Disruptive launches $10 billion blind-pool fund targeting AI and defense startups

Disruptive announced Tuesday that it has closed a $10 billion venture vehicle designed to make large, late-stage bets on a minimum of ten companies. The fund will write checks as large as $1 billion and is directed toward capital-intensive sectors such as artificial intelligence and defense. The size of the raise places it among the most sizable venture commitments of the year and, according to the Dallas Business Journal, makes it the biggest venture fund ever assembled in Texas.

Founded in 2012 by Alex Davis, the grandson of oil magnate Marvin Davis, Disruptive has built a reputation for backing high-profile growth stories, including Palantir, Airbnb and Spotify. Until now the firm raised capital on a deal-by-deal basis through special-purpose vehicles. The new vehicle is its first “blind-pool” fund, meaning limited partners commit capital without knowing the specific portfolio companies in advance. The shift reflects a strategic move to give the firm flexibility to deploy large sums quickly as opportunities arise in sectors that require substantial upfront investment.

The Wall Street Journal reported that, prior to the final close, Disruptive had already secured at least $7.5 billion in commitments. Bloomberg cited the firm’s own disclosures that it has generated more than $6 billion in returns on roughly $1.9 billion of historic startup investments, underscoring a strong track record of value creation. Recent headline-making investments include the chip designer Groq and the AI voice-generation startup ElevenLabs, both examples of the type of deep-tech companies the new fund aims to support.

For founders operating in AI and defense, the fund’s scale could change the financing landscape. Checks of up to $1 billion provide the runway needed for extensive research, hardware development, and regulatory clearance, areas where smaller rounds often fall short. At the same time, the blind-pool structure signals that Disruptive will likely act as a strategic partner, bringing not only capital but also the firm’s network and operational expertise to portfolio companies.

Investors will be watching how Disruptive allocates the $10 billion, especially given its promise to back at least ten companies. The firm’s ability to deliver on its stated focus could set a benchmark for future large-cap venture vehicles targeting capital-intensive technologies. As the fund begins to deploy capital, the next few months will reveal whether Disruptive can translate its historic returns into the next generation of AI and defense leaders.