Disruptive raises $10B fund to back late-stage AI and defense companies

Dallas-based investment firm Disruptive has announced a $10 billion fund aimed at backing at least 10 late-stage companies, with individual investments of up to $1 billion. The raise, confirmed Tuesday, ranks among the year’s largest fundraising efforts and will focus on capital-intensive sectors, including AI and defense. The firm was founded in 2012 by Alex Davis, grandson of oil billionaire Marvin Davis, and is known for earlier investments in Palantir, Airbnb and Spotify. In recent years it has also gained attention for major stakes in AI infrastructure startup Groq and voice-generation company ElevenLabs. This is Disruptive’s first blind-pool fund, meaning limited partners commit capital before knowing which companies will receive investment. Previously, the firm raised capital through deal-by-deal special purpose vehicles. Earlier this month, The Wall Street Journal reported that Disruptive had secured at least $7.5 billion in commitments while seeking the new fund. Bloomberg reported that the firm told investors it has returned more than $6 billion from roughly $1.9 billion invested in startups. The Dallas Business Journal reported that the new fund is the largest venture fund ever raised in Texas.