Josh Kushner’s fortune hits $17.5 billion as Thrive Capital’s bets pay off

Josh Kushner is now worth an estimated $17.5 billion, according to the Bloomberg Billionaires Index, as of October 8, 2026.

The engine behind that number is Thrive Capital, the firm he founded in 2010. Its early bets on companies like OpenAI and SpaceX have matured into some of the most valuable positions in private markets.

How the fortune came together

The bulk of Kushner’s wealth comes from his ownership of Thrive Capital itself. His effective stake in the firm is about 97%.

That matters because Thrive has grown fast. Assets under management climbed to over $65 billion by August 2026, up from $23 billion at the end of 2024.

Forbes put the speed of the climb in sharper focus. In August 2026, it estimated Kushner’s net worth at approximately $16.7 billion, compared with $5.2 billion a year earlier.

Thrive’s fund performance helps explain why. The firm’s internal rate of return stands at 33% across its funds.

One standout is Thrive’s early-stage fund. It grew from $516 million to over $3.7 billion by mid-2026, powered by positions in OpenAI and defense tech company Anduril.

The portfolio doing the heavy lifting

SpaceX is one of the biggest contributors. Thrive’s stake in the rocket company is now valued at around $10 billion following SpaceX’s June 2026 IPO.

OpenAI remains central to Thrive’s strategy. The firm’s cumulative investments in the ChatGPT maker exceed $2 billion, as OpenAI’s valuation climbs toward $850 billion.

Thrive also holds a 7% ownership in Cursor, an AI coding startup valued at $4.2 billion after SpaceX acquired it in August 2026.

Thrive Holdings raised $2 billion at a $12 billion valuation in August 2026. Permanent capital means money that does not need to be returned to investors on a fixed fund timeline, which lets the firm hold assets for as long as it wants.

Thrive acquired the Los Angeles Lakers for a record $12.5 billion in August 2026, a move that pulls the firm well outside the world of software and rockets.

What this means

A large share of Thrive’s value, and by extension Kushner’s net worth, rests on a small number of AI and aerospace names.

With effective ownership of about 97% of Thrive Capital, nearly every gain in the firm’s value flows straight to his net worth.

The next markers to track are OpenAI’s valuation path, how SpaceX trades as a public company and whether Thrive Holdings deploys its fresh $2 billion into more assets outside traditional tech.

Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.