in markets, to go long on something is to bet it grows more valuable over time. much of the conversation today is short on humans, wagering that ai makes people redundant. we believe the opposite is true for the industries @ThriveHoldings operates in. we are long humans.

Today we announce Thrive Eternal, a permanent capital holding company that will be concentrated in a small number of assets that we can own and steward over many decades. Across Thrive Capital and Thrive Holdings, we are building and investing through a moment of exponential change; backing emerging technologies, the infrastructure that powers them, and the businesses they can transform. Increasingly, we see a fourth category. These are assets with qualities that cannot be replicated by technology. Iconic franchises and cultural institutions rooted in tradition, identity, and shared experience. In a world shaped by abundant intelligence where creation scales and distribution fragments, we believe they will matter even more. Thrive Eternal is built on the belief that the most enduring of these assets share common characteristics: they benefit from long-term stewardship, they compound through cultural resonance, and they are enhanced by technology rather than displaced by it. Our work at Thrive has always been informed and inspired by a deep appreciation for product, brand, and the ways in which consumers form lasting relationships with the things they love. We have been building towards this for a long time. Our first partnership is expected to be with the San Francisco Giants - an institution built on more than a century of shared identity and community, and among the most iconic sports franchises in America. We have reached an agreement, subject to league approval, to acquire an ownership stake. We feel privileged by the opportunity to be long-term partners to the Giants.

We are honored to welcome Bob Iger back to Thrive. Bob leads with boldness and conviction because he knows what he is building and why. He is rejoining Thrive at a time when that kind of leadership matters most. We are living through the most consequential technology shift of our lifetimes, where AI will democratize access to intelligence in the way the internet democratized access to information. The companies that matter most will not just deploy the most advanced technology. They will understand what their customers truly want and place human judgment, taste, and craft at the center of what they build. Few people understand this as profoundly as Bob does. He has spent his career proving the things that feel the most human can also be the most eternal. Just as important, Bob embodies one of the firm’s core values; it is not just the business that we do, but how we do our business that will ultimately define our impact. We are deeply grateful to have him back and look forward to building together.

Oscar’s 2026 outlook points to membership of 3 million, $18.7–$19 billion in revenue (+61% YoY), and $250–$450 million in EBIT. Healthcare works best when consumers choose, companies compete on quality, and innovation drives outcomes. We are building Oscar for that world.

We are excited to announce a strategic partnership between OpenAI and Thrive Holdings. Through our partnership, OpenAI will become an equity owner in Holdings, and collectively we will set out to deliver frontier technology for our customers. For decades, technology has transformed the world’s largest industries from the outside-in. We believe the AI paradigm will be different in that some of the most profound transformations will now occur from the inside-out. We view the businesses that we own and operate as the right reward system to build, test, and improve industry-specific products and models. The partnership will bring together a unique, cross-functional team, comprising OpenAI’s leading research and applied AI teams working alongside engineers, operators, and industry experts at Holdings to deeply integrate AI into the businesses that we own and operate. Our long-term orientation to transforming companies is possible because our time horizon at Holdings is forever. By training the most advanced models for specific tasks within our businesses, guided by both company-specific data and expert feedback, we believe we can continuously improve model capabilities and ultimately establish AI as an integral driver of long-term enterprise value. //