Written by: Theodore Schleifer, The New York Times
Compiled by: Luffy, Foresight News
The biggest financier for this round of U.S. midterm elections is neither Elon Musk, George Soros, nor any other billionaire with deep pockets in politics.
The real top player is a VC firm: Andreessen Horowitz (a16z for short).
Top donors for this midterm election cycle, data source: Federal Election Commission, The New York Times
(The New York Times) Analysis shows that this Silicon Valley VC firm, along with founding partners Marc Andreessen and Ben Horowitz, has donated over $115 million in political contributions related to the midterm elections, making it the largest known financier of this election cycle.
a16z's involvement in politics is not new; both founders are seasoned political donors with net worths in the billions. However, the scale of donations this round has far exceeded the approximately $63 million for the 2024 election cycle. This top-tier investment firm is ramping up political investments with unprecedented strength, attempting to influence policy directions that align with its commercial interests.
Following the last election, a16z established a long-term political stance. Typically, the day after the election (with two years until the next major election) is not a time for large donations. However, on November 6, 2024, a16z injected over $23 million into two core super PACs in the crypto industry, sending a clear signal: its political strategy is long-term, not a fleeting trend.
In response to media interview requests, a16z declined to comment and did not arrange interviews for the two founders.
Days later, Anderson stated in an election recap podcast, "My conclusion is that we must treat political involvement as a permanent mission. Sometimes we ride the wave of circumstances, but sometimes we must fight tooth and nail. Regardless of the tide, we must engage deeply throughout the process."
The venture capital firm's massive political donations also reflect a significant shift in the ecology of American politics. In this round of midterm elections, the top donation sources have shifted from individual billionaires to corporate entities like a16z. Critics argue that the influx of institutional capital may skew the electoral process, driven solely by self-interest.
Since the 2024 election, a16z has invested $47.5 million in the crypto industry super PAC Fairshake. Its strategy has also extended beyond the crypto lane: mirroring Fairshake's model, it spearheaded the establishment of the super PAC Leading the Future, focused on supporting pro-AI legislators, injecting $50 million. Both Fairshake and Leading the Future adopt a bipartisan strategy, funding candidates from both the Republican and Democratic parties.
Additionally, a16z and its two founders collectively donated $12 million to Trump's PAC MAGA Inc., including a single donation of $6 million in March. In the same month, a trust fund associated with Anderson also donated nearly $900,000 to the Republican National Committee.
A series of political investments have also established close ties between Marc Anderson and the Trump administration.
The chart showing the dramatic increase in political donations from Anderson and Horowitz this round indicates: a16z and its founders' political contributions skyrocketed from $2 million in 2022 to $115.5 million in 2026; the funds primarily directed towards AI issues, the Republican camp, and the crypto industry.
Source: Federal Election Commission, New York Times
Before Trump began his second term last year, Anderson revealed that he spent half of his time at Mar-a-Lago, helping the Trump team complete the transition of power. This VC mogul also served as an informal advisor to the government efficiency department led by Musk. Two former a16z partners have taken high-ranking positions in the government, one of whom is responsible for AI regulatory affairs.
In March of this year, 54-year-old Anderson was appointed to the White House's top tech advisory committee; he has also recently been invited to attend a dinner hosted by King Charles III of the UK during his visit to the US, as well as a private club dinner held by Trump in the White House Rose Garden.
Regulatory filings show that the large donations from Anderson and Horowitz mostly come from the a16z entity they wholly own. The $115.5 million for this election cycle does not yet include the tens of millions the firm has recently invested in the emerging AI non-profit advocacy organization American Innovators Network, which is not required to disclose donation details.
Founded in 2009, a16z is one of Silicon Valley's most prestigious investment firms. It adopts a Hollywood talent agency model to incubate startups, hiring aggressive individuals skilled in self-promotion, and early bets on crypto exchange Coinbase and social platform Instagram solidified its industry reputation.
The political stances of the two founders are quite storied. In the 1990s, Anderson gained fame at a young age with the early browser Mosaic, becoming wealthy and a core member of then-Vice President Gore's tech advisory group, and was a major fundraiser for the Democratic Party.
Years later, his political stance gradually shifted to the right. He revealed that after Trump's victory in 2016, he intentionally distanced himself from political fundraising activities, embarking on a 'self-reflective journey' to re-evaluate various extreme ideological trends.
According to sources familiar with his private social dynamics, Anderson is now active in various private communities, frequently discussing current events with conservative activists.
59-year-old Horowitz, whose father is the well-known conservative provocateur David Horowitz, is said to be less publicly vocal about political opinions, and his involvement in the super PACs is relatively limited. a16z publicly endorsed Trump in the summer of 2024, and in October of the same year, Horowitz provided financial support to Democratic presidential candidate Harris due to personal connections.
Anderson and Horowitz publicly identify as 'single-issue voters': their voting and donations are only considered in terms of benefits to the development of tech startups. Insiders indicate that their early clashes with the media and the Biden administration over tech policy ultimately solidified their determination to engage deeply in politics.
Anderson once recounted a story to friends. About a decade ago, he had a dispute with New Yorker editor David Remnick at Condé Nast headquarters. The opposing team accused tech elites of being out of touch with the masses, while Anderson, after visiting their luxurious office and bathroom environment, felt it was actually the media elites who were disconnected from reality.
Before the 2024 election, veteran political strategist from Silicon Valley and current Coinbase board member Chris Lehane spearheaded the formation of Fairshake. Anderson and Horowitz believed that the Biden administration's stance on the crypto industry, heavily invested by a16z, was too stringent; coupled with the political representative of the crypto circle, SBF, being convicted of fraud, the industry urgently needed to carve out a new political path.
Thus, a16z partnered with crypto giants like Coinbase and Ripple to become a core funder of Fairshake, donating $47 million to the organization during the 2024 election cycle. Although most pro-crypto policies in Washington now stem from Trump (Fairshake does not endorse Trump), this political layout is still seen as a successful attempt within the industry.
In the spring of 2025, Lehane, who has joined OpenAI, will once again lead efforts, partnering with a16z, tech financiers, and political strategists to replicate the political fundraising strategies of the crypto industry in the AI sector, with early planning and increased investment.
With extensive investments in numerous projects in the AI space, a16z is fully entering the field, donating $25 million to the AI PAC Leading the Future in August 2025, followed by another $25 million in February 2026. Insiders reveal that the firm has yet to decide whether to continue increasing its donations.
Compared to the $100 billion in assets managed by a16z, the $115.5 million political investment isn't particularly high. However, other leading VCs in Silicon Valley, such as Sequoia Capital and Founders Fund, have not made similar large-scale political moves.
(New York Times) Statistics show that since the 2024 election, the only organization that has publicly donated more than a16z is Soros-linked entities (around $103 million) and Musk (about $85 million).
The major political involvement has also put a16z in the midst of multiple controversies and backlash.
Internally, early partner John O'Farrell resigned from his advisory role in May last year due to ideological differences. He publicly criticized the two major PACs, Fairshake and Leading the Future, as well as what he termed 'tech figures who actively cater to the current government, including many former VC colleagues and partners', and he declined to comment further.
Externally, the progressive camp has strongly criticized a16z. Last year, several Democratic lawmakers publicly criticized Arizona Democratic Senator Ruben Gallego for co-hosting fundraising events with Anderson.
a16z's support for the AI PAC Leading the Future has sparked checks and balances within the industry. The opposing super PAC Public First was established with the intention of countering the political funding influence of a16z and its allies. Industry insiders even joke that they named the organization 'z16a', intentionally reversing a16z's common abbreviation.
New York State Democratic Assemblyman Alex Bores is running for Congress, backed by Public First. He boldly stated that he is not afraid of attacks from Leading the Future: "The logic of venture capital is to pursue rapid scaling, but this logic should not be applied to buying off democratic politics."
Some Republicans also express skepticism about a16z's political bets. They privately complain that Fairshake and Leading the Future's insistence on bipartisan neutrality is misguided, believing that AI and crypto policies are inherently more favorable to Republicans, and that the relevant PACs should fully align with the Republican Party.
Anderson and Horowitz have conveyed to allies that they have limited decision-making power within the two PACs and seldom directly connect with the PAC management.
a16z's political strategy and lobbying layout in Washington are overseen by former congressional aide and Republican Collin McCune. He tracks the movements of the two PACs in real-time and updates Anderson on the latest policies and political landscape.
But this doesn't mean Anderson doesn't understand the rules of politics. In 2000, at just 29 years old, he asserted: "If you think the scale of political donations is large now, you haven't seen the real scale yet."