Thrive Capital, led by founder Joshua Kushner, has announced an agreement to acquire a minority stake in the San Francisco Giants through its newly launched permanent capital holding company, Thrive Eternal. The deal, which remains subject to Major League Baseball (MLB) approval, signifies Thrive Eternal's inaugural investment and a strategic expansion beyond Thrive Capital's traditional focus on technology ventures. The San Francisco Giants confirmed the agreement, expressing enthusiasm for Thrive Eternal becoming a long-term partner.
Joshua Kushner revealed the formation of Thrive Eternal on social media, stating the new entity will concentrate on a select number of assets that can be "owned and stewarded over many decades." He elaborated that Thrive Eternal aims to invest in "iconic franchises and cultural institutions" rooted in tradition and identity, which he believes "cannot be replicated by technology." The San Francisco Giants, valued at approximately $4.05 billion by Forbes in early 2026, represent a significant entry into this new investment category for the firm.
While specific financial terms of the acquisition were not disclosed, reports indicate the investment is a non-controlling stake. The capital infusion is expected to support ongoing improvements at Oracle Park and further the Giants' real estate development projects, including the Mission Rock initiative and the recently acquired Curran Theater. This marks the second significant ownership change for the Giants in recent years, following a reported 10% stake sale to private equity firm Sixth Street in 2025 and a 2% stake to Arctos Sports Partners.
Thrive Capital is renowned for its early investments in prominent technology companies such as OpenAI, Instagram, and Databricks. The launch of Thrive Eternal, with former Disney CEO Bob Iger rejoining Thrive in an advisory capacity to assist with this new endeavor, signals a broadening of the firm's investment strategy. The move aligns with a growing trend of private equity and venture capital firms investing in professional sports franchises, seeking long-term value in established cultural assets.
