> At a Glance
>
>- Andreessen Horowitz closed $15 billion in new commitments across five funds.
>- The haul equals 18% of all U.S. venture dollars in 2025 and lifts assets to $90 billion.
>- The firm now rivals Sequoia Capital in size.
> – Why it matters: The capital surge positions a16z to steer defense, AI, and crypto deals while deepening ties to sovereign funds and U.S. policy.
Andreessen Horowitz has just landed a record-setting raise that vaults the firm into the same league as the world’s largest venture players.
Capital Breakdown
The firm locked up $15 billion across five core funds:
- Growth: $6.75 billion
- Apps: $1.7 billion
- Infrastructure: $1.7 billion
- American Dynamism: $1.176 billion
- Biotech & Healthcare: $700 million
- Other venture strategies: $3 billion
That single-year total equals more than 18% of all U.S. venture capital allocated in 2025, according to co-founder Ben Horowitz.
Global Footprint
Andreessen Horowitz now manages $90 billion, putting it neck-and-neck with Sequoia Capital. The firm employs hundreds of people across five offices-three in California plus New York and Washington, D.C.-and operates on six continents. In December it opened its first Asia location: a crypto-focused office in Seoul.
Investor Roster
The firm has long kept its limited-partner list private. When asked about its DPI, a spokesperson offered no comment. Known backers include:
- CalPERS: $400 million in 2023, the pension’s first commitment to a16z
- Sanabil Investments: the venture arm of Saudi Arabia’s Public Investment Fund lists a16z among its holdings
Saudi Connection
Marc Andreessen and Ben Horowitz shared the stage with Adam Neumann at a 2023 conference backed by one of Saudi Arabia’s largest sovereign funds, promoting their $350 million investment in Flow. On stage, Horowitz called Saudi Arabia a startup country with a founder you address as his royal highness.
Political Ties
Since Donald Trump’s November 2024 election win, Andreessen has spent significant time at Mar-a-Lago advising on tech and economic policy. He became an unpaid intern at Elon Musk’s Department of Government Efficiency, vetting candidates for the Defense Department and intelligence agencies. Earlier this year, longtime partner Scott Kupor was sworn in as Director of the U.S. Office of Personnel Management.
Portfolio Focus
The firm’s American Dynamism practice backs companies aligned with Defense Department priorities:
- Anduril (autonomous defense)
- Shield AI (military drones)
- Saronic Technologies (autonomous naval vessels)
- Castelion (hypersonic missiles)
A16z argues the U.S. would exhaust its missile inventory in something like 8 days in a Taiwan conflict and then need three years to restock.
AI Strategy
Andreessen Horowitz has stakes across the entire AI stack:
- Infrastructure: Databricks
- Foundation models: Mistral AI, OpenAI, xAI
- Applications: Character.AI and others
Track Record
- Coinbase: $25 million → $86 billion IPO in 2021
- Airbnb: public at over $100 billion
- Slack: $27.7 billion acquisition
- GitHub: $7.5 billion to Microsoft
- Portfolio includes 115 unicorns, 35 IPOs, and 241 acquisitions per Tracxn
Key Takeaways
- Andreessen Horowitz just raised $15 billion, lifting its AUM to $90 billion.
- The firm’s American Dynamism arm aligns closely with Pentagon priorities.
- Saudi sovereign funds and CalPERS both count themselves as backers.
- A16z’s policy ties now extend into the Trump administration, shaping defense and tech hiring.
The raise underscores a16z’s ambition to steer the next wave of U.S. innovation-and its knack for attracting capital that spans Riyadh, Mar-a-Lago, and the Pentagon.
