Key Takeaways
- • David Sacks' Craft Ventures targets $1 billion for its first fund since his White House appointment, significantly exceeding the $350 million raised for the firm's initial 2017 fund and the $450–$500 million target for its second fund, according to reporting on the venture capital firm's fundraising activities.
- • Sacks divested over $200 million in crypto and digital asset holdings prior to and during his tenure as White House AI and Crypto Czar, with Craft Ventures liquidating an additional $115 million in crypto-related assets to address potential conflicts of interest.
- • Sacks leverages dual roles as both White House technology official and active venture investor, using government access to influence AI policy, eliminate regulatory obstacles for portfolio companies, and potentially create favorable conditions estimated to generate as much as $200 billion in new sales for firms like Nvidia.
- • White House AI Action Plan signed by President Trump in July 2026 directly benefited Sacks' investment thesis and network, with executive orders fast-tracking AI industry development and benefiting top tech executives, venture partners, and business associates in attendance.
- • Sacks transitioned from White House AI and Crypto Czar role to co-chair PCAST (President's Council of Advisors on Science and Technology), maintaining influence over technology policy while pursuing aggressive venture fundraising objectives.
Summary
David Sacks, a 53-year-old venture capitalist and former White House AI and Crypto Czar, is targeting $1 billion for Craft Ventures' next major fund, marking a significant expansion from the firm's prior fundraising efforts. The firm initially raised $350 million for its first fund in late 2017 and subsequently targeted $450–$500 million for its second fund. This new $1 billion target reflects increased institutional confidence and Sacks' elevated profile within the Trump administration and Silicon Valley.
Sacks has maintained a complex dual role as both a government technology official and active venture investor throughout 2026. In this capacity, he has influenced administration AI policy, facilitated White House access for technology executives, and pushed to eliminate regulatory barriers facing artificial intelligence companies. These actions have positioned portfolio companies and industry partners—including Nvidia and AMD—to benefit substantially from Trump administration directives, with some estimates suggesting up to $200 billion in new sales opportunities. In July 2026, Sacks convened top government officials and Silicon Valley executives at a forum near the White House where President Trump unveiled an "AI Action Plan" drafted in part by Sacks and signed executive orders to accelerate AI industry development.
To address potential conflicts of interest, Sacks divested significant holdings in digital assets. He personally liquidated over $200 million in crypto and digital asset investments, while Craft Ventures itself divested an additional $115 million in crypto-related assets. These divestitures were documented in White House compliance memos and represent efforts to mitigate the appearance of impropriety, though critics have questioned whether such measures adequately address the fundamental tension between his government role and venture capital interests.
Sacks has since transitioned from his formal White House AI and Crypto Czar position to co-chair the President's Council of Advisors on Science and Technology (PCAST), allowing him to maintain policy influence while pursuing aggressive venture fundraising. His track record as a successful founder and investor over 25 years in Silicon Valley, combined with his current government access and policy influence, positions Craft Ventures competitively for the $1 billion fund target.
Sacks has maintained a complex dual role as both a government technology official and active venture investor throughout 2026. In this capacity, he has influenced administration AI policy, facilitated White House access for technology executives, and pushed to eliminate regulatory barriers facing artificial intelligence companies. These actions have positioned portfolio companies and industry partners—including Nvidia and AMD—to benefit substantially from Trump administration directives, with some estimates suggesting up to $200 billion in new sales opportunities. In July 2026, Sacks convened top government officials and Silicon Valley executives at a forum near the White House where President Trump unveiled an "AI Action Plan" drafted in part by Sacks and signed executive orders to accelerate AI industry development.
To address potential conflicts of interest, Sacks divested significant holdings in digital assets. He personally liquidated over $200 million in crypto and digital asset investments, while Craft Ventures itself divested an additional $115 million in crypto-related assets. These divestitures were documented in White House compliance memos and represent efforts to mitigate the appearance of impropriety, though critics have questioned whether such measures adequately address the fundamental tension between his government role and venture capital interests.
Sacks has since transitioned from his formal White House AI and Crypto Czar position to co-chair the President's Council of Advisors on Science and Technology (PCAST), allowing him to maintain policy influence while pursuing aggressive venture fundraising. His track record as a successful founder and investor over 25 years in Silicon Valley, combined with his current government access and policy influence, positions Craft Ventures competitively for the $1 billion fund target.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.