Disruptive, a Dallas-based investment firm known for backing industry leaders such as Palantir, Airbnb, and Spotify, has announced the closing of a massive $10 billion fund. This fund is aimed at supporting at least 10 late-stage companies with individual investments of up to $1 billion. The announcement came on Tuesday, marking one of the largest fundraises recorded this year, with a strong focus on capital-intensive sectors like artificial intelligence and defense.

Founded in 2012 by Alex Davis, whose family has deep roots in the oil industry, Disruptive is shifting its strategy by launching its first blind-pool fund. Unlike its previous approach that utilized deal-by-deal special purpose vehicles, this new fund enables investors to commit without prior knowledge of specific companies to be backed. Before the fundraising was completed, the firm had already raised $7.5 billion in commitments, signaling strong confidence from limited partners in its investment approach.

The firm’s track record includes high-profile investments in chip startup Groq and AI voice-generation company ElevenLabs. Disruptive has reportedly returned more than $6 billion to investors based on an initial venture capital deployment of roughly $1.9 billion, demonstrating significant returns. The new fund has now become the largest venture capital fund ever raised in Texas, highlighting the growing stature of the region as an investment hub.

Disruptive’s announcement was first reported by the Wall Street Journal, and further details were shared via press releases and Bloomberg coverage. The firm plans to leverage this capital to make substantial bets on transformative technologies, especially within AI and defense, to capitalize on the accelerating demand and strategic importance of these fields in the coming years.