Lightspeed Venture Partners announced Monday, December 15, 2025, that it has raised a record $9 billion in fresh capital across six new funds. This achievement marks the largest fundraise in the 25-year history of the venture firm and positions it to continue significant investments, particularly within the artificial intelligence (AI) sector.
The substantial capital infusion arrives during a period of shifting dynamics in the venture capital landscape. Limited partners, including large endowments, pension plans, and sovereign wealth funds, have increasingly directed their investments towards established firms demonstrating sustained track records of returns. This trend follows a recent cycle where a surge of venture capital deployment in 2021 did not consistently yield strong returns across a broad spectrum of firms.
Lightspeed has strategically positioned itself as a primary investor in AI-native companies, reporting investments in 165 such entities. Its portfolio features prominent AI developers including Anthropic, xAI, Databricks, and Mistral. The firm notably contributed to Anthropic's September $13 billion investment round, reportedly committing $1 billion. Beyond AI, Lightspeed was an early backer of companies like Rubrik, Netskope, and Navan, all of which have recently made public market debuts, reinforcing its history of successful exits. The firm indicated these new funds are aimed at backing "category definers worldwide."
The $9 billion total comprises six distinct funds, with a notable $3.3 billion allocated to an opportunity fund. This specific fund is dedicated to follow-on investments in Lightspeed's fastest-growing portfolio companies. The firm's capital acquisition coincides with other significant fundraises by major venture capital players, including Founders Fund's $4.6 billion earlier in 2025, and General Catalyst's $8 billion and Andreessen Horowitz's $7.2 billion, both secured in 2024. This concentration of capital stands in contrast to the broader market, where PitchBook data suggests 2025 is on pace to record the fewest VC fund closings in a decade, with smaller and newer firms reportedly struggling to attract fresh capital.
