Joshua Kushner: Why I bet $1.3 billion on OpenAI | Fortune
Joshua Kushner was just 26 years old when he founded Thrive Capital in 2011. Since then, his firm has backed some of the most notable startups of the past decade, including Instagram, Spotify, and most notably, OpenAI. The tech startup has become ubiquitous because of ChatGPT, which launched in 2022 to nearly overnight success.
Investing in OpenAI
At the time, not many were willing to invest in the newcomer, and even Sam Altman himself told Kushner that the company was anything but a sure bet. Thrive has ultimately put in around $1.3 billion into the ChatGPT maker since its inception. In 2023, the firm led a funding round for OpenAI, investing nearly $130 million. And in 2024, another Thrive-led round ended with an OpenAI valuation of $157 billion.
Key Reasons for Investment
At the Fortune Global Forum in New York City, Kushner said he invested in the company for two key reasons: belief in the person running the company and belief that the company would stand the test of time. He emphasized the importance of being concentrated in people and ideas, highlighting the significance of individuals in driving business success.
Long-term View on OpenAI
Joshua Kushner also highlighted the long-term view he holds regarding his investment in OpenAI, drawing parallels to the investment styles of Charlie Munger and Warren Buffet. He expressed confidence in OpenAI being one of the multiple winners in the technology space, despite competition from giants like Google and Meta.
Kushner's partnership with OpenAI is seen as a fortunate opportunity, and he values the collaborative relationship with the company.
Building Relationships
Kushner first met Altman in 2011, but it wasn’t until 2022 on a walk that the two reconnected. Altman previously acknowledged Kushner's approach of making high-conviction bets on high-quality companies and founders, reflecting a shared camaraderie in their investment strategies.
