Dealroom Deep Dive

Artificial Intelligence

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

Raised in Q1 2026
$256.5B
VC funding · closed quarter
Raised in 2025
$216.1B
VC funding · full year 2025
Combined enterprise value
$21.5T
VC-backed AI startups · founded 1990+
Unicorns
748
$1B+ valuation or exit

Annual venture capital

Funding into AI startups has grown nearly tenfold over the past five years, reaching $216.1B in 2025. With $375.1B raised in the first 5 months of 2026, the full year is on track to land at $900.3B, a +317% 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 Q1 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 87.8% of US venture capital, ahead of the 80.9% global benchmark, while Europe trailed at 56.1% and China at 66.0%. 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, 86% of capital landed in scaleup ($100M+) rounds, 11% in breakout ($15–100M), and 4% across startups (under $15M). Each panel below stacks the canonical sub-bands across Q1 2022 → Q1 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 rounds they've participated in. Y Combinator leads with 2,478 rounds, followed by Sequoia at 657. The table shows the top ten with their firm type, in-scope round count, total portfolio size, and headquarters.

Most active AI investors

#InvestorTypeInvestmentsPortfolioHQ
1 Accelerator 2,478 6,920 Mountain View, United States
2 Venture capital 657 1,906 Menlo Park, United States
3 Accelerator 606 2,274 New York City, United States
4 Accelerator 566 1,918 Singapore, Singapore
5 Venture capital 539 1,532 Sunnyvale, United States
6 Venture capital 528 1,172 Menlo Park, United States
7 Venture capital 447 836 Menlo Park, United States
8 Venture capital 427 1,147 Palo Alto, United States
9 Venture capital 411 946 Menlo Park, United States
10 Venture capital 399 915 San Francisco, 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$191.9B
  2. 2AnthropicSan Francisco, United States$139.3B
  3. 3xAIPalo Alto, United States$37.1B
  4. 4WaymoMountain View, United States$27.1B
  5. 5DatabricksSan Francisco, United States$20.0B
  6. 6Project PrometheusSan Francisco, United States$18.2B
  7. 7AndurilCosta Mesa, United States$11.5B
  8. 8CruiseSan Francisco, United States$9.1B
  9. 9DeepSeekChina$7.4B
  10. 10DayOneSingapore, Singapore$6.4B
See all in Dealroom

Hottest (Dealroom Signal)

Ranked by Dealroom's growth indicator

  1. 1DuolingoPittsburgh, United States99
  2. 2PreplyBrookline, United States98
  3. 3AbridgePittsburgh, United States98
  4. 4MotiveSan Francisco, United States98
  5. 5FluidStackNew York City, United States98
  6. 6NotionSan Francisco, United States98
  7. 7HelsingMunich, Germany97
  8. 8CrusoeDenver, United States97
  9. 9OpenAISan Francisco, United States97
  10. 10AndurilCosta Mesa, United States97
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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 at $335.6B, followed by China ($17.9B). The chart ranks the top countries; alongside it, the leading Bay Area metro region leads the city ranking with $284.6B. Use the metric pills, and the dropdown, to switch view. The VC dropdown also covers the fastest-growing hubs (Singapore up +693%) 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 Q1 2026

  1. 1Bay AreaUnited States$284.6B
  2. 2New York CityUnited States$12.3B
  3. 3LondonUnited Kingdom$11.1B
  4. 4Los AngelesUnited States$6.7B
  5. 5TokyoJapan$6.4B
  6. 6BeijingChina$4.8B
  7. 7ParisFrance$4.7B
  8. 8BostonUnited States$4.6B
  9. 9AustinUnited States$4.4B
  10. 10Toronto-WaterlooCanada$2.7B
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Top metro regions

AI startups venture capital by metro · Full year 2025

  1. 1Bay AreaUnited States$129.6B
  2. 2New York CityUnited States$12.7B
  3. 3LondonUnited Kingdom$7.0B
  4. 4TokyoJapan$6.2B
  5. 5Los AngelesUnited States$6.0B
  6. 6BostonUnited States$3.6B
  7. 7ParisFrance$3.3B
  8. 8BeijingChina$3.0B
  9. 9Tel AvivIsrael$2.4B
  10. 10AustinUnited States$2.4B
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Top metro regions

AI startups venture capital by metro · Q1 2026

  1. 1Bay AreaUnited States$206.0B
  2. 2LondonUnited Kingdom$5.7B
  3. 3New York CityUnited States$4.1B
  4. 4AustinUnited States$3.0B
  5. 5BeijingChina$2.3B
  6. 6San DiegoUnited States$2.0B
  7. 7BostonUnited States$1.9B
  8. 8ParisFrance$1.7B
  9. 9PittsburghUnited States$1.5B
  10. 10ShanghaiChina$1.5B
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Top metro regions

AI startups enterprise value by metro

  1. 1Bay AreaUnited States$15.1T
  2. 2AustinUnited States$1.8T
  3. 3BeijingChina$891.5B
  4. 4Cambridge (UK)United Kingdom$427.4B
  5. 5New York CityUnited States$402.9B
  6. 6MiamiUnited States$359.4B
  7. 7BostonUnited States$185.2B
  8. 8ShanghaiChina$166.0B
  9. 9LondonUnited Kingdom$146.2B
  10. 10Los AngelesUnited States$115.9B
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Top metro regions

AI startups unicorns by metro

  1. 1Bay AreaUnited States237
  2. 2New York CityUnited States65
  3. 3BostonUnited States42
  4. 4BeijingChina36
  5. 5LondonUnited Kingdom29
  6. 6ShanghaiChina27
  7. 7Los AngelesUnited States14
  8. 8AustinUnited States14
  9. 9Tel AvivIsrael13
  10. 10SeattleUnited States12
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Top metro regions

AI VC growth by metro · Last 12 months to end of Q1 2026 vs 2025

  1. 1MumbaiIndia+434%
  2. 2AucklandNew Zealand+190%
  3. 3San DiegoUnited States+139%
  4. 4LausanneSwitzerland+136%
  5. 5Abu DhabiUnited Arab Emirates+125%
  6. 6Bay AreaUnited States+120%
  7. 7ShanghaiChina+95%
  8. 8MadridSpain+86%
  9. 9HangzhouChina+84%
  10. 10AustinUnited States+83%

Top metro regions

AI VC concentration by metro · Last 12 months to end of Q1 2026

  1. 1Bay AreaUnited States2.20×
  2. 2Grand RapidsUnited States1.35×
  3. 3PittsburghUnited States1.34×
  4. 4ColumbusUnited States1.14×
  5. 5Toronto-WaterlooCanada0.99×
  6. 6StuttgartGermany0.98×
  7. 7OxfordUnited Kingdom0.88×
  8. 8ParisFrance0.83×
  9. 9BeijingChina0.79×
  10. 10San DiegoUnited States0.79×

Top metro regions

AI unicorn concentration by metro · by HQ

  1. 1PittsburghUnited States3.54×
  2. 2HaifaIsrael2.71×
  3. 3Abu DhabiUnited Arab Emirates2.71×
  4. 4TaipeiTaiwan2.26×
  5. 5StuttgartGermany1.81×
  6. 6Bay AreaUnited States1.57×
  7. 7Tel AvivIsrael1.48×
  8. 8TokyoJapan1.43×
  9. 9PhiladelphiaUnited States1.29×
  10. 10OxfordUnited Kingdom1.29×

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 4,503, followed by New York City at 1,778. Scroll or drag to explore, pinch with two fingers on mobile.

Notable rounds

Over the last 12 months (through Jun 2026), the largest VC rounds in AI startups reveal where capital is consolidating. The table below lists the 15 biggest disclosed rounds by amount, with date, company, round type, and lead investors. Funding events without a public amount are excluded; acquisitions sit in the Unicorns & Exits section.

Biggest AI rounds · Last 12 months to end of Q1 2026 (Top 15 rounds)

DateCompanyAmountRoundLead investors
Mar 2026OpenAI$122.0BLATE VCSoftBank, Andreessen Horowitz
Feb 2026Anthropic$30.0BSERIES GCoatue Management, GIC
Jan 2026xAI$20.0BSERIES EHUMAIN, Valor Equity Partners
Feb 2026Waymo$16.0BLATE VCAlphabet | Google
Sep 2025Anthropic$13.0BSERIES FLightspeed Venture Partners, Fidelity Investments
Sep 2025OpenAI$10.0BLATE VCNvidia
Nov 2025Project Prometheus$6.2BGROWTH EQUITY VCBezos Expeditions
Dec 2025Databricks$5.0BLATE VCJ.P. Morgan Asset Management, Fidelity Investments
Jul 2025xAI$5.0BGROWTH EQUITY VCMorgan Stanley
Jan 2026DayOne$4.5BSERIES CHillhouse Capital, Coatue Management
Jun 2025Anduril$2.5BSERIES GFounders Fund
Nov 2025Anysphere | Cursor$2.3BLATE VCAccel, Coatue Management
May 2025Acrisure$2.1BCONVERTIBLEBain Capital
Mar 2026Nscale$2.0BSERIES C8090 Industries, Aker ASA
Sep 2025Reflection AI$2.0BSERIES BNVentures, Sequoia
See every round in Dealroom

Biggest AI rounds · Full year 2025 (Top 15 rounds)

DateCompanyAmountRoundLead investors
Mar 2025OpenAI$40.0BLATE VCSoftBank
Sep 2025Anthropic$13.0BSERIES FFidelity Investments, ICONIQ Capital
Sep 2025OpenAI$10.0BLATE VCNvidia
Nov 2025Project Prometheus$6.2BGROWTH EQUITY VCBezos Expeditions
Dec 2025Databricks$5.0BLATE VCJ.P. Morgan Asset Management, Fidelity Investments
Jul 2025xAI$5.0BGROWTH EQUITY VCMorgan Stanley
Mar 2025Anthropic$3.5BSERIES ELightspeed Venture Partners
Jan 2025Napster | Infinite Reality$3.0BLATE VCSterling Select
Jun 2025Anduril$2.5BSERIES GFounders Fund
Nov 2025Anysphere | Cursor$2.3BLATE VCCoatue Management, Accel
May 2025Acrisure$2.1BCONVERTIBLEBain Capital
Sep 2025Reflection AI$2.0BSERIES BNVentures, Sequoia
Jun 2025Thinking Machines Lab$2.0BSEEDAndreessen Horowitz
Apr 2025Safe Superintelligence$2.0BSERIES AGreenoaks Capital Partners
Sep 2025Mistral AI$1.9BSERIES CASML
See every round in Dealroom

Biggest AI rounds · Q1 2026 (Top 15 rounds)

DateCompanyAmountRoundLead investors
Mar 2026OpenAI$122.0BLATE VCAndreessen Horowitz, SoftBank
Feb 2026Anthropic$30.0BSERIES GCoatue Management, GIC
Jan 2026xAI$20.0BSERIES EValor Equity Partners, Tesla
Feb 2026Waymo$16.0BLATE VCAlphabet | Google
Jan 2026DayOne$4.5BSERIES CCoatue Management, Hillhouse Capital
Mar 2026Nscale$2.0BSERIES CAker ASA, 8090 Industries
Mar 2026Saronic Technologies$1.8BSERIES DKleiner Perkins
Mar 2026Shield AI$1.5BSERIES GJPMorgan Chase & Co, Advent International
Jan 2026Skild$1.4BSERIES CSoftBank, Nvidia
Feb 2026Wayve$1.2BSERIES DEclipse Ventures, SoftBank Vision Fund
Jan 2026Retro Biosciences$1.0BSERIES ASandro Salsano, Sam Altman
Feb 2026World Labs$1.0BLATE VCAMD, Emerson Collective
Feb 2026Cerebras Systems$1.0BSERIES HTiger Global
Feb 2026AMI - Advanced Machine Intelligence$1.0BSEEDGreycroft Partners
Mar 2026FluidStack$750MLATE VCSituational Awareness
See every round in Dealroom

Source: Dealroom.co · Updated 17 Jun 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 $109.6B in 2025 and 164 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
$109.6BVC raised
164unicorns
$12.5TEV
2AI Model Layer
+280%2-yr VC growth
$91.8BVC raised
93unicorns
$4.3TEV
3AI Safety
+708%2-yr VC growth
$2.4BVC raised
5unicorns
$48.4BEV
4GenAI Model Maker
+275%2-yr VC growth
$90.2BVC raised
82unicorns
$4.3TEV
5AI Data Preparation & Generation
+639%2-yr VC growth
$7.4BVC raised
11unicorns
$278.5BEV
6AI Agents
+360%2-yr VC growth
$18.7BVC raised
85unicorns
$530.7BEV
7GenAI Applications
+294%2-yr VC growth
$22.1BVC raised
106unicorns
$664.3BEV
8AI Computing Infrastructure
+333%2-yr VC growth
$12.7BVC raised
49unicorns
$5.4TEV
9AI Model Training & Development
+372%2-yr VC growth
$4.7BVC raised
23unicorns
$161.2BEV
10MLOps
+261%2-yr VC growth
$11.7BVC raised
41unicorns
$401.0BEV
11AI Chips & Processors
+203%2-yr VC growth
$6.2BVC raised
34unicorns
$5.3TEV
12AI Security
+283%2-yr VC growth
$862MVC raised
2unicorns
$14.6BEV

Source: Dealroom.co · Updated 17 Jun 2026

Unicorns & exits

AI startups have minted 748 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, 86 are decacorns, companies at a $10B+ valuation. The ecosystem also counts 459 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 146 in 2021. On exits, the sector has produced 3,637 tracked acquisitions since 2010 representing $627.6B in disclosed value. Notable acquisitions in the data include Anysphere | Cursor ($60.0B, 2026), followed by Xilinx ($35.0B, 2020), Red Hat ($34.0B, 2018).

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

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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

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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

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