Thrive Capital
About Thrive Capital
Josh Kushner started Thrive Capital in New York in 2009 at age 24, with $5 million seeded by General Catalyst co-founder Joel Cutler. Some sources give 2010 as the founding year, and PitchBook reports a first fund of $40 million. Nitin Nohria, former dean of Harvard Business School, became executive chairman in 2022. Philip Clark, who joined from 8VC in 2022, was promoted to partner in 2025 and has worked on the OpenAI, Cursor, Wiz, Nudge and Physical Intelligence investments. Kareem Zaki, Vince Hankes and Miles Grimshaw are also named as key investing partners.
Thrive has become one of the most active AI investors among large venture firms. It first invested in OpenAI around 2022, and in October 2024 it led OpenAI's $6.6 billion round, putting in about $1.3 billion at a $157 billion valuation. In 2024 Thrive and Andreessen Horowitz first invested in Cursor, the AI-powered code editor, and were reported in talks to co-lead a $2 billion round at a $50 billion valuation. Thrive Holdings, set up in 2025, aims to start and acquire companies that can benefit from AI, and OpenAI took an ownership stake in it in December 2025. Thrive's in-house incubator has reportedly spun out 12 companies, at least six of them unicorns.
Thrive X, the firm's tenth fund, closed at over $10 billion in February 2026. Of that total, $1 billion is for early-stage investments and $9 billion for growth-stage investments. Thrive IX closed at $5 billion in 2024, and Thrive VIII at $3 billion in 2022. The firm's standard check size by stage is not public. Reported single deals include about $1.3 billion in OpenAI's October 2024 round and a reported $2 billion investment in Stripe.
- OpenAI: AI systems developer; Thrive led its October 2024 round, reported at $6.6 billion
- Anduril Industries: Series H, $5 billion, May 2026, led by Thrive
- Isomorphic Labs: Series B, $2.1 billion, May 2026, led by Thrive
- OpenEvidence: Series D, $250 million, January 2026, led by Thrive
- Ramp: growth round, reportedly $1.85 billion, October 2026, led by Thrive
- Cursor: AI-powered code editor; invested in 2024, with reported co-lead talks on a $2 billion round
- Physical Intelligence: Series A, $400 million, November 2024
- Databricks: $10 billion Series J led by Thrive in 2024
- thrivecap.com
- everythingstartups.com/vc-funds/thrive-capital
- pulse2.com/thrive-capital-10-billion-closing-of-thrive-x-fund
- startupresearcher.com/news/thrive-capital-closes-record-10-billion-fun
- angelinvestorsnetwork.com/venture-capital/thrive-capital-firm-profile
- angelinvestorsnetwork.com/venture-capital/thrive-capital-josh-kushner-
- angelinvestorsnetwork.com/venture-capital/thrive-capital-josh-kushner-
- pitchbook.com/news/articles/why-josh-kushners-thrive-is-expanding-beyo
Investing activity
Thrive Capital appears in 6 AI deals tracked by the AI Lounge deals desk, rounds totalling $10.6B, and led 4 of them. The rounds are mostly Growth, Series H+ and Series B, with a median round size of $1.85B and the largest at $5B. The most recent are Physical Intelligence (Series round (reported talks), $1B, Oct 2026), Ramp (Growth round (reportedly), $1.85B, Oct 2026) and Anduril Industries (Series H, $5B, May 2026).
Thrive Capital most often invests alongside Lux Capital, CapitalG, Jeff Bezos and Founders Fund, and the companies it backs on AI Lounge are mostly in Robotics foundation models, AI finance automation and Defense AI / autonomy.
Deals
Frequently asked questions about Thrive Capital
When was Thrive Capital founded?
Thrive Capital was founded in 2009 in New York by Josh Kushner, though some sources date the founding to 2010. The firm's first institutional fund is reported at $40 million.
How large is Thrive X?
Thrive X, the firm's tenth fund, closed at over $10 billion in February 2026. It is split into $1 billion for early-stage and $9 billion for growth-stage investments.
Which stages does Thrive Capital invest in?
Thrive invests from early stage through growth stage, based on its fund allocations. Its typical check size by stage is not public.
Who leads Thrive Capital's AI investments?
Josh Kushner founded the firm and is closely tied to its AI bets, including OpenAI. Partners Philip Clark, Kareem Zaki, Vince Hankes and Miles Grimshaw are also named in press coverage as key investors.
What AI companies has Thrive Capital backed?
Thrive has backed OpenAI, Cursor and Physical Intelligence, and more recently led rounds for Anduril Industries, Isomorphic Labs and OpenEvidence. Founders can find the full list on Lounge's deals desk.
What AI companies has Thrive Capital invested in?
Thrive Capital's AI investments include Physical Intelligence, Ramp, Anduril Industries, Isomorphic Labs and OpenEvidence. The 6 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is Thrive Capital based?
Thrive Capital is based in New York, US.
What stage does Thrive Capital invest at?
In the rounds tracked on AI Lounge, Thrive Capital has invested at Growth, Series H+, Series B and Series D, with a median round of $1.85B. Thrive Capital led 4 of those rounds.
Who does Thrive Capital co-invest with?
Thrive Capital's most frequent co-investors on AI Lounge are Lux Capital (2 deals), CapitalG (2 deals), Jeff Bezos (2 deals), Founders Fund (2 deals) and Avenir (1 deal).
How can founders reach Thrive Capital?
Founders on AI Lounge can see Thrive Capital'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 Thrive Capital to their Investor Pipeline to track the conversation.