彭博报道137 Ventures因SpaceX、Anduril和Cognition持仓获得高额回报，但未披露可交易公司的新增基本面催化

The 2014 fund of early SpaceX backer 137 Ventures is now worth more than eight times the money investors originally put into it, net of fees and other charges.

The venture capital firm distributed $2.5 billion worth of the SpaceX shares back to investors last quarter following the rocket company’s record-breaking listing.

That amount “represents more money than we raised as a firm in our first 14 years,” 137 co-founder and managing partner Justin Fishner-Wolfson wrote in a late August letter to shareholders.

The firm’s total assets under management are now in excess of $20 billion, according to a person familiar with the matter. Representatives for 137 did not respond to requests for comment.

The payout underscores how consequential SpaceX has become for 137 Ventures and brought a big liquidity moment for private market investors. According to the memo, 137 has invested in the company more than 30 times since 2011, building an exposure that now spans several of its funds.

The firm’s best-performing mature fund, launched in 2014, increased its original investment by 8.2 times as of June 30, including cash already returned, Fishner-Wolfson outlined in the memo. By comparison, the typical North American venture fund launched in 2014 was worth 5.79 times the money investors put in, according to PitchBook data through the end of 2025.

Two of 137’s other funds are worth more than four and five times their original investment. That includes both realized gains and investments still held at their estimated value.

SpaceX raised $86 billion in June in the biggest IPO in history, pricing its shares at $135 apiece and valuing the company at nearly $1.8 trillion. The stock has since weathered the first major expiration of restrictions preventing early investors from selling, including the Aug. 6 release of as many as 911.5 million shares. After falling to a low of $108 in early August, the shares have recently climbed back above their IPO price.

137 Ventures had held a stake in the rocket company of around 1%, valued at more than $10 billion, prior to its listing in June, Bloomberg reported in April.

“People thought we were crazy to invest at $1 billion and $10 billion and $400 billion. But it never seemed crazy to us, and now SpaceX has completed the largest IPO of all time,” the shareholder letter said.

Excluding SpaceX, companies representing more than half the fair value of 137’s funds completed or announced funding rounds in the second quarter, and the firm increased its investment in each of them. Defense startup Anduril Industries’s latest round priced its shares 70% higher than its previous financing, while artificial intelligence startup Cognition AI’s represented a 60% increase.

Bloomberg reported Tuesday that Cognition, the maker of the AI coding agent Devin, is in talks to raise fresh funding at a valuation of about $47 billion.