The Xie Foundation is a private, family-controlled foundation established in December 2009 by Ken Xie and his brother Michael Xie, co-founders of cybersecurity company Fortinet. Based in Sunnyvale, California, the foundation operates as a non-operating private foundation with a low public profile. The foundation has grown substantially since its inception, evolving into one of Silicon Valley's significant philanthropic institutions.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$1.1B
+55.1% YoY
Annual Giving
$37.9M
+7.2% YoY
Grant Count
13
+0.0% YoY
Avg Grant Size
$2.9M
+7.2% YoY
Mission & Focus Areas
The foundation's grantmaking focuses primarily on:
- Higher Education — particularly educational institutions, with emphasis on the founders' alma maters
- Education — broader educational initiatives
- Philanthropy, Voluntarism & Grantmaking
- Human Services
The foundation maintains an extremely selective approach to grantmaking, operating on an invitation-only basis and does not accept unsolicited applications.
Grantmaking
Stanford University has been the primary beneficiary, receiving $85 million between 2022 and 2024. Ken Xie earned a master's degree in electrical engineering from Stanford and launched his first company there.
Grant Range
$1,000 to $19.8 million
Average Grant
approximately $200,000
How to Apply
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Geographic Focus
Where this funder awards grants
Primary funding regions include:
- California
- Georgia
- Oklahoma
- Massachusetts
- New York
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
Assets & Revenue (2024):
- Total assets: $1,124,534,019
- Total giving: $37,912,285
- Total revenue: $438 million
- Total expenses: $43.9 million
- Total liabilities: $15.2 million
Assets & Revenue (2023):
- Total assets: $724,877,338
- Total giving: $35,368,429
- Total revenue: $128,731,936
- Total expenses: $37,075,197
Asset Growth: Total assets have grown from $15.7 million in 2011 to over $1.1 billion by 2024, reflecting significant contributions from the founders' wealth.
Combined Founder Wealth: Forbes estimates Ken and Michael Xie's combined fortune at over $10 billion. Ken Xie joined the Forbes 400 list in 2020.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $1,124,534,019 | $724,877,338 | $632,122,762 |
| Revenue | $438,452,054 | $128,731,936 | $-299,712,809 |
| Expenses | $43,936,764 | $37,075,197 | $21,177,856 |
| Qualifying Distributions | $37,912,285 | $35,368,429 | $24,948,415 |
| Net Investment Income | $3,071,217 | $444,098 | $215,382 |
| Distributable Amount | $43,178,478 | $38,779,044 | $36,741,503 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
56 grants across all recorded years
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
- Ken Xie — Co-President, Director, Secretary (unpaid); age 63; CEO of Fortinet
- Michael Xie — Co-President, Director (unpaid); CTO of Fortinet
Both brothers remain actively involved in Fortinet operations while overseeing the foundation. The foundation is administered by Foundation Source.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Ken Xie | Co-Prs/Dir/Sec | 3 | — |
| Michael Xie | Co-Prs/Dir | 1 | — |
Recent News & Activity
Recent developments and announcements
The Xie Foundation has emerged as one of Silicon Valley's latest megaphilanthropies, comparable in scale to other technology-sector foundations. The foundation's most significant recent activity has centered on major grants to Stanford University, reflecting Ken Xie's personal connection to the institution. The foundation's grantmaking activity peaked in 2022 with $49.9 million distributed across 28 grants. Ken Xie was elected to the National Academy of Engineering in 2013, reflecting his prominence in technology and engineering fields.
Subject Areas
Focus areas based on grantmaking activity
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Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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