Thrive Capital's 2022 fund grows sevenfold to $3.7 billion on AI bets

Joshua Kushner, founder of the investment firm Thrive Capital, wrote his first formal letter to backers in August 2026 in the absence of an annual investor day. The communication highlights the performance of Thrive Capital's 2022 early-stage venture capital fund, which grew sevenfold from a $516 million vehicle to be worth more than $3.7 billion as of June 2026. This growth was driven by early, high-profile investments in artificial intelligence and technology companies, including OpenAI, SpaceX, and Anduril Industries Inc.

Thrive Capital 2022 fund performance

• ▪Thrive Capital's 2022 early-stage venture capital fund achieved a valuation of over $3.7 billion, representing a sevenfold increase driven by early investments.
• ▪Thrive Capital's 2022 early-stage venture capital fund made early investments in the artificial intelligence company OpenAI.
• ▪Thrive Capital's 2022 early-stage venture capital fund grew from an initial $516 million to more than $3.7 billion as of the end of June 2026.

Joshua Kushner investor letter

• ▪Joshua Kushner wrote his first formal letter to backers of his investment firm, Thrive Capital, in August 2026.
• ▪Joshua Kushner issued the formal investor letter to Thrive Capital backers in the absence of an investor day in 2026.

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