Key Takeaways
- • Thrive Capital, the venture capital firm founded by Joshua Kushner, has agreed to acquire an unspecified stake in the San Francisco Giants, pending MLB approval, marking the franchise's second major ownership investment in two years.
- • The Giants' valuation stands at $4.05 billion as of the 2026 season opening, ranking fifth among MLB franchises, according to Forbes.
- • This represents Thrive Eternal's inaugural investment—a newly established permanent capital holding company designed to acquire long-term stakes in iconic cultural institutions that "cannot be replicated by technology."
- • The Giants previously sold a 10% stake to private equity firm Sixth Street Partners in May 2025, which CEO Larry Baer characterized at the time as "the first significant investment in three decades."
- • Thrive's capital is expected to support Oracle Park upgrades and the team's real estate development, with the investment subject to league office approval.
Summary
Thrive Capital, the New York-based venture capital firm founded by Joshua Kushner, has reached an agreement to acquire an ownership stake in the San Francisco Giants, the organization announced Friday. The deal remains pending MLB approval but represents a strategic diversification move by Kushner's firm into what he describes as a new investment "category"—cultural institutions that are "iconic," "rooted in tradition, identity, and shared experience," and benefit from long-term stewardship.
This marks the second significant ownership transaction for the Giants in as many years. In May 2025, the franchise sold a reported 10% stake to Sixth Street Partners, a private equity group, which CEO Larry Baer called "the first significant investment in three decades" at that time. With the Thrive investment now pending, the Giants have accelerated their strategy of bringing institutional capital into the ownership structure. According to available reports, three private equity firms now hold stakes in the franchise, including Arctos Sports Partners, which owns approximately 2% of the team.
Thrive Eternal, the permanent capital holding company established by Kushner's Thrive Capital, announced the Giants partnership as its first major investment. The firm is best known for its venture capital operations and maintains large positions in emerging technology companies, including OpenAI. The Giants confirmed the arrangement in a statement through senior vice president of communications Shana Daum: "We have reached an agreement for Thrive Eternal to join our investor group, subject to MLB approval. We are thrilled with the prospect of Eternal becoming a long-term partner of the Giants."
The precise terms of the Thrive investment remain undisclosed, though Bloomberg reported that capital will be directed toward Oracle Park upgrades and real estate development. The Giants revamped the area surrounding the Willie Mays Gate, their primary entry point, ahead of the 2026 season. As of the 2026 season opening, the Giants ranked as the fifth-most valuable MLB franchise, valued at $4.05 billion according to Forbes.
This marks the second significant ownership transaction for the Giants in as many years. In May 2025, the franchise sold a reported 10% stake to Sixth Street Partners, a private equity group, which CEO Larry Baer called "the first significant investment in three decades" at that time. With the Thrive investment now pending, the Giants have accelerated their strategy of bringing institutional capital into the ownership structure. According to available reports, three private equity firms now hold stakes in the franchise, including Arctos Sports Partners, which owns approximately 2% of the team.
Thrive Eternal, the permanent capital holding company established by Kushner's Thrive Capital, announced the Giants partnership as its first major investment. The firm is best known for its venture capital operations and maintains large positions in emerging technology companies, including OpenAI. The Giants confirmed the arrangement in a statement through senior vice president of communications Shana Daum: "We have reached an agreement for Thrive Eternal to join our investor group, subject to MLB approval. We are thrilled with the prospect of Eternal becoming a long-term partner of the Giants."
The precise terms of the Thrive investment remain undisclosed, though Bloomberg reported that capital will be directed toward Oracle Park upgrades and real estate development. The Giants revamped the area surrounding the Willie Mays Gate, their primary entry point, ahead of the 2026 season. As of the 2026 season opening, the Giants ranked as the fifth-most valuable MLB franchise, valued at $4.05 billion according to Forbes.
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