Descriptions:
Bloomberg Technology interviews Ilya Fushman, a partner at Kleiner Perkins, following the firm’s announcement of a new $3.5 billion fund — structured as a $1 billion early-stage venture vehicle and a $2.5 billion growth fund. The raise was oversubscribed, with Fushman crediting the LP base’s confidence in the firm’s recent liquidity track record, including returns from the Figma IPO and the Windsurf acquisition.
The investment thesis centers on AI penetrating every major industry sector, with portfolio companies Harvey (legal), Open Evidence (healthcare), and Waymo (transportation and autonomy) cited as current examples. Kleiner Perkins’ model is to enter at the earliest stage possible from the venture fund and concentrate capital as companies hit scale using the growth fund. Anthropic is highlighted as the clearest example of this approach: a company growing faster and at greater scale than anything previously observed in the firm’s history, still early in its trajectory, and expected to IPO.
The interview also surfaces a same-day Bloomberg report that SpaceX is targeting a confidential IPO filing seeking to raise $75 billion at a valuation of $1.75 to $2 trillion, with June as the target timeline. Kleiner Perkins has participated in prior SpaceX funding rounds. Fushman frames space connectivity as a fundamental infrastructure unlock analogous to the early internet, and flags autonomy — spanning defense, consumer, and physical economy applications — as the primary thematic focus for the new fund cycle.
📺 Source: Bloomberg Technology · Published March 25, 2026
🏷️ Format: Interview
