Key Takeaways
- • Thrive Capital, founded by Joshua Kushner, has reached an agreement to acquire a minority stake in the San Francisco Giants, marking the first investment from newly launched Thrive Eternal, a permanent capital holding company focused on cultural assets.
- • The deal is subject to Major League Baseball approval; financial terms remain undisclosed, though this represents Thrive's entry into sports ownership alongside its core venture capital portfolio (OpenAI, SpaceX, Stripe, Databricks).
- • Thrive Eternal is structured as a holding company with no set exit timeline, targeting "iconic" cultural institutions that cannot be replicated by technology and benefit from long-term stewardship—a strategic pivot from Thrive's traditional technology-focused investments.
- • The Giants, valued at approximately $4.05 billion according to Forbes, generated $477 million in revenue during the 2025 season and rank as the fifth-most valuable MLB franchise; this marks the team's second major ownership investment in two years, following a 10% stake sale to Sixth Street Partners in May 2025.
- • Former Walt Disney CEO Bob Iger, who rejoined Thrive as an adviser, is expected to be closely involved with Thrive Eternal, lending entertainment and cultural expertise to the new investment vehicle.
Summary
Thrive Capital announced Friday that it has reached an agreement to acquire a minority stake in the San Francisco Giants through Thrive Eternal, a newly established permanent capital subsidiary. Joshua Kushner, Thrive's founder, framed the investment as a strategic bet on cultural assets positioned to appreciate as technology and artificial intelligence advance. The transaction remains subject to MLB approval and marks Thrive Eternal's inaugural investment.
The deal represents a meaningful expansion of Thrive's investment mandate beyond its core venture capital operations. Thrive Capital is widely recognized for early-stage positions in transformative technology companies, including OpenAI (where it holds substantial equity), SpaceX, Instagram, Stripe, Databricks, and cybersecurity firm Wiz. Thrive Eternal operates as a distinct holding company focused on acquiring stakes in cultural institutions and franchises characterized by durability, tradition, and competitive advantages that technology cannot replicate. Kushner emphasized that Thrive Eternal targets assets offering long-term stewardship opportunities with indefinite holding periods, distinguishing this strategy from traditional venture capital exit frameworks.
The Giants transaction comes as the franchise pursues capital-intensive modernization efforts. In May 2025, the team sold a 10% stake to Sixth Street Partners, which CEO Larry Baer characterized at the time as "the first significant investment in three decades." That capital was allocated toward ballpark renovation. Forbes values the Giants at approximately $4.05 billion, positioning them as the fifth-most valuable MLB franchise, with reported 2025 season revenues of $477 million. The organization has declined to disclose financial terms for the Thrive agreement.
The investment gains strategic credibility through the involvement of Bob Iger, former Walt Disney CEO, who recently rejoined Thrive as an adviser following a brief venture partner tenure in 2022. Bloomberg reports Iger is expected to play an active role in Thrive Eternal's operations, bringing institutional expertise in media, entertainment, and cultural asset stewardship. The Iger appointment underscores Thrive's intent to apply professional management discipline to the Giants partnership while maintaining operational continuity under existing team leadership.
The deal represents a meaningful expansion of Thrive's investment mandate beyond its core venture capital operations. Thrive Capital is widely recognized for early-stage positions in transformative technology companies, including OpenAI (where it holds substantial equity), SpaceX, Instagram, Stripe, Databricks, and cybersecurity firm Wiz. Thrive Eternal operates as a distinct holding company focused on acquiring stakes in cultural institutions and franchises characterized by durability, tradition, and competitive advantages that technology cannot replicate. Kushner emphasized that Thrive Eternal targets assets offering long-term stewardship opportunities with indefinite holding periods, distinguishing this strategy from traditional venture capital exit frameworks.
The Giants transaction comes as the franchise pursues capital-intensive modernization efforts. In May 2025, the team sold a 10% stake to Sixth Street Partners, which CEO Larry Baer characterized at the time as "the first significant investment in three decades." That capital was allocated toward ballpark renovation. Forbes values the Giants at approximately $4.05 billion, positioning them as the fifth-most valuable MLB franchise, with reported 2025 season revenues of $477 million. The organization has declined to disclose financial terms for the Thrive agreement.
The investment gains strategic credibility through the involvement of Bob Iger, former Walt Disney CEO, who recently rejoined Thrive as an adviser following a brief venture partner tenure in 2022. Bloomberg reports Iger is expected to play an active role in Thrive Eternal's operations, bringing institutional expertise in media, entertainment, and cultural asset stewardship. The Iger appointment underscores Thrive's intent to apply professional management discipline to the Giants partnership while maintaining operational continuity under existing team leadership.
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