US venture capital giant Andreessen Horowitz has raised more than $15 billion in fresh funding, taking its assets under management to over $90 billion and placing it among the largest venture firms globally.
A sum that accounted for more than 18 per cent of all US venture capital funding in 2025, according to co-founder Ben Horowitz
The latest raise pushes the firm’s total assets under management beyond $90 billion, putting it on par with long-established rivals such as Sequoia Capital.
Capital Spread Across Five Major Funds
The newly raised capital has been allocated across five investment vehicles:
- $6.75bn for growth-stage investments
- $1.7bn each for applications and infrastructure funds
- $1.176bn for its “American Dynamism” strategy
- $700m for biotech and healthcare
- $3bn for other venture-focused strategies
The scale of the funding underscores a16z’s aggressive expansion across technology, defence, healthcare, and artificial intelligence.
Andreessen Horowitz has traditionally declined to publicly disclose its limited partners. However, it is known that CalPERS, California’s public pension fund, invested $400 million in the firm in 2023.
In addition, Sanabil Investments, the venture arm of Saudi Arabia’s Public Investment Fund, has publicly listed Andreessen Horowitz among its portfolio holdings, highlighting the firm’s ties to sovereign wealth capital.
The firm’s growing influence extends beyond finance. Co-founder Marc Andreessen has been closely involved in US policy discussions following Donald Trump’s 2024 election victory, advising on technology and economic strategy.
a16z’s “American Dynamism” investment thesis focuses on defence, aerospace, manufacturing, and national security. Its portfolio includes companies such as Anduril, Shield AI, Saronic Technologies, and Castelion, aligning closely with US Department of Defense priorities.
Andreessen Horowitz has also positioned itself across the full AI value chain, investing in infrastructure firms like Databricks, foundation model developers including OpenAI, Mistral AI, and xAI, as well as consumer-facing applications such as Character.AI.
While high-risk, the firm sees AI as a defining force for the next century of American technological leadership.
The firm points to several landmark successes, including:
- Coinbase, which grew from a $25m investment to an $86bn IPO valuation
Airbnb, now valued above $100bn
Slack, acquired for $27.7bn
GitHub, sold to Microsoft for $7.5bn
According to Tracxn, a16z’s portfolio includes 115 unicorns, 35 IPOs, and 241 acquisitions.
With $15 billion in fresh capital, Andreessen Horowitz is doubling down on a vision of American technological dominance that spans AI, defence, and global capital networks.
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