Thrive Capital bets $100 million on Shopify, because sometimes the best AI trade is a beaten-down stock
TL;DR
Joshua Kushner’s Thrive Capital has invested roughly $100 million in Shopify, a rare public-market bet by the venture firm best known for backing OpenAI, SpaceX, and Stripe. Shopify stock is down approximately 40% year to date after guidance suggested slowing revenue growth. Thrive framed the investment as a bet on AI-driven commerce. The firm, which raised a $10 billion fund in February, previously made $522 million from a contrarian Carvana trade and is part of a growing cohort of VC firms crossing into public equities.
Joshua Kushner’s Thrive Capital has taken a roughly $100 million stake in Shopify, according to Bloomberg, which cited people familiar with the matter. The investment is notable less for its size, $100 million is a rounding error in a firm that raised more than $10 billion for its latest fund, than for what it signals about where the most successful venture investors now...
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