Disruptive, an investment firm headquartered in Dallas, has announced a massive $10 billion fund aimed at backing at least 10 late-stage companies with individual checks reaching up to $1 billion, the company revealed Tuesday. Past bets made by the firm include notable names such as Palantir, Airbnb, and Spotify. This ranks among the largest fundraises of the year so far, with its focus squarely on the capital-intensive sectors of AI and defense.

Earlier this month, The Wall Street Journal first reported that the firm was pursuing this fund and had already locked in at least $7.5 billion in capital commitments by that point. Alex Davis, grandson of billionaire oil magnate Marvin Davis, founded the firm in 2012.

Notably, this marks the firm's first blind-pool fund—a structure where investors commit capital without knowing in advance which companies will receive backing. Up until now, Disruptive raised money through deal-by-deal special purpose vehicles. Despite this approach, the firm has generated headlines in recent years by investing heavily in companies like chip startup Groq and AI voice-generation startup ElevenLabs.

According to Bloomberg, the firm informed LPs that it has returned more than $6 billion on the roughly $1.9 billion it has deployed into startups. The Dallas Business Journal reported that this new vehicle represents the largest venture fund ever raised in Texas history.