Crunchbase compiled data showing 440B in all of 2025. OpenAI and Anthropic accounted for 304.9B; Q2: $205B with 70% to AI firms. Late-stage captured most funding.
2026 exit market described as “turning point” — strongest since 2021. Q2 saw 16 billion-dollar rounds totaling $108.6B. 2026 on track for blowout year in private securities primary offerings.
Crunchbase explicitly notes concentration in two frontier labs makes the record a concentrated signal, not broad market health.