137 Ventures is a San Francisco-based growth-stage venture capital firm founded in 2010, specializing in companies building at the frontier of AI, defense, and advanced industrial systems. With over $15 billion in assets under management, the firm is among the most prominent growth investors in technology with significant impact across commercial and government sectors.
137 Ventures backs growth-stage companies in AI agents and applied AI, defense and dual-use technology, aerospace and space, and advanced industrial systems including AI-powered manufacturing. The firm has a particular focus on companies that operate at the intersection of commercially validated technology and large-scale government or defense procurement.
In April 2026, 137 Ventures announced the close of more than $700 million across two new growth-stage funds, bringing total assets under management above $15 billion. The funds will target companies building in AI, defense, and industrial systems, with a continued emphasis on AI agents as an emerging category. In the twelve months prior to the announcement, the firm deployed more than $1 billion into portfolio companies.
The firm’s SpaceX position reflects its conviction in concentrated, long-duration bets. 137 Ventures first backed SpaceX in 2010 and has since written approximately two dozen checks, accumulating a stake of more than 1% worth in excess of $10 billion. A SpaceX IPO would be among the most significant liquidity events in venture history.
Leadership
Justin Fishner-Wolfson is the Managing Partner and co-founder of 137 Ventures. Before founding the firm in 2010, he worked at Founders Fund, where he was responsible for all aspects of the investment process and played a key role in the firm’s early investment in SpaceX. He is a Kauffman Fellow. Alexander Jacobson is a Partner at the firm. The firm has a team of 17 including 7 partners.
Investment Strategy
137 Ventures invests at the growth stage, backing companies that have established commercial traction and are scaling into large markets. The firm frequently provides liquidity solutions to founders and early employees as part of its investment approach. It takes a concentrated approach to a relatively small number of high-conviction opportunities and holds positions over long time horizons. SpaceX, first backed in 2010 through approximately two dozen subsequent investments, illustrates this model: 137 Ventures now owns more than 1% of the company.
Notable Investments
The 137 Ventures portfolio includes companies across defense, AI, and industrial technology:
Other
137 Ventures has been one of the most active growth-stage backers of companies at the intersection of AI and defense. The firm’s SpaceX position, accumulated over 15 years and dozens of individual investments, is one of the most significant single-company stakes in venture capital history and reflects the firm’s conviction in holding concentrated positions over long time horizons.
United States
