Source: Fortune.com
Summary
Global venture funding reached a record $189 billion in February, with 83% of that capital going to just three companies: OpenAI, Anthropic, and Waymo. OpenAI’s $110 billion raise was the largest venture round ever raised by a private company, while Anthropic added $30 billion and Waymo closed $16 billion. The rest of the global startup ecosystem was left to split the remaining $33 billion. February’s funding haul was up nearly 780% from the year prior, but without the three mega-rounds, venture activity looks far more ordinary.
Our Reading
The numbers tell one story. Three companies, OpenAI, Anthropic, and Waymo, accounted for 83% of the record $189 billion in global venture funding in February. The remaining $33 billion was split among the rest of the startup ecosystem. Median and average round sizes have risen each year since 2024, but deal volumes have struggled to recover. AI now constitutes the majority of the venture market, with AI-related startups accounting for $171 billion of all global venture funding in February.
The strategy enters a familiar phase. As the venture market continues to concentrate capital in a small set of U.S. hubs, the divergence of blockbuster totals at the top and contraction at the bottom becomes the continuous tension in venture.
Author: Evan Null
