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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.