Atreides Management
About Atreides Management
Gavin Baker's crossover fund, a frequent co-lead with Valor in AI compute, networking and chip rounds.
Gavin Baker founded Atreides in January 2019 after 18 years at Fidelity Investments. He managed the Fidelity OTC Portfolio from 2009 to 2017 and helped lead Fidelity's venture investing from 2013 to 2017. He is the firm's Founder, Managing Partner and Chief Investment Officer, and he oversees all investments and research. The firm is based in Boston and describes itself as a crossover manager investing in technology and consumer companies across public and private equities. Its private-market strategy is branded Atreides Ventures. Partners listed there include Andrew Perlman (Head of ECM), James Stanzler and Neil Desai. Atreides has not published a dedicated AI team or separate fund sizes. Public sources give assets under management that range from about $3.9 billion (Form ADV, 2023) to about $7 billion (2026 press), and the figures differ by source.
Atreides focuses on the infrastructure under AI: chips, optical and data-center networking, AI cloud and inference. Its Lounge deals desk shows it leading rounds at Crusoe, Positron, Fireworks AI, Lumilens, CScale, Celero Communications and General Intuition. It also took part in rounds at Cognition, Cerebras Systems, DriveNets and Lyte AI. Earlier private holdings reported by a Massachusetts investor database include DriveNets, Mythic AI and Xsight Labs, and Baker sits on the Xsight Labs board. The firm invests in both private and public markets, so it can follow a company from a private round to the public market.
Atreides does not publish a venture mandate. One third-party profile calls it stage agnostic, with historic checks from about $160k to over $50M. That profile says the firm scales up as conviction grows and prefers about six months of relationship before investing more than $5M. Other databases list different ranges, so treat these as unconfirmed. The recent rounds on the deals desk are mostly Series C and later, and many are marked as led.
- Crusoe: AI infrastructure and cloud provider; Series F, $3B, September 2026, Atreides led
- Positron: AI infrastructure; Series C, $875M, September 2026, led
- Fireworks AI: AI inference infrastructure; Series D, $1.5B, July 2026, led
- Lumilens: Series A, $700M, August 2026, led
- Celero Communications: Series C, $275M, September 2026, led
- CScale: optical communication; Series C, $145M, September 2026, led
- General Intuition: Growth round, $220M, September 2026, led
- Cognition: Series D, $1B, May 2026
- Cerebras Systems: Series H, $1B, February 2026
- DriveNets: networking; Series D, $410M, July 2026
- Oxide Computer Company: Series D, $445M, October 2026
- linkedin.com/company/atreides-management
- x.com/Atreidesmgmt
- sapphire.pseps.com/index.php/company/atreides-management-lp
- massinvestordatabase.com/publicfirm.php?name=Atreides+Management
- findfunding.vc/atreides-management
- insidermonkey.com/hedge-fund/atreides+management/1215
- finance.yahoo.com/markets/stocks/articles/unpacking-gavin-bakers-memor
Investing activity
Atreides Management appears in 15 AI deals tracked by the AI Lounge deals desk, rounds totalling $11.3B, and led 9 of them. The rounds are mostly Series D, Series C and Series A, with a median round size of $550M and the largest at $3B. The most recent are Legora (Series E, $550M, Oct 2026), Flapping Airplanes (Series A, $1B, Oct 2026) and Oxide Computer Company (Series D, $445M, Oct 2026).
Atreides Management most often invests alongside Valor Equity Partners, Sequoia Capital, AMD and Benchmark, and the companies it backs on AI Lounge are mostly in Legal AI, AI research models and AI compute infrastructure.
Deals
Frequently asked questions about Atreides Management
Who founded Atreides Management?
Gavin Baker founded Atreides in January 2019, after 18 years at Fidelity Investments. He is its Managing Partner and Chief Investment Officer.
Does Atreides Management lead AI funding rounds?
Yes. The Lounge deals desk shows Atreides leading rounds at Crusoe, Positron, Fireworks AI, Lumilens, CScale, Celero Communications and General Intuition.
What check size does Atreides Management write?
The firm does not publish one. A third-party profile cites historic checks from about $160k to over $50M, but other databases disagree.
What stage of AI startups does Atreides invest in?
It describes itself as a crossover firm and does not state a venture stage. Its recent AI rounds are mostly Series C and later.
How large is Atreides Management?
Atreides has not published fund sizes. Reported assets under management range from about $3.9B (Form ADV, 2023) to about $7B in 2026 press.
What AI companies has Atreides Management invested in?
Atreides Management's AI investments include Legora, Flapping Airplanes, Oxide Computer Company, Flow Engineering, CScale, General Intuition, Positron and Celero Communications. The 15 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is Atreides Management based?
Atreides Management is based in Boston, US.
What stage does Atreides Management invest at?
In the rounds tracked on AI Lounge, Atreides Management has invested at Series D, Series C, Series A and Series E, with a median round of $550M. Atreides Management led 9 of those rounds.
Who does Atreides Management co-invest with?
Atreides Management's most frequent co-investors on AI Lounge are Valor Equity Partners (7 deals), Sequoia Capital (3 deals), AMD (3 deals), Benchmark (2 deals) and General Catalyst (2 deals).
How can founders reach Atreides Management?
Founders on AI Lounge can see Atreides Management's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add Atreides Management to their Investor Pipeline to track the conversation.