Altimeter Capital is seeking $2.5 billion for a new venture fund, according to a Form D notice signed on Monday and first reported by Bloomberg. The raise, if completed, would rank among the largest growth-stage vehicles launched this cycle and would more than double the size of the firm's previous growth fund, which closed at $1.6 billion last year.

The new vehicle, Altimeter Premier Growth IX, will back late-stage, pre-IPO companies, Bloomberg reported. It arrives as Altimeter deepens its position in the largest private rounds in artificial intelligence, including commitments of at least $2 billion each to Anthropic-related financings.

What does the filing say?

The Form D notice, signed Monday by Matthew Tolve, a vice president of the fund's general partner, lays out the offering's early mechanics:

• Total amount sold to date: $0, with the first sale yet to occur and no investors committed so far.
• Minimum investment from any outside investor: $2 million.
• Estimated sales commissions: $12 million, equal to roughly 0.5 percent of the target corpus.
• J.P. Morgan Securities and Raymond James & Associates are named as recipients of sales compensation.
• Brad Gerstner, managing member of the fund's general partner, is listed as a related person.

A spokesperson for Altimeter declined to comment.

Why $2.5 billion, and why now?

The target signals a sharp step up in ambition. Altimeter's previous growth fund closed last year at $1.6 billion and invested in seven companies, according to Bloomberg. That fund, together with a $1.5 billion expansion vehicle, was deployed into late-stage financing rounds — deals that included OpenAI and Anthropic, two of the most heavily funded private companies in the world.

The new $2.5 billion target is 56 percent larger than that prior growth fund and nearly equals the combined $3.1 billion the firm deployed across both earlier vehicles.

The pipeline for late-stage capital remains deep. Altimeter was among four firms expected to co-lead a $30 billion Anthropic round in May, alongside Dragoneer, Greenoaks and Sequoia Capital. Each of the four was expected to contribute at least $2 billion, and Altimeter co-led Anthropic's most recent fundraising round, Bloomberg reported.

Is a second fund coming?

Altimeter is also in talks to raise $800 million to $900 million for a second fund, according to Bloomberg. That vehicle would target a variety of younger startups — a departure from the firm's recent concentration in mega-rounds for mature private companies.

Taken together, the two efforts would put Altimeter in line to raise as much as $3.4 billion in fresh commitments, spread across the full lifecycle of private companies from early bets to pre-IPO scale.

What does it mean for the AI funding race?

The filing lands amid an unprecedented concentration of capital into artificial intelligence. A single Anthropic round of $30 billion — with four co-leads writing checks of $2 billion or more — illustrates the scale now required to hold a leading position in the sector's top deals.

Altimeter's track record in those rounds, spanning both OpenAI and Anthropic, gives it a credible claim on allocations that limited partners are chasing. The $2.5 billion target is the firm's bet that the window for late-stage AI exposure remains open and that fund sizes must grow to match round sizes.

No commitments are yet recorded, and the first sale has not occurred. The market will learn how the raise lands when the figures change from zero.