Dallas VC firm Disruptive is targeting a $10 billion megafund after Groq bets pay off

Disruptive, a Dallas-based venture-capital firm, is raising up to $10 billion for a new fund, joining a small group of investment firms that manage megafunds, according to The Wall Street Journal.

People familiar with the matter told the Journal that the firm has already locked in $7.5 billion in commitments, with the capital earmarked for investments in about 10 late-stage companies over a two-year window. PitchBook defines megafunds as funds exceeding $500 million. Other firms that have raised more than $10 billion for new funds this year include Thrive Capital and Andreessen Horowitz, according to the Journal.

Disruptive gained wider recognition after Nvidia $NVDA reached a $20 billion licensing agreement with chip startup Groq late last year. The firm has also placed bets on open-source AI model maker Reflection AI, data analytics company Databricks, defense technology company Shield AI, and voice AI startup ElevenLabs, according to the Journal.

Alex Davis, who is the grandson of oil and media billionaire Marvin Davis, launched Disruptive in 2012. Until recently, the firm's approach relied on special-purpose vehicles, gathering capital from investors for individual deals rather than through a standing fund. The SPV model has fallen out of fashion across the industry, and the outlet noted that high-profile startups such as Anthropic, Anduril, and OpenAI have taken steps to restrict secondary transactions of the kind that SPVs typically facilitate.

The new fund marks a shift toward a more conventional venture model for Disruptive. The raise comes as demand for late-stage AI investments has pushed a number of venture firms to pursue larger pools of capital to compete for deals.

The Disruptive raise is substantially larger than recent megafund activity elsewhere in venture capital. Haun Ventures, a crypto-focused firm, announced $1 billion in new funds in May, split between early and later-stage vehicles, with plans to expand into AI agents alongside its core focus on crypto and financial services.