Thrive Holdings has secured $2 billion in new funding at a $12 billion valuation, marking the first external investment for the venture spun out of Joshua Kushner’s Thrive Capital in 2025. SoftBank, D1 Capital Partners, and Altimeter Capital led the financing round, which signals a shift from the firm’s previous reliance on commitments from Thrive Capital’s institutional investor base.
The New York-based company acquires established service businesses before deploying artificial intelligence into their operations, a model that differs from conventional enterprise software approaches. Its portfolio now includes more than 70 businesses across two platforms. Current, the accounting platform, encompasses over 50 firms and supports more than 2,000 accounting professionals. Thrive Holdings reports that its TaxAI agents have processed more than 7,000 tax returns with 98% accuracy, reducing preparation time by more than 30%. The second platform, Shield, focuses on information technology services and includes around 20 companies where AI tools have cut help desk resolution times by a factor of 36, according to the company.
Part of the fresh capital will support a third platform targeting physical infrastructure, specifically the regulatory services required to build and operate assets such as data centers, manufacturing plants, Healthcare facilities, power systems, and water infrastructure. Founding member Anuj Mehndiratta said the United States needs to modernize critical infrastructure but faces costly delays from local and regulatory complexity. Thrive Holdings plans to use AI to automate research, reporting, permit preparation, inspection documentation, and compliance tracking while maintaining human oversight for fieldwork and professional sign-off.
The company’s strategy is reinforced by a close relationship with OpenAI, which acquired an ownership stake in Thrive Holdings in December 2025. Thrive Capital has invested billions of dollars in OpenAI across multiple rounds, and OpenAI employees now work directly with companies across Thrive’s portfolio. This arrangement gives Thrive Holdings direct access to AI expertise as it moves beyond accounting and IT into more demanding, regulated environments.
The funding underscores growing investor appetite for AI-driven roll-ups that combine acquisition scale with operational transformation. As Thrive Holdings tests its model in infrastructure, its ability to navigate fragmented, expertise-heavy industries will determine whether the efficiency gains seen in accounting and IT can be replicated in more complex settings.
