a16z raised $15 billion, saying they wanted America to win

By: WEEX|2026/01/13 18:45:00

Last Friday, a16z announced the completion of a $15 billion funding round.

Note that this is fundraising, not investment. LPs (Limited Partners) are entrusting them with money to invest in other companies.

How staggering is this figure?

In 2025, all VCs in the US raised a total of $66.1 billion, the lowest in eight years. a16z alone took nearly 20% of that.

The industry is going through a downturn, and they're stockpiling.

But why are LPs willing to entrust their money to them during this difficult period?

Perhaps because they have a track record of making money during downturns.

In 2009, they invested in Facebook, just after the financial crisis, and nobody dared to invest. In 2013, they invested in Coinbase, when most people thought Bitcoin was a geek toy. In May 2022, Bitcoin plummeted by 55%, Coinbase's stock price dropped by 80%, and a16z was still raising a $4.5 billion crypto fund.

At the time, the comments section was full of laughter at them for taking over.

Last year, The Information reported that the fund's returns had skyrocketed. The reason was simple: their investment in Solana had risen from $8 to $180.

"Be greedy when others are fearful" is often just motivational rhetoric.

But if you are greedy every time you are fearful, and you bet right every time, it becomes a kind of:credit record.

Returning to the topic of the $15 billion, how will a16z spend it?

Of that, $6.75 billion will be invested in growth-stage companies, providing additional funding to projects that have already proven successful and are poised for further expansion. $1.7 billion will be invested in application-level technologies, $1.7 billion in underlying technologies, and $700 million in biomedicine.

Another $1.176 billion will be invested in a theme called "American Dynamism."

Directly translated, it sounds like a slogan coined by a high-end think tank. Looking at what they've already invested in under this theme reveals its true meaning:

To enable America to manufacture things again.

To manufacture what? Weapons.

Companies in this portfolio, such as Anduril (autonomous weapon systems), Shield AI (military drones), Saronic (unmanned warships), and Castelion (hypersonic missiles), share a common thread: their largest customer is the Pentagon.

a16z itself stated that if a war were to break out with China in the Taiwan Strait, the US missile arsenal would be depleted in eight days, requiring three years to replenish.

In the eyes of the US, this isn't alarmist; it's a business opportunity.

The US military-industrial complex is aging; Lockheed Martin and similar companies are too slow and expensive. The Pentagon needs new suppliers. a16z is betting on this gap, using VC funding to incubate a group of "software-defined weapons" companies, which will then be sold to the Department of Defense once they mature.

$1.176 billion isn't a lot, but it represents a gamble on a prediction. The US is going to rebuild its manufacturing sector, starting with the military industry.

Betting on the defense industry requires more than just money; connections are essential.

a16z has no shortage of these.

In late 2024, Marc Andreessen claimed to be an "unpaid intern" at the Department of Government Efficiency (DOGE), helping the department recruit and reportedly spending half his time at Mar-a-Lago advising Trump.

The DOGE was disbanded early last November, but a16z's network remained. Their first employee, Scott Kupor, is now the Director of the Office of Personnel Management in the United States.

Trump just announced this week that the defense budget will be increased to $1.5 trillion next year.

Many VCs invest in the defense industry, but very few can simultaneously invest in companies and influence policy.

This may be one of a16z's true moats—not just investing, but also participating in rule-making. They invest in missile companies while simultaneously helping the government decide who gets contracts.

It's a bit like being both referee and player.

You could call it a conflict of interest, or you could call it resource integration. LPs don't care; they only care about returns.

Many people know a16z because of Crypto.

In this $15 billion allocation, Crypto wasn't listed separately; it was crammed into the $3 billion "Others" category.

Has crypto been abandoned?

No. Ben Horowitz clearly wrote in his blog, "AI and Crypto are key architectures of the future."

For a16z, however, crypto no longer needs a separate fund.

In 2018, their first crypto fund was $350 million. By 2022, it had grown to $4.5 billion. Now? They invest directly from their main fund, placing it in the same pool as AI, military, and energy.

What does this signify?

It shows that, in their eyes, crypto has transformed from a "new track" into infrastructure.

Exchanges are infrastructure, public blockchains are infrastructure, and DeFi protocols are infrastructure. Like AWS, Nvidia, and missiles, they are all fundamental elements.

Previously, VCs invested in crypto; now they invest in infrastructure.

The landscape has broadened.

For the crypto industry, this is actually good news. Being categorized as "other" might seem like a downgrade, but it's more like graduation. It means this concept no longer needs separate explanation; LPs understand it, and Western regulators are beginning to accept it.

Of course, this also means that crypto projects will be competing with AI and military-related funds for the same funding pools.

The competition is becoming increasingly fierce.

Meanwhile, Ben wrote a statement on his blog that Sequoia Capital might not be too happy to hear:

"As leaders in US venture capital, we bear a part of the responsibility for the fate of new technologies."

Sequoia has been in the industry for 50 years, while a16z has only been for 16. Yet, both now manage around $90 billion in assets, tied for first place globally.

How?

The VC industry, in essence, sells two things: vision and resources.

Vision is hard to prove. You might say you have a good eye, but you'll have to wait ten years to see. Resources, however, are different; they can be accumulated.

What a16z has been doing all these years is building up its resources.

They have the strongest content team in the industry, with podcasts, blogs, and newsletters—the output rivals that of media companies. Even before securing funding, entrepreneurs are already being bombarded with a16z's worldview.

They have connections in Washington. It's not just about knowing a few politicians; it's about directly getting people into the government.

They also have the advantage of sheer scale. When managing $90 billion, you can write a $1 billion check to SpaceX—smaller funds simply can't do that.

It's not just about making accurate investments; it's about making yourself irreplaceable.

Entrepreneurs come to you not because you have a lot of money, but because you can help them secure government contracts. Limited partners (LPs) come to you not because of high returns, but because others don't have your policy influence.

This approach is difficult for other VCs to replicate.

Of course, there are risks involved.

a16z's current strategy is partly tied to the fate of the United States. If their judgments about AI winning, military industry booming, and American manufacturing reviving are wrong, a large portion of their $15 billion investment will be lost.

a16z is betting not just on the technological cycle, but on the political cycle. This cycle is arguably even more difficult to predict than the technological cycle.

However, the fact that LPs are willing to entrust them with 15 billion indicates that the market trusts this assessment.

Or, in other words, in an uncertain world, a16z offers a form of certainty:

We know how to turn money into influence, and then influence into returns. We invest when others are hesitant, we bet when others don't understand. Then we wait for the cycle to turn around and reap the rewards of that trust.

Therefore, you can understand this 15 billion as a vote of confidence from LPs in a16z.

Next, we'll see how a16z invests in the US.

Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:

To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:

Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:

I. Clarify the essential attributes of virtual currency, Real-World Assets tokenization, and related business activities

(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.

The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.

A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.

（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.

Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.

II. Sound Work Mechanism

(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.

The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.

(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.

III. Strengthened Risk Monitoring, Prevention, and Disposal

(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.

(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.

(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.

(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.

（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.

（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.

（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.

（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.

IV. Strict Supervision of Domestic Entities Engaging in Overseas Business Activities

（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.

（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.

(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.

V. Strengthen Organizational Implementation

(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.

(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.

VI. Legal Responsibility

(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.

(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.

This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.

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