$5.75 billion to back the founders building what’s next

For generations, we’ve had a front row seat to consequential technology shifts, backed the entrepreneurs defining them early, and continued supporting the strongest companies as they scale. Today, we're announcing $5.75 billion in new capital to continue that work amidst this AI era: $1.75 billion for seed and early-stage investing and $4 billion for growth, raised in a single close.

There’s no question that the moment we’re in transcends previous technology waves. AI is creating more value, faster than any previous paradigm shift, and has quickly established itself as the central nervous system across every sector of the economy. We are here to back the audacious founders who are building what’s next, across geographies and across the full AI stack. Whether we’re writing the first check or making a growth investment at a critical inflection point, our approach is rooted in conviction, and the flexibility to support founders across stages.

Investing early is core to who we are. It starts with roadmap-driven research, studying emerging markets deeply enough to catch a shift before it's even named. This allows us to back the founders behind that shift ahead of consensus, often before there's revenue or an established category. Roughly 70 percent of our investments are made at the early stage. Companies like Abridge, ChipAgents, fal, Noda, Perceptron, Plenful, TurbineOne, and Wonderful reflect that enduring commitment.

As companies stay private longer and create more of their value before ever reaching the public markets, we're expanding our growth investing to match the velocity of the opportunity ahead. Our growth strategy began as doubling down on our highest-conviction early-stage investments; today, with a dedicated team fully focused on growth, it's expanded into its own engine, leading concentrated bets in the best generational companies, whether they started in our portfolio or not. This has included backing companies such as Anthropic, ClickHouse, Cognition, EliseAI, EvenUp, Fireworks, HiBob, Legora, MaintainX, Saronic, ShopMy, Waymo, among others.

But a dedicated growth team doesn't mean a siloed one. Our early-stage and growth practices work as one firm, combining long-standing founder relationships and roadmap expertise with dedicated growth capabilities to recognize inflection points and double or triple down as exceptional companies scale.

Since 2022, we’ve backed 260+ AI-native companies – investing more than $3 billion across the full stack, from compute and infrastructure to foundation models, developer platforms, and AI applications and agents. But we're not meeting this moment for the first time, much of that conviction traces back decades, and the insights from each generation of companies have carried into the next.

We backed Mellanox, whose networking fabric now connects the GPU clusters powering modern AI, and the relationship and understanding from that investment led us to DriveNets. Twilio and Auth0 taught us what turns an API into a platform; that’s why we backed fal, Fireworks and ClickHouse as the picks and shovels of the AI build-out. Years on the boards of Toast, ServiceTitan and Procore taught us where software hits its ceiling and where an AI-native product breaks through – the same pattern recognition that led us to EliseAI, EvenUp and Legora. While investments in deep tech and hardware like Rocket Lab taught us how to underwrite companies where hardware, capital intensity and regulatory timelines all have to be solved at once – it’s the profile of defense tech and physical AI and why we had the conviction to back Waymo, Saronic and others. Relationships compound, knowledge compounds and access compounds. It’s the edge that underpins how we invest in AI.

That same edge is what we’re carrying into what’s ahead, across sectors – whether healthcare and life sciences, the developer ecosystem or the next chapter of foundation models. The pace of innovation has changed, but our role hasn’t: we go deep, invest with conviction, and back exceptional founders for the long term.

To the entrepreneurs building what’s next: we're ready.