Lux Capital Secures $1.5B for Fund IX, Targets IPOs for Key Portfolio Companies
Lux Capital has raised a record $1.5 billion for its Fund IX, focusing on deep-tech investments and anticipating several IPOs in 2026, particularly for companies like Anduril, Databricks, and Ramp. The firm, known for its investments in hardware, defense, and biotech, has seen significant exits recently, including Chronosphere and Matterport, while maintaining a strategy focused on core investments amid evolving market conditions. Future IPO success will hinge on macroeconomic factors and AI market performance.
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Lux Capital closed a $1.5 billion fund on Wednesday for investments in deep-tech ventures. This is a record amount for the firm, which anticipates several exits in 2026, particularly if the IPO market remains favorable.
Key potential IPO candidates include Anduril, Databricks, and Ramp, each with a 97% probability of going public according to PitchBook’s Exit Predictor. Lux has a history of investing in hardware and defense technology, now attracting significant interest.
The firm has also backed biotech firms Eikon Therapeutics, Enveda, and Kallyope before their valuations exceeded $1 billion. In 2025, Lux saw notable exits such as Chronosphere, acquired for $3.3 billion, and Matterport for $2 billion.
Despite industry trends, Lux has not pursued secondary sales or continuation vehicles, maintaining a focus on its investments. Future IPO activity may depend on macroeconomic conditions and the performance of the AI market, where Lux holds significant investments.
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