The Silicon Valley VC firm is doubling down on frontier AI companies like OpenAI and Anthropic with a dedicated co-investment fund. Lightspeed Venture Partners has raised $600 million through a dedicated co-investment fund designed to deepen its stakes in the AI sector’s most prominent companies, including OpenAI and Anthropic. Where the money is goingThe $600 million Co-Investment Fund I is specifically structured for follow-on investments in companies Lightspeed already believes in. The VC arms race for AI allocationWithout dedicated follow-on capital, early investors get diluted as valuations balloon. Lightspeed’s $600 million fund exists to prevent exactly that scenario.