137 Ventures has quietly bulked up its war chest — raising more than $700 million across two new funds and pushing assets under management past $15 billion as of March 2026. The San Francisco growth investor says the capital will be deployed into capital‑intensive, frontier tech bets: AI agents, robotics, advanced industrial systems and next‑generation aerospace.
Founded in 2010 by Justin Fishner‑Wolfson and S. Alexander Jacobson after stints at Founders Fund, 137 specializes in late‑stage “generational technology companies.” The firm is known for mixing primary checks with secondary liquidity solutions for founders and early employees — a service that has become increasingly valuable as private markets evolve.
What the new funds will target
- Focus areas called out by the firm include AI agents, robotics, defense and novel aerospace propulsion — essentially companies building physical and software infrastructure at the intersection of automation, autonomy and space.
- Recent disclosed investments include Cognition (AI copilots), Impulse Space (in‑space logistics), Hadrian (automated precision manufacturing) and Physical Intelligence (embodied AI).
Big bets, concentrated portfolio
- Over the past 12 months 137 has deployed more than $1.7 billion, preferring a concentrated, high‑conviction approach instead of dozens of small seed bets. That mirrors a broader VC shift toward larger rounds for businesses seen as core infrastructure for AI and space, even as venture activity in crypto and general tech has cooled.
The SpaceX position
- The firm’s largest and most headline‑grabbing holding remains SpaceX. Fishner‑Wolfson told Bloomberg that 137 owns “well over, I think, $10 billion” of SpaceX shares — more than 1% of the company — accumulated across roughly two dozen rounds since 2010. If SpaceX eventually goes public at the multi‑hundred‑billion to trillion‑plus valuations some bankers have discussed, that stake could be one of the biggest single‑position windfalls in modern venture history.
Broader portfolio and thesis
- Beyond SpaceX, 137’s roster includes names such as Anduril, Gusto and Ramp. The firm’s thesis is consistent: AI‑enabled defense, fintech and enterprise infrastructure will drive outsized returns as automation reshapes both digital and physical industries.
What this means for founders and the market
- For late‑stage founders building AI agents, robotics platforms or space‑adjacent businesses, 137’s new funds make it a more active and capable counterparty — especially for teams that need patient capital to underwrite long development timelines and heavy capex.
- The move also underscores venture’s durable appetite for “deep” tech infrastructure even as overall VC volumes ebb in other corners of tech and crypto.
Bottom line: 137 Ventures is doubling down on big, long‑dated technology bets — and with over $15 billion in AUM and a headline SpaceX stake, it’s positioned to be a major late‑stage backer for ambitious AI, robotics and space plays.
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