Fidelity Management & Research Company
About Fidelity Management & Research Company
Edward C. Johnson II founded Fidelity Management & Research Company in 1946. It was set up as the sole adviser to the Fidelity Fund, which he had taken over three years earlier. It is the core asset management arm of FMR LLC, a privately held company led by the Johnson family and headquartered in Boston. Abigail Johnson is CEO of FMR LLC. This is an asset manager, not a venture partnership. It publishes no venture fund series, fund sizes or named AI investing partners, so none are listed here. Crunchbase counts 586 investments under the Fidelity profile.
Fidelity invests in AI mainly through large private rounds alongside venture and growth investors. In September 2025 it was named a co-lead of Anthropic's $13B Series F, together with Lightspeed Venture Partners, in a round led by ICONIQ at a $183B post-money valuation. It also took part in Anthropic's $65B Series H, announced in May 2026. In December 2024 it was among the investors in Crusoe's $600M Series D, which Founders Fund led with NVIDIA. Press coverage of xAI's financing lists Fidelity Management & Research Company alongside Valor Equity Partners, StepStone Group and Qatar Investment Authority. The pattern is repeat participation in the biggest AI infrastructure and model-lab rounds, often at the same time as sovereign funds and other crossover investors.
The public record shows Fidelity in late-stage rounds, from Series C to Series F and beyond, in rounds of $600M to $65B. Its own cheque sizes are not disclosed. Fidelity does not publish a stage focus, a target ownership range or a minimum cheque for startups. Founders should expect that it invests as part of a round with a lead already in place or as a co-lead in very large rounds, not as an early-stage lead.
- Anthropic: AI safety and research company behind Claude. Fidelity co-led the $13B Series F in 2025 and took part in the $65B Series H in 2026.
- xAI: AI model developer. Fidelity took part in the $6B Series C in December 2024.
- Crusoe: AI infrastructure and cloud provider. Fidelity took part in the $600M Series D in December 2024 and is listed on the Lounge desk for the $1.38B Series E in October 2025.
- about.fidelity.com
- britannica.com/money/Fidelity-Investments
- en.wikipedia.org/wiki/Fidelity_Investments
- crunchbase.com/organization/fidelity-management-and-research-company/r
- ppc.land/anthropic-completes-13-billion-series-f-funding-at-183-billio
- anthropic.com/news/series-h
- techcrunch.com/2026/05/28/anthropic-raises-65-billion-nears-1t-valuati
- crusoe.ai/resources/newsroom/crusoe-closes-series-d-funding
Investing activity
Fidelity Management & Research Company appears in 4 AI deals tracked by the AI Lounge deals desk, rounds totalling $20.9B, and led 1 of them. The rounds are mostly Series E, Series F and Series C, with a median round size of $6B and the largest at $13B. The most recent are Legora (Series E, $550M, Oct 2026), Crusoe (Series E, $1.38B, Oct 2025) and Anthropic (Series F, $13B, Sep 2025).
Fidelity Management & Research Company most often invests alongside General Catalyst, Iconiq, Insight Partners and Valor Equity Partners, and the companies it backs on AI Lounge are mostly in AI and Legal AI.
Deals
Frequently asked questions about Fidelity Management & Research Company
Who founded Fidelity Management & Research Company?
Edward C. Johnson II founded it in 1946 to act as adviser to the Fidelity Fund. It is now part of FMR LLC, which the Johnson family controls.
Does Fidelity Management & Research Company lead AI rounds?
Sometimes. It was named a co-lead of Anthropic's $13B Series F in 2025 with Lightspeed, under lead investor ICONIQ. In Crusoe's Series D and xAI's financing it appeared as a participant.
What check size does Fidelity write for AI startups?
Fidelity does not publish its check sizes. Only the total round sizes are public, and they run from $600M to $65B across its known AI deals.
Should an early-stage AI founder pitch Fidelity?
The public record shows Fidelity in late-stage rounds, not seed or Series A. Early-stage founders will probably find a better fit with venture funds that publish an early-stage focus.
Which AI companies has Fidelity Management & Research Company backed?
Public reports name Anthropic, xAI and Crusoe. It took part in Crusoe's Series D, and Lounge also lists its Series E.
What AI companies has Fidelity Management & Research Company invested in?
Fidelity Management & Research Company's AI investments include Legora, Crusoe, Anthropic and xAI. The 4 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is Fidelity Management & Research Company based?
Fidelity Management & Research Company is based in Boston, US.
What stage does Fidelity Management & Research Company invest at?
In the rounds tracked on AI Lounge, Fidelity Management & Research Company has invested at Series E, Series F and Series C, with a median round of $6B. Fidelity Management & Research Company led 1 of those rounds.
Who does Fidelity Management & Research Company co-invest with?
Fidelity Management & Research Company's most frequent co-investors on AI Lounge are General Catalyst (2 deals), Iconiq (2 deals), Insight Partners (2 deals), Valor Equity Partners (2 deals) and Nvidia (2 deals).
How can founders reach Fidelity Management & Research Company?
Founders on AI Lounge can see Fidelity Management & Research Company'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 Fidelity Management & Research Company to their Investor Pipeline to track the conversation.