Spark Capital, the first venture firm to back Anthropic, is in the process of raising about $3 billion in new funds, 50% more than the size of funds it raised two years ago, according to a person with direct knowledge of the fundraise.

The fundraising target will test investor demand in a venture firm that made early bets on one of the initial winners of the AI boom. It comes after Khosla Ventures, the first venture firm to invest in OpenAI, another early winner, is raising over $4 billion, up 25% from its prior fundraise, according to a person.