gross) and noted past cash returns to LPs. The piece also summarizes adjacent industry items including large raises at prediction-market operators and various AI funding moves.
Thrive Capital Bets $1 Billion on OpenAI's Future
Thrive Capital invested roughly $1 billion in OpenAI in December at a $285 billion valuation, according to a source. The deal was a preferential, separate transaction from OpenAI’s larger fundraise, which the company is finalizing and that could total more than $100 billion and lift its valuation toward $800 billion. Thrive is likely to participate in the ongoing round. OpenAI also took an ownership stake in Thrive Holdings in December; financial terms were not disclosed. Thrive recently closed a fund exceeding $10 billion. The article notes strategic investors such as Nvidia, SoftBank and Amazon will contribute early tranches of the larger round.
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