Lux Capital Lands $1.5B for its Largest Fund Ever

Lux Capital closes its largest-ever $1.5B fund, betting big on defense tech and AI despite a sharp industry-wide VC slowdown.

Matilda

Lux Capital Lands $1.5B for its Largest Fund Ever

Lux Capital Raises $1.5B Amid VC Downturn In a striking counterpoint to the broader venture capital slump, Lux Capital has closed a $1.5 billion ninth fund—its largest to date—amid what PitchBook calls a 10-year low in new U.S. VC fund formations in 2025. How did one firm raise such massive capital while others struggle? The answer lies in Lux’s early and consistent bets on defense technology and frontier AI—sectors now drawing intense investor interest due to geopolitical tensions and rapid AI adoption. Credit: Google A Contrarian Play in a Challenging Market While most venture firms are tightening belts or delaying fundraising, Lux Capital is expanding. The New York–based firm, founded in 2000, has long carved a niche in “deep tech”—a term it helped popularize—focusing on startups tackling hard scientific and engineering problems. In 2025, that foresight is paying off. With global defense spending surging and AI transforming industries overnight, limited partners are rewarding firms lik…

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