Andreessen Horowitz has announced it raised just over fifteen billion dollars in new funding. According to firm co-founder Ben Horowitz, this sum represents over eighteen percent of all venture capital dollars allocated in the United States in 2025. Even more striking, it brings the organization to more than ninety billion dollars in assets under management, placing it among the largest venture firms in the world, neck-and-neck with Sequoia Capital. This scale is fitting for a firm that appears to have close ties with sovereign wealth funds, including at least one from Saudi Arabia.
The firm employs hundreds of people across five offices, with three in California plus New York and Washington D.C. It has become a globe-spanning operation with employees on six continents, and opened its first Asia office in Seoul for its crypto practice in December.
The newly committed capital is divided across five funds. There is six point seven five billion dollars for growth investments, one point seven billion dollars each for apps and infrastructure, one point one seven six billion dollars for “American Dynamism,” seven hundred million dollars for biotech and healthcare, and another three billion dollars for other venture strategies. It is the kind of money that prompts questions about its origins and its destinations.
The question of where the money comes from is one the firm has historically declined to answer. When asked this week about its limited partners and its distributed-to-paid-in capital ratio, which measures how much cash has been returned to investors over its sixteen-year history, the firm did not respond. What is known is that CalPERS invested four hundred million dollars in 2023, marking the first time a major California pension fund invested with a16z. This is notable because institutions with transparency requirements do not typically align with the firm’s preference for opacity. It is also known that Sanabil Investments, the venture arm of Saudi Arabia’s Public Investment Fund, lists Andreessen Horowitz among its portfolio holdings.
The Saudi connection is not subtle. In 2023, Marc Andreessen and Ben Horowitz appeared onstage with WeWork co-founder Adam Neumann to discuss their three hundred fifty million dollar investment in his then-new residential real estate venture, Flow. The venue was a conference backed by one of Saudi Arabia’s largest sovereign funds. Horowitz praised Saudi Arabia as a “startup country,” noting that “Saudi has a founder; you don’t call him a founder, you call him his royal highness.” Marc Andreessen has also cultivated ties with another sphere of influence. Since President Donald Trump’s November 2024 election victory, Andreessen has spent considerable time at Mar-a-Lago, by his own account, helping shape policy on tech, business, and economics. Early last year, he became an unpaid intern at Elon Musk’s Department of Government Efficiency, vetting candidates for the Trump administration for roles extending beyond tech to the Defense Department and intelligence agencies. Scott Kupor, a16z’s first employee back in 2009, was sworn in as Director of the U.S. Office of Personnel Management this past summer.
These connections matter 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 remarkably well with Defense Department priorities, including companies like Anduril for autonomous defense systems, Shield AI for military drones, Saronic Technologies for autonomous naval vessels, and Castelion for hypersonic missiles. The bigger bet is that America needs to reindustrialize and reshore critical manufacturing. The firm itself notes that the U.S. would exhaust its entire missile inventory in something like eight days in a conflict with China over Taiwan, then need three years to rebuild it.
Then there is the firm’s AI bet, which might be its highest-risk, highest-reward play yet. A16z has positioned itself across every level of the AI stack: infrastructure with companies like Databricks, foundation models with stakes in Mistral AI, OpenAI and xAI, and applications like Character.AI among many others. The firm has notable wins. Its twenty-five million dollar investment in Coinbase turned into an eighty-six billion dollar valuation at the 2021 IPO. Other successes include Airbnb, Slack, and GitHub. Its portfolio includes 115 unicorns, 35 IPOs, and 241 acquisitions according to the market intelligence firm Tracxn. The firm has also made and lost money by snapping up cryptocurrency tokens, though there is less visibility into those numbers.
In a blog post published Friday morning, Ben Horowitz writes that as the American leader in Venture Capital, the fate of new technology in the United States rests partly on the firm’s shoulders. This statement is certain to cause agita at rival firms, some of which have been around closer to fifty years compared with the much younger a16z. Horowitz frames the firm’s mission as ensuring that America wins the next one hundred years of technology.
Whether that happens remains to be seen. What is certain is that Andreessen Horowitz has mastered the art of raising money, fifteen billion dollars this time, to fund a vision of American technological dominance that runs through Riyadh, Mar-a-Lago, and the Pentagon. That is quite a pitch, and plainly, it works.