Lux Capital Closes Record $1.5B Fund to Back Frontier Science and Physical AI

On January 7, 2026, Lux Capital announced the closing of Lux Ventures IX, a $1.5 billion venture capital fund. This vehicle represents the largest raise in the firm’s history and was notably oversubscribed despite a challenging global fundraising environment. Led by co-founders Josh Wolfe and Peter Hébert, the fund is dedicated to backing founders who turn "frontier science" into industrial reality.

A significant portion of the new capital will be deployed to advance artificial intelligence beyond traditional software applications. The firm is specifically targeting "physical intelligence," which includes robotics and infrastructure designed to bring machine learning into the real world. By focusing on agentic workflows, Lux aims to support technologies that automate complex industrial processes.

Defense and national security remain cornerstone priorities for the firm following its early success with companies like Anduril. The fund will prioritize "dual-use" technologies that serve both civilian and military purposes to modernize the American industrial base. This strategic focus addresses the growing need for innovation in autonomous systems, maritime security, and aerospace engineering.

The "New Science" pillar targets breakthroughs in life sciences and advanced energy systems that require significant technical expertise. The firm intends to support companies using computational biology for drug discovery, as seen in their existing portfolio with A-Alpha Bio. Additionally, capital will flow into orbital technologies and nuclear energy to ensure long-term sovereign resilience. To manage the complexities of these sectors, Lux utilizes its Riskgaming initiative as a strategic foresight tool. This platform uses simulations and scenarios to help leaders understand the second-order effects of emerging technologies before they reach a consensus. By integrating this intellectual framework with a $1.5 billion war chest, the firm continues its mission to "believe before others understand."