Report · October 2025
State of AI Report 2025 The funding data
AI companies raised $225B of venture funding in 2025, and 78% of it went to companies in the United States. Dealroom supplied the funding data for the State of AI Report 2025 by Nathan Benaich and Air Street Capital. Three charts from that work, with full-year figures as Dealroom counts them today.
From the report
1.1 AI funding
Companies headquartered in the United States raised $175B, 78% of the total. Europe raised $24B and China $11B.
State of AI Report 2025 · AI funding
AI companies raised $225B of venture funding in 2025, 77% more than in 2024
Venture funding into AI companies, by headquarters region. Per year, 2016 to 2025.
Venture rounds only, excluding grants and private placements. Full-year figures as Dealroom counts them today, so they can differ from the numbers in the printed report.
1.2 Round sizes
$92B of $110B. In 2022 those rounds took 11%.
State of AI Report 2025 · Round sizes
Rounds of $250M or more took 84% of generative AI funding in 2025
Generative AI venture funding, by round size. Per year, 2019 to 2025.
1.3 Big tech
In 2019 Nvidia took part in 2 AI rounds. Google’s funds were the most active big-tech investor until 2024; Microsoft, Amazon and Meta joined far fewer rounds.
State of AI Report 2025 · Big tech
Nvidia joined more AI funding rounds than Google in 2025 to mid-September: 46 against 37
AI funding rounds joined by the largest technology companies. Per year, counting each company with its venture funds. *2025 runs to mid-September, as in the report.
Groups: Nvidia = Nvidia, NVentures, GPU Ventures; Google = Alphabet, GV, CapitalG, Gradient Ventures; Microsoft = Microsoft, M12, Climate Innovation Fund; Amazon = Amazon, Alexa Fund, Climate Pledge Fund, Industrial Innovation Fund; Meta = Meta. A round with two funds from one group counts twice.
About the report
2.1 Conclusion
What this means
AI venture funding nearly doubled in 2025, and most of the increase went to a few US labs raising rounds of $250M or more. Nvidia joined more AI funding rounds than any other big-tech company.
These charts are Dealroom’s contribution to the State of AI Report 2025. The full report, by Nathan Benaich and Air Street Capital, is at stateof.ai.
2.2 The partners
Air Street Capital and Dealroom.co
A venture capital firm investing in AI-first companies
Air Street Capital is run by Nathan Benaich, who has published the State of AI Report every year since 2018. The report reviews the year in AI research, industry, politics and safety, and makes predictions for the next twelve months.
The global startup and venture capital intelligence platform
Dealroom.co is used to discover and track the most promising companies, technologies and ecosystems. It supplied the funding data in the State of AI Report 2025.
Read the State of AI Report
Research, industry, politics and safety, by Nathan Benaich and Air Street Capital.