The venture firm that ate up Silicon Valley just raised another $15 billion

Andreessen Horowitz just announced that the company has raised a little more than 15 billion dollars in new funding. The haul represents more than 18% of all venture capital dollars raised in the United States in 2025, according to firm co-founder Ben Horowitz, but even more impressively, it brings the organization to more than $90 billion in assets under management, placing it tied with Sequoia Capital as one of the largest firms in the world. Which is fitting, since a16z seems to be very friendly with real sovereign wealth funds, including at least one from Saudi Arabia.

The company, which employs about a hundred people in five offices – three in California, plus New York and Washington, D.C., has become a globe-spanning business with employees on six continents. In December, it opened its first Asian office in Seoul for its crypto practice.

This newly committed capital is spread across five funds: $6.75 billion for growth investments, $1.7 billion for applications and infrastructure, $1.176 billion for “American Dynamism” (more on that shortly), $700 million for biotech and healthcare, and another $3 billion for other business strategies. It’s the kind of money that makes you wonder where it all comes from and, more importantly, where it all goes.

The “where does it come from” question is one that the company has historically refused to answer. When we asked a16z this week about its limited partners and distributed capital ratio — DPI, or how much actual cash the company has returned to investors over its 16-year history — the company did not respond. What we do know is that CalPERS invested $400 million in 2023, marking the first time in a16z history that it took money from a large California pension fund, possibly because institutions with transparency requirements don’t really align with the company’s preference for opacity. We also know that Sanabil Investments, the business arm of the Saudi Public Investment Fund, arena Andreessen Horowitz among its portfolio holdings.

The Saudi connection is not subtle. In 2023, Marc Andreessen and Ben Horowitz appeared on stage with WeWork co-founder Adam Neumann to discuss their $350 million investment in his then-new residential real estate venture, Flow. The venue was a conference supported by one of Saudi Arabia’s largest state funds. Horowitz praised Saudi Arabia as a “startup country,” adding that “the Saudis have a founder; you don’t call him a founder, you call him his royal highness.”

But Marc Andreessen found another royal to admire. Since President Donald Trump’s election victory in November 2024, Andreessen has logged many hours at Mar-a-Lago, on his own account, helping shape policy on technology, business and finance. At the beginning of last year, it became “unpaid internAt Elon Musk’s Department of Government Effectiveness, he vetted candidates for the Trump administration — not just for tech roles, but for positions in the Defense Department and intelligence agencies. Scott Kupor, a16z’s first employee in 2009, was sworn in as director of the US Office of Personnel Management last summer.

That matters because a16z’s current strategy is heavily weighted toward what it calls “American Dynamism” — a practice that invests in defense, aerospace, public safety, housing, education and manufacturing. The portfolio aligns extremely well with the MoD priorities: Anduril (autonomous defense systems), Shield AI (military drones), Saronic Technologies (autonomous naval ships) and Castelion (supersonic missiles). The biggest bet is that America needs to industrialize and renew critical production, especially since, as a16z itself notes, the US would exhaust its entire missile stockpile “in about 8 days” in a conflict with China over Taiwan, and then take three years to rebuild it.

Then there’s the AI ​​bet, which might be the company’s highest-risk, highest-reward game to date. a16z is positioned at every level of the AI ​​stack: infrastructure (Databricks), foundational models (with stakes in Mistral AI, OpenAI and xAI) and applications (Character.AIamong many other holding companies).

The company has wins to point to. Its $25 million investment in Coinbase turned into an $86 billion valuation in its 2021 IPO. There’s Airbnb (public at over $100 billion), Slack (acquired for $27.7 billion), and GitHub ($7.5 billion to Microsoft). Of portfolio includes 115 unicorns, 35 IPOs and 241 acquisitions, according to market intelligence firm Tracxn. The company has also made and lost money buying cryptocurrency tokens, although there is less visibility into those numbers.

In one blog post Posted on Friday morning, Ben Horowitz writes that “as America’s leader in Venture Capital, the fate of new technology in the United States rests in part on our shoulders.” It’s the kind of statement that’s sure to send rival companies, some of which are around 50 years old or so, into a frenzy when compared to the much younger a16z. Horowitz defines a16z’s mission as “making sure America wins the next 100 years of technology.”

Whether that will happen remains to be seen. What is certain is that Andreessen Horowitz has mastered the art of raising money—$15 billion this time—to finance a vision of American technological dominance that runs through Riyadh, Mar-a-Lago and the Pentagon. This is very good, and clearly, it works.