Iconiq, a San Francisco wealth manager and venture investor, is preparing to raise billions of dollars for a new fund, according to a securities filing and people familiar with the matter. The firm put more than US$3 billion into AI startups in 2025 alone.

The firm manages about US$100 billion overall and about US$26 billion in venture assets. It has invested about US$4 billion in Anthropic, making it one of the startup’s largest backers.