Joshua Kushner’s venture capital firm, Thrive Capital, has made a rare foray into public markets by investing approximately $100 million in Shopify Inc. Sources familiar with the transaction indicated that the investment is positioned as a strategic bet on the potential gains commerce could realize through advancements in artificial intelligence. This move places Thrive among a select group of venture investors increasingly looking toward publicly traded companies as startup IPO timelines extend.

Thrive Capital, known for backing early-stage firms like OpenAI and SpaceX, previously realized substantial returns from its public investment in Carvana, amounting to $522 million. The firm's other public holdings reportedly include Oscar Health, which Kushner co-founded, and Figma Inc. Thrive’s ability to invest in public entities stems from its registration as an investment adviser, a status shared by peers such as Accel and Andreessen Horowitz.

Shopify’s stock experienced a modest recovery, gaining over 2% following the news, despite recent share depreciation of about 40% this year amid guidance suggesting a slowdown in revenue growth and pressure on second-quarter profitability. The e-commerce platform is currently attempting to accelerate growth by attracting larger brands alongside its traditional base of small businesses, aiming to boost overall order volume.