Donald Trump Jr.’s 1789 Capital is firing on all cylinders this year, with returns surging. The firm is now in talks to raise $3 billion for a new fund as it seeks to capitalize on opportunities in key areas of the economy.
The firm, where President Donald Trump’s oldest son serves as a partner, has generated strong returns on its initial $2 billion fund. Let’s look at some of the top companies it has invested in.
Polymarket
1789 Capital has taken a large stake in Polymarket, one of the biggest players in the prediction markets. Estimates are that the company invested $200 million in the company in 2025, with Trump Jr. joining its advisory board.
Polymarket is now participating in another $1 billion round that values it at over $21 billion. In April this year, D.E Shaw, a hedge fund, invested in the company at a $15 billion valuation.
Anduril
1789 Capital has also invested in Anduril, one of the biggest privately held companies in the world. Estimates are that the company is valued at $115 billion, making it the fifth-biggest private company in the world after Anthropic, OpenAI, Databricks, and Stripe.
1789 took part in an investment in June last year when Anduril raised $2.5 billion. This investment will likely do well because of Anduril’s growth in the defense industry. For example, it reached a $20 billion Army contract in March this year.
1789 has also invested in other companies in the space and defense industries, including SpaceX, Axiom Space, Firehawk Aerospace, and Vulcan Elements. All these firms will benefit from the proposed US defense budget spending.
Top AI companies
1789 Capital has taken stakes in many companies in the artificial intelligence industry. This is one reason why critics have blasted President Trump for ignoring the risks to AI that experts have noted.
It invested in Groq, a company that Nvidia entered into a large licensing agreement with. It also invested in xAI, a company that merged with SpaceX earlier this year. Other AI companies it has invested in are Reflection AI, PsiQuantum, Ayar Labs, and Databricks.
1789 Capital has made some other investments, including fintech companies like Ramp and Plaid. Ramp has become one of its best investments as it is now eying a $60 billion valuation, three months after it raised $750 million at a $44 billion valuation.
It has also invested in Elon Musk’s Neuralink and consumer brands like Substack, Juul Labs, and Happy Dad.
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