Overview
- New capital is allocated to growth ($6.75 billion), apps ($1.7 billion), infrastructure ($1.7 billion), American Dynamism (about $1.176 billion), bio and health ($700 million), plus roughly $3 billion for other venture strategies.
- The firm says the fundraising accounted for more than 18% of all U.S. venture allocations in 2025.
- The strategy concentrates on AI, core infrastructure, and national-interest sectors under its American Dynamism banner, alongside targeted biotech and health bets.
- A16z holds positions across the AI stack—such as Databricks, OpenAI, Mistral AI, xAI, and Character.AI—and backs defense-focused companies including Anduril, Shield AI, Saronic Technologies, and Castelion.
- Questions persist over limited partners and return transparency as a16z declined to disclose LPs or DPI; reported relationships include CalPERS and Saudi-linked Sanabil, alongside expanding policy ties in Washington.