The investment firm that took over Silicon Valley just raised another $15 billion

Andreessen Horowitz just announced that the company just raised just over $15 billion in new funding. That amount represents more than 18% of all venture capital funds allocated in the United States in 2025, according to company co-founder Ben Horowitz, but even more surprising is that it brings the organization to more than $90 billion in assets under management, putting it neck and neck with Sequoia Capital among the world’s largest venture firms. Which is appropriate, as a16z appears to be very friendly with actual sovereign wealth funds, including at least one from Saudi Arabia.

The company, which employs nearly hundreds of people in five offices — three in California, plus New York and Washington, D.C. — has become a global operation with employees on six continents. In December, it opened its first Asia office in Seoul for its cryptocurrency practice.

The newly committed capital is divided into five funds: $6.75 billion for growth investments, $1.7 billion each for applications and infrastructure, $1.176 billion for American Dynamics (more on that soon), $700 million for biotech and healthcare, and another $3 billion for other venture strategies. It’s the kind of money that makes you wonder where it all comes from and, more importantly, where it all goes.

The question of “where does it come from” is one that the company has historically refused to answer. When we asked a16z this week about its limited partners and its distributed-to-paid-up capital ratio — DPI, or how much actual cash the company has returned to investors over its 16-year history — the company did not respond. What we do know is that CalPERS invested $400 million in 2023, the first time in a16z history that it has taken money from one of California’s major pension funds, perhaps because the institutions with transparency requirements don’t really align with the company’s preference for transparency. We also know that Sanabel Investments, the investment arm of the Public Investment Fund of Saudi Arabia, includes Andreessen Horowitz among its holdings in its investment portfolio.

The Saudi relationship is not hidden. Back in 2023, Marc Andreessen and Ben Horowitz appeared on stage with Adam Neumann, co-founder of WeWork, to discuss their $350 million investment in his then-new residential real estate venture, Flow. The venue was a conference supported by one of the largest sovereign funds in Saudi Arabia. Horowitz praised Saudi Arabia as an “emerging country,” adding, “Saudi Arabia has a founder; don’t call him a founder, call him His Royal Highness.”

But Marc Andreessen has found another royal to admire. Since President Donald Trump won the November 2024 presidential election, Andreessen has spent long hours at Mar-a-Lago, freelance, helping shape policy related to technology, business, and economics. Early last year, he became an “unpaid intern” at Elon Musk’s Government Efficiency Department, where he has been vetting candidates for the Trump administration — not just for tech roles but also for positions in the Defense Department and intelligence agencies. Scott Kubor, a16z’s first hire in 2009, was sworn in as director of the U.S. Office of Personnel Management last summer.

This is important because a16z’s current strategy is leaning heavily toward what it calls “American dynamism” — a practice that invests in defense, aerospace, public safety, housing, education, and manufacturing. This portfolio is remarkably aligned with DoD priorities: Anduril (autonomous defense systems), Shield AI (military drones), Saronic Technologies (autonomous naval vessels), and Castelion (hypersonic missiles). The biggest bet is that America needs vital remanufacturing and remanufacturing, especially since the United States, as a16z itself points out, will exhaust its entire missile stockpile “in nearly 8 days” in a conflict with China over Taiwan, and then need three years to rebuild it.

Then there’s the AI ​​bet, which may be the company’s riskiest and highest-reward bet yet. A16z has positioned itself at every level of AI: infrastructure (Databricks), core models (with stakes in Mistral AI, OpenAI, and xAI), and applications (Character.AI, among many other portfolio companies).

The company has wins to point to. Its $25 million investment in Coinbase turned into an $86 billion valuation in its 2021 IPO. There’s Airbnb (public for over $100 billion), Slack (acquired for $27.7 billion), and GitHub ($7.5 billion to Microsoft). Its portfolio includes 115 unicorns, 35 IPOs and 241 acquisitions, according to market intelligence firm Tracxn. The company has also made and lost money buying cryptocurrency tokens, although these numbers are less visible.

In a blog post published Friday morning, Ben Horowitz wrote that “as America’s leader in venture capital, the fate of new technology in the United States rests partly on our shoulders.” This kind of statement would certainly cause a stir at rival companies, some of which were closer to 50 years old, compared to the younger a16z. Horowitz portrays the a16z’s mission as “ensuring America wins in technology for the next 100 years.”

Whether that will happen remains to be seen. What is certain is that Andreessen Horowitz has mastered the art of raising money — $15 billion this time — to fund a vision of American tech dominance that runs through Riyadh, Mar-a-Lago, and the Pentagon. This is quite the presentation, and it clearly works.