Andreessen Horowitz is once again reminding Silicon Valley who still holds fundraising clout. The venture capital giant, widely known as a16z, has raised more than $15 billion across five new funds, less than two years after its previous major capital haul—an achievement that stands out in an otherwise difficult environment for venture fundraising.
Big Money in a Slow VC Market
The timing is striking. Venture capital fundraising has struggled amid weak exit activity, with just $118.6 billion in new commitments closed last year, nearly $100 billion less than in 2024, according to PitchBook. The number of new VC funds launched in 2025 also fell to its lowest level in a decade.
Yet a16z’s success highlights a widening gap in the industry: while smaller and mid-sized firms fight for capital, mega-funds with strong track records are still drawing investor demand.
Where the Money Is Going
The firm’s latest raise spans multiple strategic themes:
$6.75 billion for a growth fund focused on scaling mature startups
$1.7 billion dedicated to AI infrastructure, targeting the backbone of the artificial intelligence boom
$1.12 billion for investments tied to national interests, including defense, housing, and supply chains
These allocations reflect where a16z believes the next wave of technological and geopolitical value will be created.
AI, Defense, and America’s Tech Race
Artificial intelligence and defense technology have emerged as clear bright spots for venture investors, particularly as the U.S. intensifies efforts to maintain its technological edge amid rising competition from China.
“The technology landscape that we will be investing into is intensely competitive with China,” said Ben Horowitz, a16z co-founder and general partner. “At this moment of profound technological opportunity, it is fundamentally important for humanity that America wins.”
Co-founder Marc Andreessen has been an outspoken supporter of President Donald Trump and currently serves as an advisor to the administration’s Department of Government Efficiency (DOGE)—a connection that underscores a16z’s growing alignment with national strategy and policy-driven innovation.
A Track Record That Still Attracts Capital
Andreessen Horowitz’s influence is built on a history of backing category-defining companies such as Facebook, Instagram, Coinbase, and Lyft. That legacy continues to resonate with limited partners, even as exit opportunities remain scarce.
Last April, Reuters reported that a16z was targeting a $20 billion AI-focused megafund for growth-stage investments, signaling its ambition to dominate the AI investment cycle.
Still Expanding Its Empire
The firm’s latest raise follows its $7.2 billion fundraising in April 2024, also spread across five funds. Today, a16z manages more than $90 billion in assets, cementing its position as one of the most powerful venture capital platforms in the world.
What It Means for Startups and Investors
a16z’s fundraising success sends a clear message: capital is still available for transformative technologies, particularly AI and defense-related innovation—but it is increasingly concentrated in the hands of elite firms.
For founders, that means tougher competition for funding but potentially deeper pockets from fewer, more influential backers. For investors, it reinforces the idea that in a slow market, scale, brand, and conviction still win.