Thrive Eternal, the new permanent-capital arm backed by Joshua Kushner's Thrive, is stepping up to the plate with the San Francisco Giants. The firm said today that Thrive Eternal has agreed to purchase a stake in the team, marking the vehicle's first-ever investment. Early reports say the deal is subject to Major League Baseball approval, and neither the price tag nor the size of the stake has been made public.
Thrive Eternal’s first move
As reported by Bloomberg, Kushner has pitched Thrive Eternal as a permanent-capital holding company designed to back "assets with qualities that cannot be replicated by technology." According to the outlet, the San Francisco Giants are the first proposed partnership under that strategy, and Kushner announced the agreement on X. The report notes that the transaction will still need sign-off from Major League Baseball and that the financial terms remain under wraps.
Reported stake details
The Wall Street Journal reported that Thrive Eternal is set to take a minority, non-controlling stake in the Giants, citing a person familiar with the matter. That structure would leave the existing ownership group in control while adding Thrive to the club's roster of equity partners. Any change in ownership or equity still has to clear MLB's formal approval process before the deal can close.
Kushner frames it as long-term stewardship
In a post on X that was picked up by news outlets, Kushner said Thrive Eternal will chase "iconic franchises and cultural institutions" that the firm can "own and steward over many decades," according to The Economic Times. The wording positions the move as a long-game play rather than a quick flip. Thrive has said publicly that Thrive Eternal is meant to sit alongside its existing venture and holdings businesses.
Thrive has deep pockets
Thrive's ability to swing at an asset as illiquid and long-dated as an MLB stake is backed by a hefty fundraising haul. The firm closed roughly $10 billion for new funds earlier this year, according to industry coverage. Reporting in outlets including TechCrunch highlighted the size of that capital raise. With that kind of war chest, it is easier to see how a traditionally tech-focused investor might branch into big-league sports.
Giants already working with outside investors
The Giants have recent experience bringing in outside money. The team announced a strategic investment from Sixth Street in March 2025 to help fund ballpark upgrades and other priorities, according to a club release on MLB.com. That arrangement kept the controlling ownership group in place while adding fresh capital for operations and development around Oracle Park. Thrive's reported stake appears to follow a similar playbook, leaving day-to-day control with the current owners while broadening the investor base.
What to watch next
The next step is a formal review by Major League Baseball and the Giants' ownership, a process that can stretch over several weeks and includes financial vetting by the commissioner's office. Local fans and season-ticket holders will be watching to see how any new outside capital is ultimately deployed, whether toward player payroll, ballpark improvements around Oracle Park, or other revenue-focused projects. This story will be updated if the Giants, MLB, or Thrive release additional details.
