At Andreessen Horowitz, we just raised over $15 billion in funding. These new funds include American Dynamism ($1.176 billion), Apps ($1.7 billion), Bio + Health ($700 million), Infrastructure ($1.7 billion), Growth ($6.75 billion), and other venture capital strategies ($3 billion). This represents over 18% of total U.S. venture capital funding in 2025. Why did we raise this money? How do we plan to invest it? Read more from Ben Horowitz: