Disruptive, the Dallas-based venture firm whose early bet on AI chip startup Groq turned into one of the decade's most talked-about paydays, is now raising up to $10 billion for a new fund, according to people familiar with the matter cited by The Wall Street Journal.
The firm has already secured commitments totaling $7.5 billion, the Journal reported, and plans to deploy the capital into roughly 10 late-stage companies over the next two years. If it closes at target, Disruptive would join a small elite of Silicon Valley investors running megafunds, which PitchBook defines as funds exceeding $500 million.
Disruptive was founded in 2012 by Alex Davis, the grandson of oil and media billionaire Marvin Davis. For years it operated quietly out of Dallas, investing largely through special-purpose vehicles that pooled investor money on a deal-by-deal basis. That approach has lost favor in Silicon Valley of late, with top startups including Anthropic, Anduril and OpenAI seeking to limit certain secondary transactions, which often involve SPVs.
The Groq bet that made Disruptive famous
Disruptive's reputation was built on Groq, the AI inference chip company founded in 2016 by former Google engineers including Jonathan Ross, one of the creators of Google's Tensor Processing Unit. The firm invested more than half a billion dollars in Groq over the years, leading a $750 million round in September 2025 at a $6.9 billion valuation, and then a $650 million round in June 2026.
The windfall came in December 2025, when Nvidia agreed to a roughly $20 billion licensing arrangement with Groq for its inference-chip technology, in what was reported as the chipmaker's largest transaction on record. Nvidia also hired founder Ross and other senior staff. Disruptive CEO Davis told CNBC at the time that the figure was approximately $20 billion in cash. Groq stayed independent and continued operating its GroqCloud inference business under new CEO Simon Edwards.
Beyond Groq, Disruptive has backed data-analytics giant Databricks, defense technology company Shield AI, voice AI startup ElevenLabs, and open-source AI model maker Reflection AI.
An elite club of megafunds
The $10 billion target would place Disruptive alongside Thrive Capital and Andreessen Horowitz, which have each raised more than $10 billion for new funds this year, the Journal noted.
The scale of the raise reflects how concentrated late-stage venture capital has become in the AI era. With a handful of AI infrastructure and model companies commanding multi-billion-dollar rounds, funds need ever-larger pools of capital to take meaningful positions in the winners.
What comes next
Disruptive has not publicly commented on the fundraising. The firm is expected to focus its new vehicle on the same kind of late-stage, high-conviction bets that defined its Groq run: established companies in AI infrastructure, defense tech, and enterprise software where check sizes of hundreds of millions of dollars are the entry price.
If the remaining $2.5 billion closes, Disruptive's new fund would rank among the largest venture vehicles ever raised, a sign that the Groq era of AI investing is giving way to something even bigger.
