Thrive Capital just raised $10 billion for a new fund — the largest fund it has ever raised and nearly double the size of its last fund. Of this, $1 billion is dedicated to early-stage investments, while the rest is for growth-stage investments, according to an announcement from the firm.

Thrive told Bloomberg that this latest fundraise was oversubscribed. This is the firm’s 10th fund — called Thrive X — and comes as some of the firm’s biggest investments, including OpenAI, Stripe, and SpaceX, continue to soar in value. Some of the firm’s other notable investments include Databricks, Anduril, and Cursor. The firm also incubates companies, having spun up 12 so far, with at least six now having reached unicorn status.

The firm’s strategy is to “commit deeply to a small number of founders,” the firm said in its announcement. “Concentration demands loyalty to the founders and missions we back.”

Speaking to Bloomberg, Josh Kushner, founder of the firm, said he believed the winners of the AI boom would “be bigger than we can ever imagine,” and that the technology is still nascent.

Thrive’s massive raise also hints at something else. IPO rumors have swirled around OpenAI and SpaceX in particular, bringing considerable interest from limited partners awaiting returns. These two companies could lead to an unprecedented flow of capital back to limited partners.

We’ve reached out to Thrive for more information.