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2d ago

Lightspeed Closes More Than $9 Billion Across Six Funds to Power AI Bets

The raise expands Lightspeed’s firepower for larger follow-on bets in capital‑intensive AI during a period of LPs concentrating commitments with established managers.

Image: Eduard Muzhevskyi/Getty Images
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Overview

  • The firm finalized over $9 billion across six vehicles, including Fund XV-A ($980 million), XV-B ($1.2 billion), Select VI ($1.8 billion), Opportunity Fund III ($3.3 billion), and a new Co-Investment Fund I ($600 million).
  • Lightspeed also closed $1.25 billion in single‑investor vehicles earlier in 2025, adding to its pool for targeted deployments.
  • The $9 billion total marks the largest fundraise in Lightspeed’s 25-year history, positioning the firm for bigger checks at both early and growth stages.
  • Lightspeed cites 165 AI‑native companies and more than $5.5 billion invested in AI to date, and it was the largest institutional investor at the IPOs of Rubrik, Netskope, and Navan.
  • TechCrunch reports the firm reportedly wrote a $1 billion check to Anthropic in September, and PitchBook data shows 2025 is tracking for the fewest VC fund closings in a decade as LP capital concentrates with established managers.