Thrive Holdings has raised $2 billion in new funding at a $12 billion valuation from investors including SoftBank, D1 Capital Partners, and Altimeter Capital. The firm operates like a private equity for AI, acquiring traditional businesses and embedding AI into their workflows. It has focused on accounting and IT, but part of the new capital will fund a third vertical for physical assets.

Thrive’s close relationship with OpenAI is key. In December 2025, OpenAI took an ownership stake and began sending employees to accelerate AI adoption. This hands-on model has proven successful, with Thrive’s platforms surpassing 70 businesses. Its accounting arm, Current, includes over 50 firms and more than 2,000 professionals; its Tax AI processed over 7,000 returns at 98% accuracy, cutting tax prep times by over 30%. Shield, its IT arm, has sped up help desk resolution by 36x and doubled custom AI agents in the last month.

The new third platform will focus on regulatory services for built environment, aiming to ease bottlenecks in infrastructure projects. “The U.S. needs to build and modernize more critical infrastructure, but projects are often constrained by local, technical, and regulatory complexity,” said founding member Anuj Mehndiratta. “We think AI partnered with experts can compress regulatory burdens, keep safety high, and do it more efficiently,” added Kareem Zaki. The raise signals strong investor enthusiasm for AI-powered enterprise transformation.