Lightspeed Closes Record $9 Billion Fund

Lightspeed Venture Partners has closed $9 billion in new capital, the largest fundraise in the firm’s 25-year history, as limited partners concentrate commitments with established venture firms amid a weaker exit environment and reduced risk appetite.

The firm said the capital is spread across six funds, including a $3.3 billion opportunity fund designed to support follow-on investments in portfolio companies as public-market exits remain limited. 

Pension funds, endowments, and sovereign wealth funds have been consolidating their venture exposure after uneven returns from the 2021 cycle, directing capital toward firms with longer track records rather than emerging managers.

“This is the strongest and most strategic fundraise in Lightspeed’s history,” said Bejul Somaia, Partner and Leader at Lightspeed. “We’re executing against a future that looks very different from the past, and is informed by first-principles thinking, not an adherence to convention. Investing in the intelligence economy requires a high degree of strategic coordination, not a loosely coordinated collection of individual efforts.”

The fundraising comes during a period when initial public offerings have been scarce, though some Lightspeed-backed firms have recently listed. The firm was an early investor in Rubrik, Netskope, and Navan, all of which have entered public markets in recent months.

Lightspeed has leaned heavily into artificial intelligence, making large, early, and growth-stage bets in AI-native companies. 

“AI is the most transformative technology shift in a generation,” said Ravi Mhatre, Founder and Partner at Lightspeed. “AI has opened markets that simply did not exist two years ago, and compounding progress will reshape professional services, scientific discovery, autonomy and other sectors in 2026. This fundraise allows us to continue backing the founders driving this transformation.”

The firm said it has backed 165 AI-native companies, including Anthropic, xAI, Databricks, Mistral, Glean, Abridge, and Skild AI.

Capital intensity in large language models and AI infrastructure has risen sharply, giving an advantage to firms able to write sizable checks. Lightspeed participated in Anthropic’s $13 billion funding round in September and was reported to have committed around $1 billion, underscoring how a small group of venture firms are shaping the largest AI deals.

The fundraising comes as IPO markets remain sluggish, though several Lightspeed-backed companies such as Rubrik and Navan have listed in recent months.

Lightspeed’s announcement follows a wave of large raises by established venture firms. Founders Fund closed $4.6 billion, General Catalyst raised $8 billion, and Andreessen Horowitz secured $7.2 billion in 2024, reinforcing a broader trend in which a handful of large firms command an increasing share of global venture capital.