"Lux Capital, a 25-year-old VC firm known for its investments in frontier science and defense technology, has closed a $1.5 billion ninth fund, the largest fund in the firm's history. Despite 2025 marking a 10-year low for the number of new VC funds raised in the US venture fundraising, according to PitchBook, it's not hard to see why limited partners are still piling into Lux. The firm has been investing in defense technologies for years before geopolitical shifts turned the sector into one of the most desirable investment categories."
"Lux was a seed-stage investor in Anduril, which was last valued at $30.5 billion, and Applied Intuition, an autonomous vehicle startup that secured contracts with the Pentagon and was valued at $15 billion this year. Lux has also made early bets on AI startups before the industry took off, post-ChatGPT. The firm's early-stage AI investments include Hugging Face, Runway AI, and MosaicML, the latter of which was acquired by Databricks for $1.3 billion in 2023."
Lux Capital closed a $1.5 billion ninth fund, bringing assets under management to $7 billion and marking the firm's largest fund in its 25-year history. The firm made early investments in defense technologies and AI, backing seed-stage companies such as Anduril and Applied Intuition and early-stage AI companies including Hugging Face, Runway AI, and MosaicML. MosaicML was acquired by Databricks for $1.3 billion in 2023. Lux achieved notable exits with Recursion Pharmaceuticals' public offering and the sale of Auris Health to Johnson & Johnson for up to $6 billion. Strong prior returns and timely trend bets continue to attract limited partners.
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