In a letter from the company ' s first investors, the founder of Thive Capital, Joshua Kushner, questioned the manner in which the Silicon Valley winds were pursuing the hot tide of AI. In his view, AI ' s business opportunities were indeed enormous, but a rise in market sentiment should not be a substitute for investment judgement, especially as a result of which pricing and screening criteria should not be relaxed.

Centralized funding to head projects

The letter was subsequently disclosed by Bloomberg. In its letter, Kushner states that the Silicon Valley investment ring tends to focus too much on the fine and typologies of technology, while ignoring where technology ultimately leads the industry. Although Trive is equally stymied AI, it does not spread the net, but concentrates on a few of the best-looking companies.

According to the data quoted by Bloomberg, about 90 per cent of Thrive's funds per fund went to the top 15 projects. According to Kushner, this model concentrates time, capital and energy on the most sure people and directions, rather than relying on the traditional logic of a large number of bets waiting for a few projects to emerge.

Deepening collaboration with OpenAI

He also rejected the idea that investment could only destabilize the old industry from the outside, arguing that AI not only allowed new companies to challenge old companies, but also promoted the transformation of traditional industries from within. This idea has become an important layout for Thive.

The Agency is not only the main investor in OpenAI, but the relationship deepened further at the end of 2025: OpenAI holds the Trive Holdings shares in reverse. The latter is a break-up platform for Thives, a major purchaser, and is working with OpenAI to advance AI. Part of the deal also included OpenAI sending staff to participate in the project of the Thive Corporation.

At present, Thrive Holdings has acquired more than 70 companies with an engineering team of about 35. For example, Kushner stated that its accounting platform had increased tax processing by about 30 per cent to 98 per cent by smarts; and that under the flag IT services had allowed intelligents to independently process half of the help desk bills.

OpenAI and SpaceX high return

Thrive's strategy has also come to the fore because of its early involvement in high-performance companies. According to Bloomberg, a $516 million early fund established by Thrive in 2022, with earlier investments in OpenAI, Anduril and SpaceX, had been valued at over $3.7 billion by the end of June this year.

In its letter, Kushner disclosed that Thrive ' s current management assets had reached $60 billion in size, with a total internal return of 41 per cent for all funds and a net internal return of 33 per cent. Over the past 12 months, Thrive has returned more than $1 billion in liquidity to investors, and claims that billions of dollars in level withdrawals are likely to continue in the coming quarters.

At the same time, it was noted that the concentrated investment model of Thrive was not easily replicated by most emerging small funds. In contrast to earlier funds that rely more on decentralized bets to cover risk, Thrive ' s statement also reflects growing divisions around AI valuation, investment tempo and discipline in the United States.