Inside 1789 Capital: How Don Jr.'s VC Firm Surged to $3.5 Billion
Donald Trump Jr.’s venture capital firm, which invests in private companies, has grown rapidly by betting on industries at the center of President Donald Trump’s second-term agenda, including artificial intelligence, defense technology, drones, computer chips and digital assets. The growth is sharpening questions about whether political access and business interests tied to the president’s family are becoming harder to separate in Washington.
According to reporting by the Financial Times, the firm, 1789 Capital, counts Mr. Trump Jr. as a partner, pitches itself around “patriotic capitalism” and has grown from $200 million to $3.5 billion in assets under management, meaning investor money the firm manages, over the past year. One partner told the newspaper the firm hoped to reach $10 billion in the next few years.
Its portfolio, or collection of investments, includes companies tied to artificial intelligence, data centers, computer chips, space, defense manufacturing, prediction markets and related technology. The Financial Times identified investments including Databricks, Ramp, Deel, Crusoe, Groq, Reflection AI, Elon Musk’s xAI, SpaceX, defense-tech company Anduril, Hadrian Automation, Vulcan Elements and Polymarket, a prediction-market platform.
Those industries, including AI, defense, drones and digital assets, overlap with areas the Trump administration has promoted. Mr. Trump has moved to boost drones, cryptocurrencies, stablecoins, U.S.-based manufacturing and national-security technology, areas where investors can profit from markets shaped by federal decisions.
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