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Exclusive | Venture Firm Behind Chip Startup Groq Targets $10 Billion Megafund

From Wall Street Journal

By Kate Clark

October 7, 2026

Exclusive | Venture Firm Behind Chip Startup Groq Targets $10 Billion Megafund

By

Kate Clark

Disruptive, a venture-capital firm that placed winning bets on chip startup Groq and open-source AI model maker Reflection AI, is raising up to $10 billion for a new fund, joining an elite class of Silicon Valley investors that run megafunds.

The details

The firm has so far secured commitments totaling $7.5 billion, people familiar with the matter said, and plans to use the capital to invest in roughly 10 late-stage companies over the next two years.

A relatively small group of venture funds manage megafunds, which PitchBook defines as funds exceeding $500 million. So far this year, investment firms including Thrive Capital and Andreessen Horowitz have raised more than $10 billion for new funds.

The context

Disruptive, founded in 2012 by Alex Davis, grandson of oil and media billionaire Marvin Davis, gained prominence after Nvidia’s $20 billion licensing agreement with Groq late last year. It has also made investments in Databricks, defense tech company Shield AI and voice AI startup ElevenLabs.

Until recently, the Dallas-based firm invested largely through special-purpose vehicles, pooling investor money on a deal-by-deal basis. That approach has lost favor in Silicon Valley and top startups including Anthropic, Anduril and OpenAI have sought to limit certain secondary transactions, which often involve SPVs.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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