📂 Venture Capital Sector

Dallas-based Disruptive, which backed Groq before Nvidia's $20 billion licensing deal, is raising up to $10 billion with $7.5 billion already committed, to back about 10 late-stage companies over two years. The bigger story is the shift from deal-by-deal SPVs to one blind pool, as top startups restrict the vehicles it used to rely on.

SpaceX dropped its S-1 six days ago. Forbes now confirms the combined proceeds from SPCX, OpenAI, and Anthropic are on track to exceed every other US VC exit since 2016 — combined. Here is the fund-management framework every GP and LP needs before the first IPO prices.