Gigafund

Luke Nosek and Stephen Oskoui lead all investment decisions, drawing on Nosek's three-decade network originating with the PayPal Mafia and his founding role at Founders Fund. Oskoui, a former Founders Fund partner, manages the firm's sourcing and diligence process. The partnership operates without a formal IC of external members — decisions are relationship-driven and concentrated among the co-founders.

Gigafund sources almost entirely through the extended networks of its founders — particularly Nosek's board-level relationships at SpaceX and his reputation among founders building multi-decade infrastructure companies. The firm's model relies on being the first call for founders who have already succeeded at scale and are launching their next venture. Inbound conventional deal flow is largely irrelevant to the strategy.

Gigafund is structured as a venture capital firm, not a family office, though its patient-capital posture and concentrated portfolio borrow from the permanent-capital mindset of single-family offices. The founding partners raised outside capital from institutional and high-net-worth limited partners but structured the funds to permit the multi-decade holds typical of family office direct investing rather than the five-to-seven-year venture liquidity cycle.

Gigafund operates almost exclusively through direct equity investments and does not maintain a fund-of-funds allocation or a manager-seeding program. The firm's entire operational thesis is built around backing fewer than 15 companies with large, concentrated checks that can exceed $50 million — a scale that only makes sense in the context of direct principal deployment.

Gigafund deploys across startup, early-stage, and growth rounds but with a minimum-check scale that skews its practice toward companies that have already raised significant prior venture financing. The defining characteristic is not a specific stage label but an assessment of whether the company can absorb and deploy $50 million to $100 million productively against a multi-decade infrastructure-building roadmap.

Gigafund avoids sectors it considers structurally incapable of supporting multi-decade, planetary-scale outcomes — software-as-a-service with moderate total addressable markets, short-cycle consumer, and conventional enterprise tools are absent from its portfolio. The firm has stated that only markets measured in the hundreds of billions or trillions of dollars are in scope, which functionally excludes nearly all venture categories outside frontier hardware, space, energy, and AI.

Gigafund regularly co-invests alongside major venture and growth-equity firms on its largest positions — SpaceX rounds have included participation from Andreessen Horowitz, Fidelity, and other top-tier investors. The firm does not run a club-deal program or formal co-investment vehicle for limited partners, preferring to allocate pro-rata rights internally.