Joe Lonsdale’s venture firm, 8VC, is making moves to secure a whopping $1 billion for its sixth fund. That’s a significant step up from its previous $880 million fund, which closed earlier this year. Based in Austin, Texas, the firm has been a major player in the investment scene for the past decade, backing over 600 companies.

8VC’s portfolio includes big names like Asana, Flexport, and Elon Musk’s The Boring Company. But what really stands out is its focus on defense technology. For instance, 8VC was an early investor in Saronic, a company making high-tech robotic boat drones. Saronic is now reportedly in talks to raise $500 million at a $3 billion valuation.

The firm is also diving into healthtech and life sciences, with these sectors making up over a quarter of its deals. Investments in biotech companies like Senti Bio and Vir, which are now publicly traded, highlight this focus.

Lonsdale, who co-founded Palantir and Addepar, moved 8VC from Silicon Valley to Austin in 2020. He cited the city’s openness to diverse viewpoints as a key reason for the relocation. While he’s not officially part of the so-called "PayPal Mafia," Lonsdale did intern at the company and later worked at Peter Thiel’s Clarium Capital.

With a track record like this, 8VC’s new fund is shaping up to be one to watch. Whether it’s defense tech, health innovations, or other groundbreaking ventures, Lonsdale and his team seem to have their sights set on the future.