Lux Capital closes $1.5B ninth fund, its largest to date

Lux Capital, a 25-year-old venture capital firm known for frontier science and defense technology bets, has closed a $1.5 billion ninth fund — the largest in the firm’s history.

Despite 2025 marking a 10-year low for the number of new VC funds raised in the U.S., according to PitchBook, limited partners continued to back Lux. The firm was an early investor in defense technology companies including Anduril, which was last valued at $30.5 billion, and Applied Intuition, which was valued at $15 billion last year.

Lux has also made early-stage AI investments in companies such as Hugging Face, Runway AI and MosaicML, the latter acquired by Databricks for $1.3 billion in 2023. The firm realized exits from Recursion Pharmaceuticals, which went public in 2021, and from Auris Health, which sold to Johnson & Johnson for up to $6 billion in 2019.

The latest fundraise brings Lux’s assets under management to $7 billion.

Key Topics

Business, Lux Capital, Anduril, Applied Intuition, Hugging Face, Mosaicml