Odin data: Founders Fund II tops VC fund rankings with a 183.5x return
According to Odin’s venture capital value-creation analysis published in October 2026, Founders Fund II (founded in 2007, committed size of $220 million) ranked first among the funds listed. The fund created approximately $37.4 billion in value, with an adjusted return of about 183.5x per dollar of risk capital.
Odin’s report shows that the fund’s main contribution came from SpaceX, accounting for about 68% of its value, as well as Palantir, Airbnb and Twilio. The analysis covered hundreds of funds, with a median return of about 1.3x. Founders Fund II’s adjusted return was more than 3x higher than that of other funds.
In the same analysis, Bullet Time Ventures I (about 53.3x, mainly from Uber) and Founders Fund III (about 52.2x, mainly from Palantir) ranked second and third, respectively. The ranking was based on public holdings, listed valuations and capital-at-risk estimates, using a consistency-adjusted method.
Original sources:
Title: The Top 50 Venture Capital Firms Publisher: Odin / Dan Gray Publication date: 2026-10-25 URL: https://blog.joinodin.com/p/the-top-50-venture-capital-firms Source nature: research report Verification status: key passages read in this session Supporting content: Founders Fund II ranked first among the funds, 183.5x adjusted return, $37.4 billion in value, SpaceX as the main contributor
Title: value_per_dollar_report_v8.md and related datasets Publisher: Odin / dan-g-odin Publication date: October 2026 URL: https://github.com/dan-g-odin/vc-value Source nature: public dataset and report Verification status: key tables read in this session Supporting content: fund ranking table, capital at risk, value, adjustment multiples and SpaceX share
Title: Related reposts and discussions (X and other platforms) Publisher: multiple parties Publication date: around 2026-10-25 URL: related public posts Source nature: secondary dissemination Verification status: confirmed consistent with Odin data in this session Supporting content: figures and rankings match the original report
ABAB AI Insight
Odin’s analysis uses consistency-adjusted value creation per dollar as the main metric to reduce the excessive influence of a single company on the rankings. The high multiple of Founders Fund II mainly comes from an early institutional investment in SpaceX.
The data is based on valuation and holdings estimates as of 2026-10-02, and includes the value attribution of listed and some unlisted assets. The ranking reflects long-term value creation rather than realized cash returns.
Key follow-up areas include the impact of valuation changes in assets such as SpaceX on the rankings, and whether the results will be adjusted as more fund disclosure data becomes available.
ABAB News · Cognitive Law
Early institutional investment in high-growth companies can significantly boost a fund’s return multiple.
Consistency adjustment can reduce the extent to which a single company dominates the overall ranking.
Returns estimated from public data need to distinguish between book value and realized returns.