Kleiner Perkins 于 2026 年 3 月 24 日宣布募集 3.5 十亿（3,500 百万）美元，投向软体、医疗、交通与自主化相关 AI 领域。募资分配为 1 十亿（1,000 百万）美元投入第 22 期早期基金，聚焦具有潜力的 AI 新创；其余 2.5 十亿（2,500 百万）美元则投向成长期、规模较大且现金需求更高的公司。募集完成后，管理资产规模升至约 21 十亿美元（21,000 百万），强化其作为美国最富裕创投机构之一的地位。这家半世纪机构凭借早期投入 Google 与 Amazon 的声望，正明确转向 AI 主题。
Kleiner Perkins 已持有 Stripe、估值 134 十亿（134,000 百万）美元的 Databricks、Waymo、Anthropic 与 SpaceX 等热门标的；更早前也因 Figma 上市与 Windsurf 被并购而产生显著收益。PitchBook 预估 2026 年或将成为风险投资退出高峰，Anthropic、OpenAI 与 SpaceX 若于公开上市，可能共创造超过 100 十亿（100,000 百万）美元的回笼，规模有望超过本世纪美国所有 VC-backed IPO 的总合。文章认为本轮 AI 周期呈现资本与人才向少数占优势公司的高度集中。
竞争同步升温：Thrive Capital 已募集超过 10 十亿（10,000 百万）美元，General Catalyst 也在争取相近规模募资，Coatue 则准备更大规模 AI 科技基金。Kleiner Perkins 指出其仅有 7 人投资团队、与创业者高互动度是结构性优势，形成“精简但能够全程参与”的选择性下注能力。Mamon Hamid 与 Ilya Fushman 等合伙人否认泡沫叙事主导市场，转而强调 AI 的指数式价值创造；公司亦补充其在 2000 年代 Cleantech 失利后，已转为在早期与成长期双轨并行、兼顾如 Anthropic、Waymo 的后期竞争交易。
Kleiner Perkins announced on March 24, 2026 that it is raising US$3.5 billion for artificial-intelligence bets across software, healthcare, transportation and autonomy. The raise is split: US$1 billion (1,000 million) into its 22nd early-stage fund, focused on promising AI upstarts; and US$2.5 billion (2,500 million) for growth-stage, larger, more cash-intensive startups. With the new commitments, assets under management rise to about US$21 billion, reinforcing its position as one of the richest venture firms in the United States. The half-century-old firm known for its early stakes in Google and Amazon is now explicitly pivoting toward AI.
Kleiner Perkins already holds positions in sought-after firms including Stripe, Databricks (valued at US$134 billion), Waymo, Anthropic and SpaceX; it also benefited from Figma’s IPO and the Windsurf acquisition. PitchBook projects 2026 as potentially a record year for venture-backed exits, with Anthropic, OpenAI and SpaceX possibly generating more than US$100 billion at IPO, potentially exceeding all US VC-backed IPO proceeds this century. The article frames the AI cycle as a winner-take-most phase in which funding and talent are concentrating in a small set of advantaged startups.
Competition is intensifying as peers raise in the same direction: Thrive Capital has raised more than US$10 billion, General Catalyst is discussing a similarly sized raise, and Coatue is preparing an even larger AI-tech fund. Kleiner Perkins says its advantage is a seven-person investment team and hands-on founder engagement, enabling selective bets. Partners including Mamoon Hamid and Ilya Fushman reject the bubble narrative and emphasize exponential value creation. The firm also says that after past missteps in 2000s cleantech, it has shifted to a dual-track approach, pursuing both early-stage AI startups and late-stage deals in firms such as Anthropic and Waymo.