Disruptive raises $10B fund to back late-stage AI and defense startups

Dallas-based investment firm Disruptive said on October 27, 2026 that it has raised a $10 billion fund to back at least 10 late-stage companies, with individual checks of up to $1 billion, targeting the capital-intensive fields of AI and defense.

The vehicle is the firm's first blind-pool fund and the largest venture fund ever raised in Texas, according to the Dallas Business Journal. Previously, Disruptive raised money through deal-by-deal special purpose vehicles. The firm, founded in 2012 by Alex Davis, has invested in companies including chip startup Groq and AI voice-generation startup ElevenLabs.

The Wall Street Journal reported earlier in October that Disruptive had already secured at least $7.5 billion in capital commitments. Bloomberg reported that the firm told limited partners it has returned more than $6 billion on roughly $1.9 billion invested in startups. Past bets include Palantir, Airbnb and Spotify.