137 Ventures Raises $700 Million for Growth Funds as Its SpaceX Stake Hits $10 Billion

Venture capital firm 137 Ventures, a longtime backer of SpaceX, has raised more than $700 million across two new growth-stage funds aimed at supporting startups with significant market potential. The announcement came Thursday, highlighting the firm's focus on companies in defense, AI, and industrial systems that are choosing to remain private longer amid a shifting IPO landscape.^[1]

Founded by former Founders Fund investor Justin Fishner-Wolfson, 137 Ventures has been particularly active over the past year, deploying over $1 billion into its portfolio. Key investments include AI agent developer Cognition, AI-powered manufacturing firm Hadrian Automation, and defense technology company Anduril. The firm's most prominent holding, however, is SpaceX, where it first invested in 2010 and has since written around two dozen checks, according to Bloomberg reporting.^[1][2]

In a recent Bloomberg Tech interview, Fishner-Wolfson discussed the stakes involved, revealing that 137 Ventures now holds approximately 1% of SpaceX, valuing its position at over $10 billion. This windfall anticipation comes ahead of SpaceX's highly expected initial public offering this year, which could value Elon Musk's rocket company at more than $1 trillion. Such a payout would mark one of the largest returns for early backers in venture history.^[2]

The new funds underscore a broader trend in venture capital: betting big on growth-stage companies that delay public markets to scale privately. As reported by TechCrunch, 137 Ventures is targeting founders building in high-impact sectors like aerospace and defense, where SpaceX exemplifies rapid innovation and government-commercial crossover.^[1] This approach allows investors to capture value from prolonged private growth phases.

For the startup ecosystem, the influx means more capital for ambitious teams in AI, manufacturing, and defense tech, sectors critical to U.S. competitiveness. SpaceX's potential IPO could unlock liquidity not just for 137 Ventures but for a wide network of employees and early investors, injecting billions into reinvestments. Fishner-Wolfson emphasized backing "founders staying private longer," signaling confidence in private markets even as public listings loom.^[2]

What happens next remains tied to SpaceX's IPO timeline and performance. Success there could supercharge 137 Ventures' next moves, drawing more limited partners to its strategy. Meanwhile, the firm's portfolio companies like Anduril and Hadrian stand to benefit from the fresh capital, accelerating developments in areas like autonomous systems and precision manufacturing that have national security implications.^[1]

This raise positions 137 Ventures as a key player fueling America's tech edge, especially as geopolitical tensions heighten demand for homegrown innovation in space and defense. Stakeholders from founders to policymakers will watch closely as these investments mature.^[2]