Peter Thiel's Founders Fund closed a $6 billion fund on May 1, 2026—the firm's largest in its 20-year history and its fourth dedicated late-stage vehicle. $1.5 billion came from senior staff including Thiel; the remaining $4.5 billion from LPs including sovereign wealth funds. The predecessor $4.6B fund was exhausted in under 12 months across seven companies at an average check of $600M, including $1.25B in Anthropic and $1B in Anduril. The new fund targets AI, defense, and fintech at a pace of roughly $2B per year.