Artificial Intelligence

The latest data and global trends in AI startups, venture capital, exits and innovation.

Raised in Q3 2026
$99.3B
VC funding · closed quarter
Raised in 2026 Q1-3
$504.0B
VC funding · year to date
Combined enterprise value
$23.5T
VC-backed AI startups · founded 1990+
Unicorns
885
$1B+ valuation or exit

Annual venture capital

Funding into AI startups has grown nearly tenfold over the past five years, reaching $224.8B in 2025. With $504.0B raised in the first 9 months of 2026, the full year is on track to land at $672.0B, a +199% change versus 2025. The chart below shows annual funding totals; the latest year is annualised from observed-to-date data and represents the renderer's projection, not a closed quarter.

Quarterly venture capital

Yearly totals mask the quarter-by-quarter rhythm. The chart below shows AI startups funding raised in each of the last 21 complete quarters through Q3 2026. All bars are actual closed-quarter sums, no projections, no in-progress quarters.

The three layers of AI investing

AI funding is not one thing. It splits across three structurally distinct layers, each with its own round-size profile, capital intensity, and competitive geography. Reading any AI funding chart without this split in mind tends to collapse three very different markets into one.

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 share of global VC

How much of each region's venture capital flows into AI startups, and who runs ahead of the global average? So far in 2026, AI took 82.4% of US venture capital, ahead of the 75.8% global benchmark, while Europe trailed at 56.3% and China at 66.8%. The dashed line is the global figure; lines above it are regions more concentrated in AI startups than the world as a whole.

AI venture capital raised by stage

How capital deployed into AI startups is split across round sizes. In the trailing four quarters, 88% of capital landed in scaleup ($100M+) rounds, 9% in breakout ($15–100M), and 3% across startups (under $15M). Each panel below stacks the canonical sub-bands across Q3 2022 → Q3 2026.

AI venture capital raised by stage, quarterly

Startup

Breakout

Scaleup

Top investors

The most active investors in AI startups ranked by the number of disclosed VC rounds they've participated in. Y Combinator leads with 3,410 rounds, followed by Antler at 881. The table shows the top ten with their firm type, the rounds they've joined and the companies they've backed here (follow-on rounds make the first larger), and headquarters.

Most active AI investors

#InvestorTypeAI roundsAI companiesHQ
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

See all investors in Dealroom

Source: Dealroom.co

Top companies

Two views of leadership in AI startups: the most-funded companies all-time on the left, and the hottest companies right now by Dealroom Signal on the right. Total-funding figures include all capital sources tracked by Dealroom (VC plus grants, project finance, and other instruments). Signal is Dealroom's live growth ranking, these are the firms with the strongest recent momentum across team, timing, growth, and completeness.

Top funded

All-time total funding (includes non-VC sources)

  1. 1OpenAISan Francisco, United States$221.9B
  2. 2AnthropicSan Francisco, United States$166.3B
  3. 3xAIPalo Alto, United States$37.1B
  4. 4WaymoMountain View, United States$27.1B
  5. 5DatabricksSan Francisco, United States$25.0B
  6. 6DeepSeekChina$19.4B
  7. 7PrometheusSan Francisco, United States$18.2B
  8. 8AndurilCosta Mesa, United States$11.5B
  9. 9CruiseSan Francisco, United States$9.1B
  10. 10Moonshot AI | KimiHaidian, China$8.2B
See all in Dealroom

Hottest (Dealroom Signal)

Ranked by Dealroom's growth indicator

  1. 1PreplyBrookline, United States98
  2. 2AbridgePittsburgh, United States98
  3. 3FluidStackNew York City, United States98
  4. 4NotionSan Francisco, United States98
  5. 5NerosLos Angeles, United States98
  6. 6CrusoeDenver, United States98
  7. 7AndurilCosta Mesa, United States98
  8. 8WayveLondon, United Kingdom97
  9. 9MotiveSan Francisco, United States97
  10. 10OpenAISan Francisco, United States97
See all in Dealroom

Source: Dealroom.co

How AI funding is distributed geographically

AI venture capital is heavily concentrated by geography, more so than almost any other sector Dealroom tracks. The map below has a long tail, but four ecosystems explain most of the global total.

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

United States leads global AI startups funding in 2026 Q1-3 (year to date) at $392.0B, followed by China ($47.6B). The chart ranks the top countries; alongside it, the leading Bay Area metro region leads the city ranking with $331.8B in 2026 Q1-3 (year to date). Use the metric pills, and the dropdown, to switch view. The VC dropdown also covers the fastest-growing hubs (Singapore up +855%) and where AI startups venture capital and unicorns concentrate against the rest of the world.

Top metro regions

AI startups venture capital by metro · Last 12 months to end of Q3 2026

  1. Bay AreaUnited States$357.9B
  2. New York CityUnited States$21.2B
  3. LondonUnited Kingdom$15.9B
  4. BeijingChina$13.0B
  5. Los AngelesUnited States$12.1B
  6. ParisFrance$7.5B
  7. ShanghaiChina$7.0B
  8. BostonUnited States$5.5B
  9. DenverUnited States$5.4B
  10. AustinUnited States$4.6B
Explore hubs in Dealroom

Top metro regions

AI startups venture capital by metro · 2026 Q1-3 (year to date)

  1. Bay AreaUnited States$331.8B
  2. New York CityUnited States$18.5B
  3. LondonUnited Kingdom$13.5B
  4. BeijingChina$11.2B
  5. Los AngelesUnited States$11.0B
  6. ParisFrance$7.0B
  7. ShanghaiChina$6.5B
  8. BostonUnited States$4.4B
  9. DenverUnited States$4.1B
  10. AustinUnited States$3.8B
Explore hubs in Dealroom

Top metro regions

AI startups venture capital by metro · Q3 2026

  1. Bay AreaUnited States$33.8B
  2. New York CityUnited States$7.5B
  3. BeijingChina$5.1B
  4. ParisFrance$4.8B
  5. Los AngelesUnited States$4.6B
  6. DenverUnited States$3.9B
  7. MunichGermany$3.1B
  8. LondonUnited Kingdom$1.7B
  9. StockholmSweden$1.5B
  10. SeoulSouth Korea$1.3B
Explore hubs in Dealroom

Top metro regions

AI startups enterprise value by metro

  1. Bay AreaUnited States$18.5T
  2. AustinUnited States$1.8T
  3. BeijingChina$916.1B
  4. New York CityUnited States$495.3B
  5. MiamiUnited States$494.4B
  6. Cambridge (UK)United Kingdom$377.7B
  7. LondonUnited Kingdom$229.4B
  8. BostonUnited States$221.8B
  9. Tel AvivIsrael$201.8B
  10. ShanghaiChina$191.7B
Explore hubs in Dealroom

Top metro regions

AI startups unicorns by metro

  1. Bay AreaUnited States292
  2. New York CityUnited States80
  3. BostonUnited States41
  4. Tel AvivIsrael41
  5. BeijingChina40
  6. LondonUnited Kingdom35
  7. ShanghaiChina33
  8. Los AngelesUnited States19
  9. AustinUnited States19
  10. ParisFrance15
Explore hubs in Dealroom

Top metro regions

AI VC growth by metro · Last 12 months to end of Q3 2026 vs 2025

  1. MumbaiIndia+357%
  2. ShanghaiChina+270%
  3. BeijingChina+269%
  4. DenverUnited States+246%
  5. Abu DhabiUnited Arab Emirates+235%
  6. BarcelonaSpain+223%
  7. DallasUnited States+204%
  8. Bay AreaUnited States+172%
  9. São PauloBrazil+151%
  10. San DiegoUnited States+140%

Top metro regions

AI VC concentration by metro · Last 12 months to end of Q3 2026

  1. Bay AreaUnited States1.90×
  2. LisbonPortugal1.24×
  3. PittsburghUnited States1.21×
  4. Las VegasUnited States1.18×
  5. StuttgartGermany1.09×
  6. BeijingChina1.05×
  7. RenoUnited States1.03×
  8. DenverUnited States1.02×
  9. Tel AvivIsrael1.01×
  10. RomeItaly0.97×

Top metro regions

AI unicorn concentration by metro · by HQ

  1. PittsburghUnited States2.85×
  2. LausanneSwitzerland2.56×
  3. RenoUnited States2.56×
  4. PragueCzechia2.56×
  5. Abu DhabiUnited Arab Emirates2.56×
  6. KyivUkraine2.33×
  7. HaifaIsrael1.83×
  8. StuttgartGermany1.71×
  9. ColumbusUnited States1.71×
  10. VilniusLithuania1.71×

AI on the map

Where AI startups VC-backed startups are based. Each marker is sized by the number of VC-backed startups HQ'd in that metro. Bay Area leads at 5,344, followed by New York City at 2,084. Scroll or drag to explore, pinch with two fingers on mobile.

Notable rounds

In 2026 Q1-3 (year to date), the largest VC rounds in AI startups reveal where capital is consolidating. The table below lists the 15 biggest rounds by amount, with date, company, round type, and lead investors; rounds without a public amount sit at the bottom with the amount left blank. Exits sit in the Unicorns & Exits section.

Biggest AI rounds · Last 12 months to end of Q3 2026 (Top 15 rounds)

DateCompanyAmountRoundLead investors
Mar 2026OpenAI$122.0BLATE VCAndreessen Horowitz, SoftBank
May 2026Anthropic$65.0BSERIES HAlphabet | Google, Altimeter Capital
Feb 2026Anthropic$30.0BSERIES GCoatue Management, GIC
Jan 2026xAI$20.0BSERIES EBaron Capital, Cisco Investments
Feb 2026Waymo$16.0BLATE VCAlphabet | Google
Jun 2026Prometheus$12.0BGROWTH EQUITY VCBlackRock, JPMorgan Chase & Co
Jun 2026DeepSeek$7.4BEARLY VCTencent
Nov 2025Prometheus$6.2BGROWTH EQUITY VCBezos Expeditions
Jul 2026Safe Superintelligence$5.0BGROWTH EQUITY VCNvidia
Aug 2026Databricks$5.0BLATE VCCoatue Management
May 2026Anduril$5.0BSERIES HAndreessen Horowitz, Thrive Capital
Dec 2025Databricks$5.0BLATE VCAndreessen Horowitz, Fidelity Investments
Jan 2026DayOne$4.5BSERIES CCoatue Management, Hillhouse Capital
Sep 2026Crusoe$3.9BSERIES FAtreides Management, Mubadala Investment Company
Jul 2026Moonshot AI | Kimi$3.5BLATE VCChinese National Artificial Intelligence Industry Investment Fund
See every round in Dealroom

Biggest AI rounds · 2026 Q1-3 (year to date) (Top 15 rounds)

DateCompanyAmountRoundLead investors
Mar 2026OpenAI$122.0BLATE VCAndreessen Horowitz, SoftBank
May 2026Anthropic$65.0BSERIES HAlphabet | Google, Altimeter Capital
Feb 2026Anthropic$30.0BSERIES GCoatue Management, GIC
Jan 2026xAI$20.0BSERIES EBaron Capital, Cisco Investments
Feb 2026Waymo$16.0BLATE VCAlphabet | Google
Jun 2026Prometheus$12.0BGROWTH EQUITY VCBlackRock, JPMorgan Chase & Co
Jun 2026DeepSeek$7.4BEARLY VCTencent
Jul 2026Safe Superintelligence$5.0BGROWTH EQUITY VCNvidia
Aug 2026Databricks$5.0BLATE VCCoatue Management
May 2026Anduril$5.0BSERIES HAndreessen Horowitz, Thrive Capital
Jan 2026DayOne$4.5BSERIES CCoatue Management, Hillhouse Capital
Sep 2026Crusoe$3.9BSERIES FAtreides Management, Mubadala Investment Company
Jul 2026Moonshot AI | Kimi$3.5BLATE VCChinese National Artificial Intelligence Industry Investment Fund
Sep 2026Mistral AI$3.3BSERIES DPSG, Samsung Electronics
Jul 2026Kling AI$2.8BGROWTH EQUITY VCAlibaba, Baidu
See every round in Dealroom

Biggest AI rounds · Q3 2026 (Top 15 rounds)

See every round in Dealroom

Source: Dealroom.co · Updated 12 Oct 2026

What's heating up inside AI

Which corners of AI are heating up fastest? Each sub-sector is scored on a transparent blend of two-year VC growth, unicorn formation, and recent funding scale. Generative AI tops the ranking, with venture capital up 266% over three years to $110.5B in 2025 and 200 unicorns. Sub-sector tags overlap (a company can sit in several), so this shows where momentum concentrates rather than splitting the total.
1Generative AI
+266%2-yr VC growth
$110.5BVC raised
200unicorns
$13.2TEV
2AI Agents
+345%2-yr VC growth
$98.3BVC raised
114unicorns
$2.9TEV
3AI Model Layer
+280%2-yr VC growth
$92.5BVC raised
107unicorns
$5.0TEV
4GenAI Model Maker
+278%2-yr VC growth
$90.8BVC raised
99unicorns
$4.9TEV
5AI Safety
+699%2-yr VC growth
$2.4BVC raised
5unicorns
$52.1BEV
6AI Data Preparation & Generation
+639%2-yr VC growth
$7.6BVC raised
14unicorns
$397.9BEV
7GenAI Applications
+285%2-yr VC growth
$23.2BVC raised
126unicorns
$993.1BEV
8AI Computing Infrastructure
+366%2-yr VC growth
$15.0BVC raised
79unicorns
$6.1TEV
9AI Model Training & Development
+388%2-yr VC growth
$4.8BVC raised
25unicorns
$155.1BEV
10AI Security
+395%2-yr VC growth
$1.3BVC raised
8unicorns
$4.5TEV
11MLOps
+261%2-yr VC growth
$12.0BVC raised
48unicorns
$576.0BEV
12AI Chips & Processors
+219%2-yr VC growth
$6.8BVC raised
46unicorns
$6.2TEV

Source: Dealroom.co · Updated 12 Oct 2026

Unicorns & exits

AI startups have minted 885 unicorns to date. Dealroom defines a unicorn as a company that has reached a $1B+ valuation or exit (verified and manually reviewed; other lists use different criteria, this is ours). Of those, 106 are decacorns, companies at a $10B+ valuation. The ecosystem also counts 494 thoroughbreds: companies generating $100M+ in revenue (a separate lens from unicorns, with some overlap). The chart below shows the cumulative count climbing each year, with the line tracking new unicorns minted in that year, peaking at 222 in 2026. On exits, the sector has produced 3,198 tracked exits since 2019 representing $1.3T in disclosed value. Notable exits in the data include Snowflake ($67.9B, 2020), followed by Anysphere | Cursor ($60.0B, 2026), ARM ($54.5B, 2023).

The academic flywheel

Universities are the talent pipeline behind AI, the institutions whose alumni found the most unicorns and venture-backed companies, and the research that spins out into them.

Universities by alumni-founded unicorns

UniversityAlumni unicornsAlumni EV
Stanford University000$0.0T
Harvard University000$0.0T
MIT000$0.0T
Tsinghua University000$0.0T

Unlock the full ranking of 2,000+ universities

Unlock with Dealroom

AI startup IP & patents

The patent portfolio behind AI startups, granted patent families, where the IP concentrates, and the technologies driving it.

Patent families by startup hub

HubPatent families
Bay Area00,000
New York00,000
Boston00,000
London00,000

Unlock patent families for every global startup hub

Unlock with Dealroom

Explore the AI landscape

Live, interactive market maps of the AI ecosystem, Dealroom-curated landscapes mapping thousands of companies across sub-sectors. Open any map to explore the full landscape.
Lorenzo Chiavarini
Curated byLorenzo ChiavariniHead of Research, Dealroom

Want to go deeper?

Dealroom tracks AI startups and the entire global startup economy in real time. Book a demo to explore the live data behind this guide and build your own views.

Book a demo