137 Ventures announced Thursday it has raised over $700 million across two growth-stage funds to back startups with potential for significant market impact. Founded by Justin Fishner-Wolfson, a former Founders Fund investor, the firm has deployed more than a billion dollars into companies focused on defense, AI, and industrial systems over the past year. Its portfolio includes AI agent startup Cognition, automation firm Hadrian Automation, and defense contractor Anduril.

137 Ventures is also a major backer of SpaceX, which could reach a trillion-dollar valuation via its anticipated IPO. The firm first invested in SpaceX in 2010 and has since made around 20 additional investments. This latest funding round signals aggressive expansion into high-growth sectors, with $700 million earmarked for startups poised to disrupt industries like autonomous systems and advanced manufacturing.

The move positions 137 Ventures as a key player in shaping next-generation technology infrastructure. By concentrating capital on defense, AI, and industrial innovation, the firm aligns with trends in national security and digital transformation. With $700 million as its largest fund to date, the strategy reflects confidence in startups addressing complex global challenges.

This $700 million milestone marks a landmark achievement for 137 Ventures, doubling its previous fundraising total. Investors are betting on the firm’s ability to identify breakthrough technologies that could redefine markets. As startups like Cognition and Anduril scale, the impact of 137 Ventures’ bets will likely ripple across tech and defense ecosystems.