Key Takeaways
- • Disruptive, a 14-year-old Dallas venture capital firm founded and led by Alex Davis, announced a $10 billion fund, its largest fundraise to date and the third-largest VC fund raised this year, behind Andreessen Horowitz's $15 billion in January and Thrive Capital's Thrive X in February.
- • The fund makes Disruptive the largest VC firm in Texas by assets managed, up from $10 billion in assets under advisement as of May, before the new fund closed.
- • Disruptive plans to invest up to $1 billion each in 10 growth and late-stage companies, expecting to deploy the full fund within roughly 18 months.
- • Davis, grandson of the late oil and gas billionaire Marvin Davis, is also executive chairman of Groq, whose $20 billion licensing agreement with Nvidia in December 2025 followed Disruptive's $350 million investment in September 2025.
- • Priority sectors include defense technology, open-weight AI models, AI inference, and faster data center construction.
Summary
Venture capital firm Disruptive announced a new $10 billion fund, its largest fundraise ever, according to Forbes. The 30-person firm, founded and led by Alex Davis, is 14 years old and based in Dallas. Davis is the grandson of oil and gas billionaire Marvin Davis, who died in 2004. The new fund is the third-largest amount raised by a VC firm this year, after Andreessen Horowitz's $15 billion in January and Thrive Capital's Thrive X fund in February. With the fund, Disruptive becomes the largest firm in Texas by assets managed.
The firm is shifting its approach as the largest technology companies remain private for longer. Previously, Disruptive invested deal by deal, often through special purpose vehicles. The new fund allows it to put up to $1 billion each into 10 growth and late-stage companies, some of which it may already back. Davis told Forbes that the firm invests in six to eight deals a year and expects the fund to be deployed in about a year and a half, targeting companies close to going public. Initial investments are expected to include a defense technology startup, a large AI model developer, and a neocloud that rents out AI chips. Disruptive's investors include banks, sovereign wealth funds, and mutual funds.
Disruptive's track record includes an early 2013 investment in Palantir, followed by Airbnb, Lyft, and Spotify, all of which later went public. The firm also backs Stripe, last valued at $159 billion in February. Its largest recent win was Groq, which Disruptive first backed in September 2025 with $350 million at a $6.9 billion valuation. Groq later signed a $20 billion licensing agreement with Nvidia in December. Davis is Groq's executive chairman. Other holdings include small stakes in Anthropic, OpenAI, Anduril, Shield AI, Helsing, Reflection AI, ElevenLabs, and Databricks, which reached a $190 billion valuation in August.
Davis said he sees growing defense-tech contract activity and expects it to continue beyond the midterm elections. He also highlighted AI inference as a major opportunity, citing Groq's chips and its ability to refit existing data centers. Disruptive also plans to back companies that can shorten data center construction timelines from more than two years to a few months.
The firm is shifting its approach as the largest technology companies remain private for longer. Previously, Disruptive invested deal by deal, often through special purpose vehicles. The new fund allows it to put up to $1 billion each into 10 growth and late-stage companies, some of which it may already back. Davis told Forbes that the firm invests in six to eight deals a year and expects the fund to be deployed in about a year and a half, targeting companies close to going public. Initial investments are expected to include a defense technology startup, a large AI model developer, and a neocloud that rents out AI chips. Disruptive's investors include banks, sovereign wealth funds, and mutual funds.
Disruptive's track record includes an early 2013 investment in Palantir, followed by Airbnb, Lyft, and Spotify, all of which later went public. The firm also backs Stripe, last valued at $159 billion in February. Its largest recent win was Groq, which Disruptive first backed in September 2025 with $350 million at a $6.9 billion valuation. Groq later signed a $20 billion licensing agreement with Nvidia in December. Davis is Groq's executive chairman. Other holdings include small stakes in Anthropic, OpenAI, Anduril, Shield AI, Helsing, Reflection AI, ElevenLabs, and Databricks, which reached a $190 billion valuation in August.
Davis said he sees growing defense-tech contract activity and expects it to continue beyond the midterm elections. He also highlighted AI inference as a major opportunity, citing Groq's chips and its ability to refit existing data centers. Disruptive also plans to back companies that can shorten data center construction timelines from more than two years to a few months.
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