Venture capital firm Disruptive, which focuses on AI and technology and made early investments in Groq, is aiming to raise up to $10 billion for its first megafund.
Funds that large are targeted only by a small group of firms.
Dallas-based Disruptive has already secured $7.5 billion in commitments, The Wall Street Journal reported Wednesday, and a person with direct knowledge of the matter confirmed to The Dallas Morning News. The firm will use the fund to invest in about 10 late-stage to growth-stage companies over the next two years, the person said, with a continued focus on AI, AI infrastructure and defense technology.
Megafunds, defined by McKinsey as funds with $1 billion or more, are rare. Thrive Capital and Andreessen Horowitz are among the firms that have raised more than $10 billion for funds this year.
Previous and current companies in Disruptive’s portfolio include Palantir, Databricks, Airbnb, ElevenLabs, Helsing, Reflection AI, Spotify, Shield AI and Groq.
The commitments primarily came from previous investors, including institutions and family offices.
Disruptive traditionally invests in individual deals through special purpose vehicles. Its only other announced fund was a mid-stage defense-focused one that closed in 2023.
In 2025, Groq entered into a $20 billion licensing agreement for its interference technology with Nvidia after Disruptive led a financing round for California-based Groq.
Disruptive was previously headquartered in Los Angeles until its founder and CEO, Alex Davis, moved to Austin in 2021 then to Dallas in 2024.
Davis’ grandfather is the late oil, media and real estate billionaire Marvin Davis.