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Four years ago, American Dynamism began as an idea. It wasn’t a complicated one but it was radical at the time. We asked ourselves what if instead of organizing an investment practice around consumers or enterprises or new types of technology, we built a practice with a simple mission: to invest in companies supporting the national interest. American Dynamism. Many people in technology and the investment community were stunned. For one, we said the word America out loud. National interest was even more shocking. And we very much heard their criticisms. In their minds, America was a limiting premise. The investment community is a set of global institutions that invest in Silicon Valley for access to the best technology companies. To critics of American Dynamism, reminding them that these companies are born in and of America seemed unnecessary or even annoying. The narrative in Silicon Valley at the time was that all great companies aspire to be global institutions. For so long, many treated Silicon Valley as merely an economic zone. What does America really have to do with technology? It turns out, everything. America is the font of civilizational dynamism and it has been throughout our history. “Never bet against America” isn’t just a smart investment strategy reiterated by the greats. It’s a truth that has played out time and time again for 250 years. Across technology and across governance. Across wars, culture, settling new lands and building at the frontier. Against all odds, this great nation has thrived and led the way for civilization for specific reasons, some obvious and others that continue to be revealed to us. Andreessen Horowitz believes an important truth: that building is a political philosophy and a choice, and by its nature an inherently good one. There is dignity in building new things, small and large. It is my belief that building for the national interest is the ultimate good. That building for your family is good. For your neighbors. For your fellow citizens and the values we share and defend. We have raised $1.776 billion to invest American Dynamism. We began with a $600 million early stage fund in mid 2024 and nearly doubled the size of American Dynamism Fund II, which we are announcing today as the 250th anniversary celebration of America begins. It is our duty to build companies that support this country’s future and to be stewards of what others have built before us. It is unacceptable to leave this nation worse for our descendants— to accept decay, stagnation or to blackpill in the midst of hard problems that need solving. The urgency to leave this country greater for the next generation should animate us every day — and it’s the motivating force of the American Dynamism team and the founders we have the honor of working with. The goal of American Dynamism has always been bigger than what many see on the surface. It is greater than any one company or founder: we work to ensure that investing in the national interest becomes a lasting category of investment and company creation. We work to ensure the Second American Century. We’ve always believed if we do our jobs well, every firm, bank, endowment and asset manager will have an American Dynamism team and see it as a critical category to invest in for decades to come. We wake up every day motivated to make this a mission a reality and to ensure it outlasts us all. We’re grateful to our limited partners and to all of a16z for proving the naysayers wrong and believing that a new category can be bound by a single, unifying principle: to build in service of America. Most of all, we’re grateful to the founders, who like the original Founders, understand their purpose is greater than themselves. They know their mission is to ensure we build companies that enrich and protect this great nation for the next 250 years. And we’re honored to support them on their journey. To all the believers, thank you for your faith in American Dynamism.