Kleiner Perkins raises $3.5B across two funds, nearly double its last raise, doubling down on AI

Kleiner Perkins raised $3.5B in fresh capital across two funds, including $1B for its 22nd early-stage venture fund and $2.5B for a late-stage growth vehicle, nearly doubling the $2B it raised less than two years ago. The firm has built a strong AI portfolio in recent years with early stakes in Together AI, Harvey, and OpenEvidence, and is also an investor in Anthropic and SpaceX, both of which are expected to IPO this year. The raise puts Kleiner Perkins alongside a broader wave of VC mega-raises, with Thrive Capital recently closing $10B, Founders Fund closing $6B for its fourth growth vehicle, and General Catalyst reportedly targeting a similar amount.