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

Thrive Capital raised $10 billion for its 10th fund (Thrive X), nearly double its previous fund size. The allocation splits $1 billion for early-stage investments and $9 billion for growth-stage deals. The oversubscribed raise comes as Thrive's major portfolio companies like OpenAI, Stripe, and SpaceX continue gaining value. Founder Josh Kushner believes AI winners will be larger than imaginable, while the raise signals anticipation of potential mega-IPOs from OpenAI and SpaceX that could deliver unprecedented returns to limited partners.