Disruptive Raises $10 Billion Fund Targeting AI and Defense Startups

Dallas-based investment firm Disruptive announced Tuesday a $10 billion fund to back at least 10 late-stage companies, with individual checks of up to $1 billion. The vehicle targets the capital-intensive AI and defense sectors and marks one of the largest fundraises of the year. The Wall Street Journal first reported earlier this month that Disruptive was seeking the fund and had already secured at least $7.5 billion in capital commitments. It is the firm's first blind-pool fund; previous capital was raised through deal-by-deal special purpose vehicles. The Dallas Business Journal reported the vehicle is the largest venture fund raised in Texas history. Disruptive, founded in 2012 by Alex Davis, grandson of billionaire oil magnate Marvin Davis, has backed Palantir, Airbnb and Spotify, and more recently chip startup Groq and AI voice-generation startup ElevenLabs. Bloomberg reported the firm told LPs it has returned more than $6 billion on roughly $1.9 billion invested in startups.