OpenAI-backed Thrive Holdings raises $2B to rewire traditional businesses with AI

Thrive Holdings, the holding company founded in 2025 by Thrive Capital’s Josh Kushner, just closed a $2 billion funding round at a $12 billion valuation. The investors behind it read like a who’s-who of AI-era megafunds: SoftBank, D1 Capital Partners, and Altimeter Capital. The pitch is deceptively simple. Buy traditional service businesses, like accounting firms, IT services shops, and help desks, then rebuild their operations from the ground up using OpenAI’s technology. The OpenAI connection This isn’t just a casual partnership. OpenAI took an equity stake in Thrive Holdings in late 2025, giving the holding company direct access to the AI lab’s tools and expertise. That relationship runs deep in the other direction too: Thrive Capital manages around $50 billion in assets and has been one of OpenAI’s most prominent financial backers. Who’s writing the checks The $2 billion round marks the first time Thrive Holdings has accepted external capital. Prior to this, the company had raised roughly $1 billion from Thrive Capital’s existing limited partners, a group that includes pension funds and endowments. The new investor roster includes SoftBank, Altimeter Capital, and D1 Capital Par...