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Andreessen Horowitz's Martin Casado Turns 16-Investor Team Toward AI Agents and Chips After $8 Billion-Plus in Exits

September 13, 2026 at 15:31 EDT

Funding & M&A
Infra & Chips
AI Agents

Andreessen Horowitz's 16-investor infrastructure team, led by general partner Martin Casado, is coming off a concentrated run of AI startup sales and is now pointing new capital at tools for AI agents, chips, and the software that runs them. The shift follows two August deals that turned early infrastructure bets into one of the firm's largest realized payoffs of the AI cycle.

September 2026 · Andreessen Horowitz

After $8B+ in AI exits, the next checks go to agents and chips

Martin Casado's 16-investor infrastructure team is coming off Cursor and OpenRouter sales. Up next: tools for AI agents, chips, and the software that runs them.

$8B+

a16z stake value from two exits

$60B

Cursor sale to SpaceX, all stock

$1.1B

Machine Age Fund for hardware

Investors on Casado's infra team

Rack compute density, H100 to Rubin

Each block is one unit of density. The Rubin rack is drawn 28 times taller.

H100 rack

28x

Rubin rack

Density jumped 28x — power, memory, and interconnect now bind as tightly as the chips.

Reported return multiple on two checks

Each block equals 10x. Cursor's column is three times OpenRouter's.

50x+

OpenRouter
Stripe sale

150x

Cursor vs 2024
Series A value

Where the next checks are aimed

1 · AGENTS

Tools that help AI agents plan, code, and use data

→

2 · CHIPS

Processors, memory, and interconnect under the $1.1B fund

→

3 · SOFTWARE

Systems software that runs the chips and the agents

WHAT IS WORKING

Developers treated Cursor as a daily environment, not a demo. Casado says users, demand, and GPU usage are real — and hardware conference floors are young again.

WHAT IS CONTESTED

Critics called Cursor a token reseller. Casado calls private valuations crazy, and the firm missed neoclouds such as CoreWeave. Many companies, he warns, will not work.

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