AI startups raised a record $150 billion in 2025, surpassing the 2021 peak of $92 billion, with major deals including OpenAI's $41 billion funding led by SoftBank and Anthropic's $13 billion September round, according to PitchBook data reported by the Financial Times.
Venture capitalists are urging founders to build "fortress balance sheets" ahead of potential market turbulence in 2026, as leading AI firms like OpenAI grow at unprecedented rates while smaller startups face dwindling funding options amid investor caution.
The funding surge has depleted cash reserves at major venture capital firms including Thrive Capital, Andreessen Horowitz, and Tiger Global, which have begun raising new funds, while some analysts warn that concentrated infrastructure spending by companies like Microsoft and Meta poses valuation risks.
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