Author: Ben Horowitz Source: a16z Translation: Shan Ouba, Jinse Finance
At Andreessen Horowitz, we have just completed a fundraising round of over $15 billion. This new funding covers multiple investment sectors: $1.176 billion in American Dynamism, $1.7 billion in Apps, $700 million in Bio + Health, $1.7 billion in Infrastructure, $6.75 billion in Growth Fund, and $3 billion in other venture capital-related funds. This fundraising represents more than 18% of the total US venture capital market in 2025. Why did we raise this huge sum? And how do we plan to invest?
At a16z, we firmly believe that the best gift a society can give to an individual is to provide them with opportunities.
Regardless of background, race, religion, or gender, everyone has the opportunity to pursue a better life, the possibility to create value, realize ideals beyond personal worth, and contribute to a better world. This is the highest principle we can practice. True opportunity lies in enabling everyone to create more possibilities for themselves and others. Therefore, even if the distribution of such opportunities is not absolutely fair, it remains a remarkable achievement in the process of social and human development, a gift that continuously generates positive value. The more people seize opportunities and achieve extraordinary things, the better our world will become. Globally, the United States is the country most capable of consistently providing opportunities for its people to achieve a better life; its social system is also the most stable system for creating development opportunities. Over the past 250 years, with the rise of the United States, humanity has ushered in an unprecedented period of universal opportunity, greatly improving the living and development conditions of all humankind and achieving a truly miraculous development process. Therefore, in this period of significant opportunity for technological change, America's leadership is crucial for all humanity. No other country provides such fertile ground for its people to seize opportunities and innovate as the United States. If the United States loses its leading position in science and technology, its advantages in the economic, military, geopolitical, and cultural fields will also crumble, which would be a loss for the entire world. "A Heavy Responsibility"—Cheech As a leader in the US venture capital field, the lifeline of cutting-edge US technology development is, to a certain extent, in our hands. Our mission is to help the United States maintain its leading position in the technological competition of the next century. This goal begins with seizing the commanding heights of the core technological architecture of the future—AI and crypto; then applying these technologies to key areas driving human development, including biotechnology, healthcare, national defense, public safety, education, and the entertainment industry; and ultimately, encouraging the US government to adopt these cutting-edge technologies to defend and expand America's core interests. If we fail to steer national policy in the right direction, the United States could lose its position as a global technology leader. This trend is already beginning to emerge in the fields of AI and crypto. And once the U.S. loses its technological lead, its advantages in other areas will quickly crumble. The technology arena we are about to enter is vibrant and innovative, but also faces fierce competition from other countries. We are ready to shoulder our mission and fulfill our responsibilities. We sincerely thank our limited partners for their trust and support over the past 16 years. Moving forward, we will continue to invest in the world's top entrepreneurial talent, helping them build truly groundbreaking companies. In this process, we will redouble our efforts to ensure that the benefits of technological advancement reach the United States, its people, and our friends and allies around the world.