Artificial Intelligence
The latest data and global trends in AI startups, venture capital, exits and innovation.
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Quarterly venture capital
The three layers of AI investing
Foundation model labs
Companies training frontier large language models, Anthropic, OpenAI, xAI, Mistral, Cohere, AI21. This layer dominates the dollar-weighted share of AI funding by a wide margin. Q1 2026 alone saw OpenAI's $122B raise, Anthropic's $30B Series G, and xAI's $20B Series E, three deals accounting for the bulk of every quarterly headline since 2024. Training a frontier model now costs roughly $100M to $1B in compute per generation, so capital concentration here is extreme. Almost all of the world's $10B+ AI rounds sit in this layer.
AI infrastructure
The picks-and-shovels layer, purpose-built AI datacenters (CoreWeave, Lambda Labs, Nscale, Crusoe), proprietary AI silicon (Cerebras, Groq, Tenstorrent, Rivos), and the broader GPU and interconnect supply chain. Capital intensity is comparable to model labs but the winner set is more fragmented. Many of the largest non-VC funding events in AI, debt raises against compute backlogs, datacenter project finance, also sit here.
AI-native applications
Companies building software products on top of foundation models, Perplexity, Cursor, Harvey, Glean, Hebbia, Sierra, Decagon. Round sizes are typically smaller ($10M–$500M) than at the lab or infra layers, but deal volume is much higher and this is where most new AI unicorns are minted. Vertical applications (legal, sales, code, customer support, healthcare) account for a growing share of new rounds, alongside horizontal agent frameworks and consumer chat products.
AI venture capital raised by stage
AI venture capital raised by stage, quarterly
Startup
Breakout
Scaleup
Top investors
Most active AI investors
| # | Investor | Type | AI rounds | AI companies | HQ |
|---|---|---|---|---|---|
| 1 | Accelerator | 3,410 | 2,519 | San Francisco, United States | |
| 2 | Accelerator | 881 | 748 | Singapore, Singapore | |
| 3 | Accelerator | 871 | 741 | New York City, United States | |
| 4 | Venture capital | 700 | 368 | Menlo Park, United States | |
| 5 | Venture capital | 665 | 395 | Menlo Park, United States | |
| 6 | Venture capital | 603 | 499 | Sunnyvale, United States | |
| 7 | Venture capital | 500 | 304 | Cambridge, United States | |
| 8 | Venture capital | 495 | 259 | Menlo Park, United States | |
| 9 | Venture capital | 486 | 249 | Palo Alto, United States | |
| 10 | Venture capital | 466 | 254 | Menlo Park, United States |
Source: Dealroom.co
Top companies
Top funded
All-time total funding (includes non-VC sources)
- 1
OpenAISan Francisco, United States$221.9B - 2
AnthropicSan Francisco, United States$166.3B - 3
xAIPalo Alto, United States$37.1B - 4
WaymoMountain View, United States$27.1B - 5
DatabricksSan Francisco, United States$25.0B - 6
DeepSeekChina$19.4B - 7
PrometheusSan Francisco, United States$18.2B - 8
AndurilCosta Mesa, United States$11.5B - 9
CruiseSan Francisco, United States$9.1B - 10
Moonshot AI | KimiHaidian, China$8.2B
Hottest (Dealroom Signal)
Ranked by Dealroom's growth indicator
- 1
PreplyBrookline, United States98 - 2
AbridgePittsburgh, United States98 - 3
FluidStackNew York City, United States98 - 4
NotionSan Francisco, United States98 - 5
NerosLos Angeles, United States98 - 6
CrusoeDenver, United States98 - 7
AndurilCosta Mesa, United States98 - 8
WayveLondon, United Kingdom97 - 9
MotiveSan Francisco, United States97 - 10
OpenAISan Francisco, United States97
Source: Dealroom.co
How AI funding is distributed geographically
The Bay Area
The single largest AI ecosystem by funding, deal count, and unicorn density. Most of the world's frontier model labs (OpenAI, Anthropic, xAI), foundational AI infrastructure (Nvidia, OpenAI's compute partners), and the densest AI talent network sit within a thirty-mile radius. The Bay Area routinely captures 35-40% of all global AI venture capital in a given year, a share that has tightened rather than loosened as the sector has scaled.
The rest of the United States
New York, Boston, Seattle, Los Angeles, Austin, and a long tail of smaller metros. NYC dominates AI applications in finance and enterprise SaaS; Boston is the centre for biotech-adjacent AI; Seattle and the Pacific Northwest hold the Amazon and Microsoft AI stack. Together the non-Bay Area US captures another ~25-30% of global AI funding, making the US share alone roughly two-thirds of the world total.
Europe
London, Paris, Berlin, and a small cluster of Nordic and Israeli startups. Europe's AI funding has grown faster than the US in percentage terms but from a smaller base. Mistral (Paris), Wayve (London), Nscale (London), and DeepL (Cologne) anchor the European AI landscape. London is consistently Europe's largest AI hub by funding, typically capturing more than the next two European metros combined.
China and the rest of Asia
Beijing, Shanghai, and Shenzhen dominate the Chinese AI ecosystem, alongside model labs (Moonshot, Zhipu, MiniMax, 01.AI) that have raised at unicorn or near-unicorn valuations. Coverage in this guide is partial, disclosed Chinese rounds are often smaller relative to actual investment activity, and capital flowing through state-backed investment vehicles is not always classified as venture. Tokyo, Singapore, and Seoul each contribute meaningfully but at a smaller scale than the four hubs above.
Top hubs
Top metro regions
AI startups venture capital by metro · Last 12 months to end of Q3 2026
- 🇺🇸Bay AreaUnited States$357.9B
- 🇺🇸New York CityUnited States$21.2B
- 🇬🇧LondonUnited Kingdom$15.9B
- 🇨🇳BeijingChina$13.0B
- 🇺🇸Los AngelesUnited States$12.1B
- 🇫🇷ParisFrance$7.5B
- 🇨🇳ShanghaiChina$7.0B
- 🇺🇸BostonUnited States$5.5B
- 🇺🇸DenverUnited States$5.4B
- 🇺🇸AustinUnited States$4.6B
Top metro regions
AI startups venture capital by metro · 2026 Q1-3 (year to date)
- 🇺🇸Bay AreaUnited States$331.8B
- 🇺🇸New York CityUnited States$18.5B
- 🇬🇧LondonUnited Kingdom$13.5B
- 🇨🇳BeijingChina$11.2B
- 🇺🇸Los AngelesUnited States$11.0B
- 🇫🇷ParisFrance$7.0B
- 🇨🇳ShanghaiChina$6.5B
- 🇺🇸BostonUnited States$4.4B
- 🇺🇸DenverUnited States$4.1B
- 🇺🇸AustinUnited States$3.8B
Top metro regions
AI startups venture capital by metro · Q3 2026
- 🇺🇸Bay AreaUnited States$33.8B
- 🇺🇸New York CityUnited States$7.5B
- 🇨🇳BeijingChina$5.1B
- 🇫🇷ParisFrance$4.8B
- 🇺🇸Los AngelesUnited States$4.6B
- 🇺🇸DenverUnited States$3.9B
- 🇩🇪MunichGermany$3.1B
- 🇬🇧LondonUnited Kingdom$1.7B
- 🇸🇪StockholmSweden$1.5B
- 🇰🇷SeoulSouth Korea$1.3B
Top metro regions
AI startups enterprise value by metro
- 🇺🇸Bay AreaUnited States$18.5T
- 🇺🇸AustinUnited States$1.8T
- 🇨🇳BeijingChina$916.1B
- 🇺🇸New York CityUnited States$495.3B
- 🇺🇸MiamiUnited States$494.4B
- 🇬🇧Cambridge (UK)United Kingdom$377.7B
- 🇬🇧LondonUnited Kingdom$229.4B
- 🇺🇸BostonUnited States$221.8B
- 🇮🇱Tel AvivIsrael$201.8B
- 🇨🇳ShanghaiChina$191.7B
Top metro regions
AI startups unicorns by metro
- 🇺🇸Bay AreaUnited States292
- 🇺🇸New York CityUnited States80
- 🇺🇸BostonUnited States41
- 🇮🇱Tel AvivIsrael41
- 🇨🇳BeijingChina40
- 🇬🇧LondonUnited Kingdom35
- 🇨🇳ShanghaiChina33
- 🇺🇸Los AngelesUnited States19
- 🇺🇸AustinUnited States19
- 🇫🇷ParisFrance15
Top metro regions
AI VC growth by metro · Last 12 months to end of Q3 2026 vs 2025
- 🇮🇳MumbaiIndia+357%
- 🇨🇳ShanghaiChina+270%
- 🇨🇳BeijingChina+269%
- 🇺🇸DenverUnited States+246%
- 🇦🇪Abu DhabiUnited Arab Emirates+235%
- 🇪🇸BarcelonaSpain+223%
- 🇺🇸DallasUnited States+204%
- 🇺🇸Bay AreaUnited States+172%
- 🇧🇷São PauloBrazil+151%
- 🇺🇸San DiegoUnited States+140%
Top metro regions
AI VC concentration by metro · Last 12 months to end of Q3 2026
- 🇺🇸Bay AreaUnited States1.90×
- 🇵🇹LisbonPortugal1.24×
- 🇺🇸PittsburghUnited States1.21×
- 🇺🇸Las VegasUnited States1.18×
- 🇩🇪StuttgartGermany1.09×
- 🇨🇳BeijingChina1.05×
- 🇺🇸RenoUnited States1.03×
- 🇺🇸DenverUnited States1.02×
- 🇮🇱Tel AvivIsrael1.01×
- 🇮🇹RomeItaly0.97×
Top metro regions
AI unicorn concentration by metro · by HQ
- 🇺🇸PittsburghUnited States2.85×
- 🇨🇭LausanneSwitzerland2.56×
- 🇺🇸RenoUnited States2.56×
- 🇨🇿PragueCzechia2.56×
- 🇦🇪Abu DhabiUnited Arab Emirates2.56×
- 🇺🇦KyivUkraine2.33×
- 🇮🇱HaifaIsrael1.83×
- 🇩🇪StuttgartGermany1.71×
- 🇺🇸ColumbusUnited States1.71×
- 🇱🇹VilniusLithuania1.71×
AI on the map
Notable rounds
Biggest AI rounds · Last 12 months to end of Q3 2026 (Top 15 rounds)
| Date | Company | Amount | Round | Lead investors |
|---|---|---|---|---|
| Mar 2026 | OpenAI | $122.0B | LATE VC | Andreessen Horowitz, SoftBank |
| May 2026 | Anthropic | $65.0B | SERIES H | Alphabet | Google, Altimeter Capital |
| Feb 2026 | Anthropic | $30.0B | SERIES G | Coatue Management, GIC |
| Jan 2026 | xAI | $20.0B | SERIES E | Baron Capital, Cisco Investments |
| Feb 2026 | Waymo | $16.0B | LATE VC | Alphabet | Google |
| Jun 2026 | Prometheus | $12.0B | GROWTH EQUITY VC | BlackRock, JPMorgan Chase & Co |
| Jun 2026 | DeepSeek | $7.4B | EARLY VC | Tencent |
| Nov 2025 | Prometheus | $6.2B | GROWTH EQUITY VC | Bezos Expeditions |
| Jul 2026 | Safe Superintelligence | $5.0B | GROWTH EQUITY VC | Nvidia |
| Aug 2026 | Databricks | $5.0B | LATE VC | Coatue Management |
| May 2026 | Anduril | $5.0B | SERIES H | Andreessen Horowitz, Thrive Capital |
| Dec 2025 | Databricks | $5.0B | LATE VC | Andreessen Horowitz, Fidelity Investments |
| Jan 2026 | DayOne | $4.5B | SERIES C | Coatue Management, Hillhouse Capital |
| Sep 2026 | Crusoe | $3.9B | SERIES F | Atreides Management, Mubadala Investment Company |
| Jul 2026 | Moonshot AI | Kimi | $3.5B | LATE VC | Chinese National Artificial Intelligence Industry Investment Fund |
Biggest AI rounds · 2026 Q1-3 (year to date) (Top 15 rounds)
| Date | Company | Amount | Round | Lead investors |
|---|---|---|---|---|
| Mar 2026 | OpenAI | $122.0B | LATE VC | Andreessen Horowitz, SoftBank |
| May 2026 | Anthropic | $65.0B | SERIES H | Alphabet | Google, Altimeter Capital |
| Feb 2026 | Anthropic | $30.0B | SERIES G | Coatue Management, GIC |
| Jan 2026 | xAI | $20.0B | SERIES E | Baron Capital, Cisco Investments |
| Feb 2026 | Waymo | $16.0B | LATE VC | Alphabet | Google |
| Jun 2026 | Prometheus | $12.0B | GROWTH EQUITY VC | BlackRock, JPMorgan Chase & Co |
| Jun 2026 | DeepSeek | $7.4B | EARLY VC | Tencent |
| Jul 2026 | Safe Superintelligence | $5.0B | GROWTH EQUITY VC | Nvidia |
| Aug 2026 | Databricks | $5.0B | LATE VC | Coatue Management |
| May 2026 | Anduril | $5.0B | SERIES H | Andreessen Horowitz, Thrive Capital |
| Jan 2026 | DayOne | $4.5B | SERIES C | Coatue Management, Hillhouse Capital |
| Sep 2026 | Crusoe | $3.9B | SERIES F | Atreides Management, Mubadala Investment Company |
| Jul 2026 | Moonshot AI | Kimi | $3.5B | LATE VC | Chinese National Artificial Intelligence Industry Investment Fund |
| Sep 2026 | Mistral AI | $3.3B | SERIES D | PSG, Samsung Electronics |
| Jul 2026 | Kling AI | $2.8B | GROWTH EQUITY VC | Alibaba, Baidu |
Biggest AI rounds · Q3 2026 (Top 15 rounds)
Source: Dealroom.co · Updated 12 Oct 2026
What's heating up inside AI
Source: Dealroom.co · Updated 12 Oct 2026
Unicorns & exits
The academic flywheel
AI startup IP & patents
Explore the AI landscape
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