Thrive Investor Letter Reveals OpenAI-Fueled Growth, Stake Sale
THE SO WHAT
Turning a $516M 2022 fund into $3.7B by June on the back of OpenAI, SpaceX, and Anduril shows how concentrated AI and defense bets are driving venture returns. LPs will push more capital toward managers with similar exposure, which keeps late‑stage funding available for scaled AI infra and dual‑use platforms even if broader tech multiples compress.
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