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What happened
Lux Capital, a 25-year-old venture capital firm, closed a $1.5 billion ninth fund, the largest fund in the firm’s history. The fundraise brings Lux’s assets under management to $7 billion. PitchBook data says 2025 marked a 10-year low for the number of new VC funds raised in the U.S. Lux has invested in defense technology and early-stage AI startups, and it has had exits including Recursion Pharmaceuticals going public in 2021 and Auris Health selling to Johnson & Johnson for up to $6 billion in 2019.
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Key insights
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Defense tech and AI track record is cited as a driver of investor interest: Limited partners are described as continuing to invest in Lux, with the firm’s early positioning in defense technology and AI cited alongside notable valuations and exits.
Takeaways
Lux Capital’s $1.5 billion ninth fund is the firm’s largest to date and increases its assets under management to $7 billion.
Topics
Technology & Innovation Artificial Intelligence Business & Markets Startups/VC