Altimeter Capital, a joint investor in OpenAI and Anthropic, is preparing two new funds. One fund, with a size of approximately $2.5 billion, will focus exclusively on late-stage technology companies nearing an IPO; the other aims to raise $800 million to $900 million to invest in earlier-stage, more diversified startups. Combined, the fundraising target reaches $3.3 to $3.4 billion, and the process is still ongoing. Altimeter, founded by Brad Gerstner, is a major capital force behind OpenAI and Anthropic. Last year, its $1.6 billion growth fund invested in only seven companies. That fund, along with another $1.5 billion expansion fund, participated in later-stage financings of companies including OpenAI and Anthropic. While the broader VC industry continues to grapple with challenges around exits, valuation corrections, and a fundraising winter, institutions with access to a handful of leading AI companies still have the capacity to raise billions of dollars. In the past, the core competitive advantage of VCs was identifying the next great company. Now, for certain top-tier firms, another capability may be equally vital: securing equity in companies everyone already knows are great. As companies like OpenAI and Anthropic delay their IPOs, more value creation and valuation growth remains trapped in the private markets—making a select few institutions with investment access the critical gateway connecting external capital to these super unicorns. AI is creating an intriguing capital divide: it’s becoming harder for startups to raise funding, yet the privilege of investing in top-tier startups is becoming increasingly valuable.