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Investors are pouring record amounts into the companies building the data, chips, and software powering the next phase of artificial intelligence. The scale of the buildout is now rewriting how private markets price risk.
Our annual survey of 140 partners at growth and early-stage funds produced a surprisingly narrow consensus.
Some of the funds raised at the peak are returning capital. Others are quietly becoming firms.
Funds that avoided the sector two years ago now have dedicated partners covering it.
The financing will support World ID infrastructure, but the transaction is a crypto-token sale rather than a conventional venture equity round.
The molecular design startup reached a $3.8 billion valuation while expanding partnerships with major drugmakers.
The business finance platform reached a reported valuation near $1.2 billion and launched a global product using stablecoin payment rails.
The open-model infrastructure company plans to expand training and inference services as enterprises seek alternatives to closed AI platforms.
The Palo Alto company is developing robotic locations that dispense prescriptions with remote pharmacist oversight and round-the-clock access.
The enterprise software startup is expanding an AI-native development platform built around requirements, oversight and audit trails.
The robotics startup introduced its first commercial hand and closed a seed round after settling a trade-secret dispute with Tesla.
The San Francisco and Tokyo company is developing low-latency speech models for Japanese, Korean and Chinese applications.
The startup is creating its own crawler, index and retrieval models for software that asks longer questions and consumes structured results.
The biotechnology company is advancing seven programs and plans to form focused affiliates as individual assets reach clinical milestones.
The agentic workspace company added $100 million and appointed a chief revenue officer as it pursues larger business customers.
The Mountain View healthcare technology company is expanding AI systems for revenue, clinical documentation and practice operations.
The AI chipmaker nearly doubled its offering price as investors sought another route into compute infrastructure.
The six-person startup is training AI to learn digital tasks from video, with efficiency and safety becoming the key tests for its approach.
The payments company is introducing scoped credentials and human review for software-driven spending.
The company is assembling distributed GPU capacity into a platform that lets developers choose models, hardware and deployment locations.
A single integration is designed to expose catalogs, payments and order workflows to AI shopping agents.
The San Jose chip startup is betting that a shorter, vertical path for electricity can remove a growing bottleneck inside high-performance AI systems.
The Dublin, California semiconductor company plans to commercialize a component that moves power vertically toward high-performance processors.
The Mission Bay startup is building laboratory systems that use living neurons for AI workloads, an ambitious alternative to conventional silicon.
Alphabet's robotaxi company is financing a major expansion as autonomous ride-hailing moves from limited deployments toward a broader transportation network.
