Lux Capital raises $1.5 billion for its largest fund

Lux Capital, a 25-year-old VC firm known for its investments in defense science and border security, has closed its ninth $1.5 billion fund, the largest fund in the company’s history.

Although 2025 marked a 10-year low for the number of new VC funds raised in US venture fundraising, according to PitchBook, it’s not hard to see why a few partners are still piling up at Lux.

The company has been selling security technology for decades before the global revolution turned the sector into one of the most important sectors of the economy. Lux was a seed dealer in Anduril, which was very important $30.5 billionand Applied Intuition, a self-driving car that won contracts with the Pentagon and was expensive. $15 billion this year.

Lux also made early bets on pre-commercial AI startups, after ChatGPT. The company’s early AI investments include Hugging Face, Runway AI, and MosaicML, the latter of which was acquired by Databricks for. $1.3 billion in 2023.

In addition to security technology startups and AI systems, Lux has realized significant results from its sale of AI drug discovery company Recursion Pharmaceuticals, which went public in 2021, as well as the sale of Auris Health, a surgical pioneer that it sold to Johnson & Johnson until $6 billion in 2019.

The latest acquisition brings Lux’s net worth to $7 billion.