Founded 2005 by Thiel, Howery, Nosek. $17bn AUM as of 2025; Growth III $4.6bn closed. 545 portfolio companies (47 unicorns, 28 IPOs, 123 exits). Key holdings: SpaceX, Palantir, Stripe, Airbnb, Spotify, Anduril, Neuralink. 35-person team, 22 partners. SF-based; Miami office. Portfolio-driven returns: 4.6x/$ deployed by 2018 vs 2.11x industry avg.
Investment Focus
Investment Thesis
Contrarian deep tech focus: aerospace, defense, AI, biotech. Seed to growth-stage. Concentrated late-stage bets ($460m avg check Growth III). Monopoly-builders escaping competition via unique insights, 10x advantage. Founder-maximalist: never removed CEO. Rejects incremental apps/thematic investing. US-based but expanding Europe (Darktrace, Stability AI, EnduroSat, Trade Republic). Avoids consensus crowded markets.
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