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Lux Capital has raised a record $1.5 billion for its Fund IX, focusing on deep-tech investments and anticipating several IPOs in 2026, particularly for companies like Anduril, Databricks, and Ramp. The firm, known for its investments in hardware, defense, and biotech, has seen significant exits recently, including Chronosphere and Matterport, while maintaining a strategy focused on core investments amid evolving market conditions. Future IPO success will hinge on macroeconomic factors and AI market performance.