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Lux Capital lands $1.5B for its largest fund ever
Lux Capital has raised $1.5 billion for its ninth fund, marking its largest fundraising effort to date. With a focus on defense and frontier science, the firm is well-positioned amid growing geopolitical tensions. Despite a downturn in new VC funds in 2025, Lux's historical bets on successful startups in AI and defense technologies continue to attract investors, increasing its total assets under management to $7 billion.
Key points
- Lux Capital closed a $1.5 billion ninth fund, the largest in its history.
- The firm specializes in frontier science and defense technology investments.
- 2025 has seen a 10-year low in new VC funds raised in the U.S., yet Lux remains attractive to investors.
- Lux invested early in companies like Anduril and Applied Intuition, now valued at $30.5 billion and $15 billion respectively.
- Lux has also backed AI startups, including Hugging Face and MosaicML, and profited from public offerings and acquisitions, boosting its portfolio.
Why it matters
- This fundraising aligns with increased global interest in defense technology due to geopolitical instability.
- Lux Capital's early investments in AI are reflective of trends following the rise of AI technologies post-ChatGPT.
- The trend of venture capital investment focusing on dual-use technologies echoes throughout the industry, emphasizing security and innovation.
Lux Capital's successful fundraising underscores its strong strategic position in a challenging VC landscape, leveraging its early investments in essential tech sectors like defense and AI, aligning well with current market trends.