Josh Kushner
Kushner occupies an interconnected position as controlling shareholder of a publicly traded health insurer, lead investor across multiple OpenAI funding rounds, and founder of a holding company in which OpenAI has taken an equity stake, creating a structure where his venture firm is simultaneously an investor in, a strategic partner of, and through Oscar Health an enterprise customer of the same AI company.
Josh Kushner is the founder and managing partner of Thrive Capital, a New York-based venture capital firm he established in 2009. He is also co-founder and vice chairman of Oscar Health (NYSE: OSCR), a technology-driven health insurance company that went public in March 2021. As of November 2024, SEC filings show Kushner beneficially owns approximately 17.2 percent of Oscar Health shares, held across nine Thrive Capital fund vehicles, with Class B super-voting shares giving him approximately 77 percent of the company's combined voting power 1.
Thrive Capital has made multi-round investments in OpenAI totaling over $2 billion, from an initial 2023 position at a $27 billion valuation through a December 2025 investment at $285 billion 2. In December 2025 OpenAI in turn took an ownership stake in Thrive Holdings, a separate Kushner-controlled vehicle that acquires and operates companies 3. According to Oscar Health product announcements, the company has deployed OpenAI models in production for member healthcare support 4. Thrive Holdings also launched Shield Technology Partners in June 2025 with over $100 million in initial funding, hiring former Palantir CIO Jim Siders as CEO 5.
Kushner's FEC donor history is exclusively Democratic, including $250,000 to Growth Democrats hybrid PAC in 2024, as well as earlier donations to Beto for Texas (2018) and the NJ Democratic State Committee (2014) 6. This diverges from the Republican giving of his father Charles Kushner and brother Jared Kushner, though the three share overlapping business interests through family real estate holdings 6. LittleSis records Joel Cutler of General Catalyst as a mentor to Josh Kushner; General Catalyst is also an Oscar Health investor 7.
Thrive Capital Structure and SEC Filings
Thrive Capital's fund architecture spans at least fifteen SEC-registered entities: Thrive Capital Partners II through VII LPs, corresponding GP LLCs for funds II through VI, and Claremount V, VI, and TW co-investment vehicles, all New York-based and Delaware-incorporated 8. Kushner is the sole managing member of each GP vehicle, replicating the single-controller structure used by his brother Jared Kushner across Affinity Partners 8. EDGAR records Kushner's personal CIK (0001844181) with Form 3 and Form 4 insider transaction filings for Oscar Health (OSCR) and Vimeo (VMEO) 8. Thrive filed an SC 13D for Oscar Health in August 2021 upon the company's March 2021 IPO and has filed amendments through November 2024, indicating continuous 5%-or-greater ownership through that date 8. The firm's registered address is 295 Lafayette Street, 7th Floor, New York, NY 10012 1.
According to fund reporting, Thrive closed its ninth flagship fund, Thrive IX, in 2024, raising $5 billion and targeting early-stage healthcare and AI startups 4.
Oscar Health: Ownership and Voting Control
Kushner co-founded Oscar Health and held the title Co-Founder and Vice Chairman as of November 2024 1. His SC 13D/A Amendment 3 (filed November 13, 2024) discloses beneficial ownership of 42,875,786 shares, composed primarily of 32,859,064 Class B shares 1. Because Class B shares carry 20 votes each while Class A shares carry one vote each, Kushner's 17.2 percent economic interest translates to approximately 77 percent of combined voting power across Oscar Health's two-class capital structure 1. This dual-class structure is held across nine Thrive Capital fund vehicles, meaning voting control over a publicly traded company is consolidated in one person through a private fund structure rather than through personal direct holdings 1.
Thrive VII Growth holds $35 million in Oscar Health's 7.25% convertible notes due 2031, adding a debt exposure on top of the equity position 1. In November 2024 Kushner made open-market Rule 10b-18 purchases totaling approximately $18.5 million, at prices between $13 and $17 per share 1. According to Oscar Health product announcements, the company has since deployed OpenAI models in its Oswell AI agent for member support and has posted multiple AI product and engineering roles 4.
Josh Kushner
OpenAI Investment and Thrive-OpenAI Circular Structure
Thrive Capital made its first investment in OpenAI in 2023 at a $27 billion valuation 2. In October 2024 Thrive led OpenAI's $6.6 billion funding round at a $157 billion post-money valuation 2. In December 2025 Thrive invested approximately $1 billion in a further OpenAI round at a $285 billion valuation, described by CNBC as a preferential deal for a long-time backer 2. Total Thrive investment across the three rounds exceeds $2 billion by the public reporting dates 2.
In December 2025 OpenAI announced it was taking an ownership stake in Thrive Holdings, Kushner's separate vehicle that buys and operates companies 3. As part of the arrangement OpenAI agreed to embed engineering, research, and product teams inside Thrive Holdings portfolio companies 3. Kushner described the goal as extending the OpenAI partnership to deploy frontier models in sectors with large addressable markets 3. Cross-reference of these filings and Oscar Health product records indicates that Thrive Capital is an equity holder in OpenAI while OpenAI is simultaneously an equity holder in a Thrive-controlled entity and a technology provider to Oscar Health, a company Kushner controls 3 4.
The OpenAI relationship also connects indirectly to SoftBank Group, which invested $40 billion in OpenAI and co-founded the $500 billion Stargate infrastructure project with OpenAI and Oracle Connection #2592. Kushner's equity in OpenAI positions him within a shareholder group that includes SoftBank as the second-largest investor Connection #2592.
Thrive Holdings and Shield Technology Partners
Thrive Holdings is a vehicle Kushner launched to acquire, own, and operate companies directly—distinct from Thrive Capital's fund model of minority equity stakes 3. In June 2025 Thrive Holdings co-founded Shield Technology Partners alongside ZBS Partners with over $100 million in initial funding 5. Shield acquires ownership stakes in IT services companies and integrates AI capabilities using the OpenAI partnership; its internal platforms, Sentinel and Spectre, automate IT ticket resolution 5. In December 2025 Shield hired Jim Siders as CEO; Siders spent twelve years as CIO at Palantir Technologies before joining Shield 5. As of December 2025 Shield operated across seven acquired companies generating over $100 million in combined revenue 5. In February 2026 Thrive Holdings made a further $100 million investment in Shield 5.
Political Activity and Family Network
Kushner's FEC contribution history runs exclusively to Democratic candidates and committees: $150,000 to Growth Democrats hybrid PAC on February 7, 2024, and $100,000 to Growth Democrats on April 22, 2024, both filed with occupation listed as Investor and Founder and Managing Partner at Thrive Capital 6. Earlier contributions include a donation to Beto for Texas in 2018 and to the NJ Democratic State Committee in 2014 6. His father Charles Kushner has contributed approximately $420,000 to Republican causes and entities; his brother Jared Kushner has made contributions to Republican state parties 6. Despite the divergent political giving, FEC records and LittleSis data show the three share overlapping business interests through family real estate holdings 6.
LittleSis entity 102209 maps Kushner's network to include Joel Cutler of General Catalyst as mentor—General Catalyst is also an Oscar Health investor through its IRA fund—as well as connections to Alan Dershowitz (student relationship), a co-founding role in Cadre (an online real estate investment platform built with Jared Kushner), investments in Forward Healthcare and Art.sy, and education at Harvard College and Harvard Business School 7.
All Connections
3 total
All Connections
3 totalThrive Capital invested 1B+ in OpenAI across multiple rounds while OpenAI took stake in Thrive Holdings creating circular bidirectional investment
71.5 percent combined voting power via dual-class shares across 9 Thrive Capital fund vehicles as Co-Founder and Vice Chairman
Thrive Capital is major OpenAI investor at 1B+. OpenAI is centerpiece of Stargate 500B AI infrastructure project with SoftBank. Josh Kushner connects to Thread 8 SoftBank/Stargate findings through OpenAI equity.
All Findings
8 total
All Findings
8 totalfinancial (6)
Josh Kushner donated 250K to Growth Democrats PAC in 2024 via Thrive Capital maintaining exclusively Democratic political profile
Josh Kushner donated 150000 (Feb 2024) and 100000 (Apr 2024) to Growth Democrats hybrid PAC listing employer as Thrive Capital and occupation as Founder and Managing Partner or Investor. His FEC history is exclusively Democratic including Beto for Texas (2018) and NJ Democratic State Committee (2014). This contrasts sharply with father Charles (420K Republican) and brother Jared (Republican state parties). Despite political divergence the business networks overlap through family real estate holdings.
Thrive Capital has 15+ SEC-registered fund entities spanning Fund II through VII plus Claremount co-invest vehicles and filed SC 13D for Oscar Health
EDGAR shows Josh Kushner CIK 0001844181 with Form 3/4 filings for Oscar Health OSCR and Vimeo VMEO. Thrive Capital fund structure includes: Thrive Capital Partners II through VII LPs, Thrive Partners II-VI GP LLCs, and Claremount V/VI/TW co-invest vehicles. All NY-based DE-incorporated. Thrive filed SC 13D for Oscar Health (CIK 0001568651) Aug 2021 with amendments through Nov 2024 indicating maintained 5%+ ownership. Oscar Health IPO March 2021 SIC 6324.
Josh Kushner holds 17.2 percent ownership and approximately 77 percent voting control of Oscar Health via Class B super-voting shares across 9+ Thrive Capital fund vehicles
SC 13D/A Amendment 3 (Nov 13 2024) for Oscar Health OSCR reveals Josh Kushner beneficially owns 42875786 shares (17.2%). Holdings include 32859064 Class B shares (20 votes each) giving approximately 77% voting power. Structure mirrors brother Jared: multiple fund vehicles (Thrive II through VII + Claremount co-invests) all controlled by Josh as sole managing member. Also holds 35M in 7.25% convertible notes due 2031 via Thrive VII Growth. Active open-market purchases of 18.5M in Nov 2024 at 13-17 per share under Rule 10b-18. Title: Co-Founder and Vice Chairman. Contact: 295 Lafayette St 7th Fl NY 10012.
Thrive Capital invested approximately 1B in OpenAI at 285B valuation in Dec 2025 after leading 6.6B round at 157B in Oct 2024 plus initial 2023 investment at 27B valuation
CNBC reports (Feb 25 2026) Thrive Capital invested roughly 1B in OpenAI at 285B valuation in December 2025. This was a preferential deal for Thrive as long-time OpenAI backer. Previously Thrive led OpenAI 6.6B funding round in October 2024 at 157B post-money valuation (TechCrunch Oct 2024). Thrive first backed OpenAI in 2023 at 27B valuation. Total Thrive investment across rounds likely exceeds 2B. Thrive is expected to participate in current round that could exceed 100B. OpenAI infrastructure spending includes 500B Stargate initiative with Oracle and SoftBank.
OpenAI took ownership stake in Thrive Holdings Dec 2025 creating circular investment relationship where OpenAI embeds engineering teams in Thrive portfolio companies
OpenAI announced Dec 1 2025 it is taking an ownership stake in Thrive Holdings, a company launched by Thrive Capital that buys owns and runs companies. OpenAI will embed engineering research and product teams within Thrive Holdings companies to accelerate AI adoption. Josh Kushner stated he is excited to extend partnership with OpenAI to embed frontier models products and services into sectors with potential to benefit from technological innovation. This creates a circular deal structure: Thrive Capital invests in OpenAI while OpenAI invests in Thrive Holdings. Shield Technology Partners (see F-4369) is one example of Thrive Holdings portfolio with direct OpenAI integration.
Shield Technology Partners launched by Thrive Holdings with 100M funding hired ex-Palantir CIO Jim Siders as CEO building AI-first IT services platform with OpenAI integration
Shield Technology Partners launched June 2025 by Thrive Holdings and ZBS Partners with 100M+ initial funding. Hired Jim Siders (former Palantir CIO 12 years) as CEO Dec 2025. Shield buys ownership stakes in IT services companies and integrates AI using OpenAI partnership. Internal products Sentinel and Spectre automate IT ticket resolution. As of Dec 2025 Shield works with 7 companies generating 100M+ revenue. In Feb 2026 raised additional 100M from Thrive Holdings. This represents Thrive-OpenAI partnership materializing in enterprise IT services connecting Kushner ecosystem to defense-adjacent tech talent (Palantir pipeline).
relationship (2)
Oscar Health deployed OpenAI-powered AI agent Oswell for member support creating direct operational link between Kushner-controlled insurer and OpenAI technology
Oscar Health launched Oswell a health AI agent using OpenAI models to provide members with on-demand support. Oscar Health also hiring multiple AI roles including Product Manager AI and Group Product Manager AI listed on Thrive Capital job board (jobs.thrivecap.com). Thrive Capital raised 5B for Thrive IX fund (2024) dedicated to early-stage healthcare and AI startups. This creates a three-way operational relationship: (1) Josh Kushner controls Oscar Health with 71.5% voting power, (2) Thrive Capital is major OpenAI investor with 1B+ invested, (3) Oscar Health uses OpenAI models in production for member healthcare services. The circular structure means Kushner benefits from OpenAI investment appreciation while also being a major enterprise customer through his controlled company.
LittleSis maps Josh Kushner network including mentor Joel Cutler of General Catalyst, brother Jared, father Charles, wife Karlie Kloss, co-founded Cadre with Jared, and Harvard connections
LittleSis entity 102209 shows Josh Kushner connections: (1) Joel Cutler (General Catalyst) as mentor - GC is also Oscar Health IRA investor, (2) Jared Kushner (brother) entity 71297, (3) Charles Kushner (father) entity 98214, (4) Karlie Kloss (wife) entity 159514, (5) Alan Dershowitz entity 71641 as student connection, (6) Cadre (entity 233834) co-founded with Jared - online real estate investment platform, (7) Oscar Health entity 325865 as co-founder, (8) Forward Healthcare entity 405196 as investment, (9) Art.sy entity 102210 as investor, (10) Harvard College and Harvard Business School education. Campaign contributions exclusively Democratic. General Catalyst connection is notable as both mentor relationship and co-investor in Oscar Health through IRA.