TL;DR
Lux Capital, a 25-year-old venture firm focused on frontier science and defense tech, has closed a $1.5 billion ninth fund — the biggest in its history. The raise brings the firm’s assets under management to $7 billion and follows a track record of early bets in defense and AI, including stakes in Anduril, Applied Intuition and several generative AI startups.
What happened
Lux Capital has closed its ninth fund at $1.5 billion, marking the largest fundraise in the firm’s 25-year history. The new capital increases the firm's assets under management to roughly $7 billion. Lux has positioned itself as an early backer of defense-related companies and AI startups; its portfolio includes seed-stage backing of Anduril and investments in Applied Intuition, which the article notes has secured Pentagon work and carried a $15 billion valuation this year. On the AI side, Lux invested early in Hugging Face, Runway AI and MosaicML — the latter was acquired by Databricks for $1.3 billion in 2023. The firm has also realized notable exits such as Recursion Pharmaceuticals’ public listing in 2021 and the sale of surgical robotics company Auris Health to Johnson & Johnson for up to $6 billion in 2019. The fund closes amid a period when new U.S. VC fund counts in 2025 were at a decade low, per PitchBook.
Why it matters
- A $1.5B ninth fund signals continued institutional appetite for Lux’s focus areas despite a weak year for new VC funds overall.
- Lux’s history of early investments and sizable exits may influence other limited partners to allocate to deep-tech and defense-focused managers.
- Raising the largest fund in the firm’s history expands Lux’s capacity to lead larger rounds and support later-stage growth for portfolio companies.
- The move underscores a broader investor interest in startups tied to defense technologies and AI after recent sector momentum.
Key facts
- Lux Capital closed Fund IX at $1.5 billion — its largest fund to date.
- The firm was founded 25 years ago.
- The raise increases Lux’s assets under management to about $7 billion.
- Lux was an early investor in defense firm Anduril, which was last valued at $30.5 billion.
- Applied Intuition, a Lux portfolio company, was valued at $15 billion this year and has Pentagon contracts.
- Early AI investments cited include Hugging Face, Runway AI and MosaicML.
- MosaicML was acquired by Databricks for $1.3 billion in 2023.
- Notable exits: Recursion Pharmaceuticals went public in 2021; Auris Health sold to Johnson & Johnson for up to $6 billion in 2019.
- PitchBook data noted that 2025 saw a 10-year low in the number of new U.S. VC funds raised.
What to watch next
- How Lux will allocate the $1.5 billion across stages, sectors and individual portfolio companies — not confirmed in the source.
- Whether the new fund leads to larger follow-on investments in existing defense and AI portfolio companies — not confirmed in the source.
- Any shifts in Lux’s sector emphasis or geographic focus with this larger pool of capital — not confirmed in the source.
Quick glossary
- Venture capital (VC): A form of private equity financing where firms or funds invest in early- to growth-stage companies in exchange for equity.
- Assets under management (AUM): The total market value of investments that a firm manages on behalf of its clients or investors.
- Seed-stage: An early phase of startup financing intended to support product development and initial market entry.
- Valuation: An estimate of a company’s worth, often based on investment rounds, market comparables or financial performance.
- Exit: A liquidity event for investors in a company, typically a sale, acquisition or initial public offering (IPO).
Reader FAQ
How much did Lux Capital raise with the latest fund?
The firm closed its ninth fund at $1.5 billion.
What are Lux’s total assets under management after the raise?
The new fund brings Lux’s assets under management to about $7 billion.
Which notable companies are in Lux’s portfolio?
Portfolio companies mentioned include Anduril, Applied Intuition, Hugging Face, Runway AI, MosaicML, Recursion Pharmaceuticals and Auris Health.
Does the source say how Lux will deploy the new fund?
not confirmed in the source
What does the wider fundraising environment look like?
The article cites PitchBook data that 2025 saw a 10-year low in the number of new U.S. VC funds raised.
IN BRIEF Posted: 12:09 PM PST · January 7, 2026 Marina Temkin Lux Capital lands $1.5 billion for its largest fund ever Lux Capital, a 25-year-old VC firm known for…
Sources
- Lux Capital lands $1.5 billion for its largest fund ever
- The Week's 10 Biggest Funding Rounds: A Lot Of Really …
- Lux Capital – 2025 Investor Profile, Portfolio, Team & …
- Top 10 Information Technology Transactions | November 2025
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