All the fundraising deals in the AI infrastructure market (from Q2 2025 to Q2 2026)
Download our beautiful pitch about the AI infrastructure market
In our AI infrastructure market deck, you will find everything you need to understand the market
AI infrastructure startups raised $12.17 billion across 28 funding rounds between Q2 2025 and Q2 2026.
The AI infrastructure market accelerated after Q2 2025, with every later quarter attracting more than $2.6 billion.
AI cluster cloud companies received the most capital because GPU fleets, data centers, power systems and networking equipment require large investments.
And if you want to better understand this new industry, you can download our pitch covering the AI infrastructure market.
Insights
- The AI infrastructure market raised $12.17 billion across only 28 rounds, which means the average disclosed deal reached a very high $434.7 million.
- Q2 2026 recorded the most deals, with ten transactions, but Q3 2025 raised almost the same amount with only six deals.
- AI cluster cloud startups captured $6.27 billion, or 51.5% of all AI infrastructure funding during the five-quarter period.
- Nscale alone raised $3.53 billion across three rounds, equal to 29.0% of total AI infrastructure funding.
- The three largest rounds represented 41.1% of all capital, showing that a small number of large projects shaped the market.
- Twenty-four of the 28 AI infrastructure rounds exceeded $50 million, while no disclosed deal was below $2 million.
- Inference infrastructure attracted strong funding through Baseten, Groq, Modal, d-Matrix, Positron AI and Parasail.
- AI networking became a clear investment category, with seven rounds supporting switch chips, optical links and cluster-management software.
- Q2 2025 was unusually quiet, but funding increased more than twenty-threefold in the following quarter.
- NVIDIA appeared in six qualifying rounds, making the company the most active disclosed investor in the AI infrastructure market.
This market map, featured in our AI infrastructure market deck, highlights top companies and startups in the AI infrastructure market
Summary table of the funding deals in the AI infrastructure market (last 5 quarters)
We define the AI infrastructure market as the technologies and services required to run AI training and inference reliably at scale.
We include AI compute, AI accelerators, AI servers, AI-optimized cloud platforms, cluster platforms, networking and storage.
We exclude end-user AI applications, foundation-model products and general data or MLOps tools that do not operate the compute layer.
You can also read our detailed analysis to understand how funding activity in the AI infrastructure market has evolved over the last few years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the AI infrastructure market.
| Name | What they do | Amount in $ | Quarter |
|---|---|---|---|
| Parasail | Aggregates GPU providers and automatically deploys AI inference workloads across them. | $10M | Q2 2025 |
| TensorWave | Rents AMD GPU clusters for memory-intensive AI training and inference. | $100M | Q2 2025 |
| Positron AI | Builds memory-efficient accelerator systems for high-volume generative AI inference. | $51.6M | Q3 2025 |
| Upscale AI | Develops Ethernet switch chips and networking fabrics for large GPU clusters. | $100M | Q3 2025 |
| Groq | Provides specialized processors and cloud capacity for fast AI inference. | $750M | Q3 2025 |
| Modular | Runs AI workloads across different CPUs, GPUs and specialized accelerators. | $250M | Q3 2025 |
| Nscale | Builds GPU clouds, managed clusters and large AI data centers. | $1.10B | Q3 2025 |
| Cerebras Systems | Builds wafer-scale AI processors, complete systems and supporting cloud infrastructure. | $1.10B | Q3 2025 |
| Nscale | Finances and operates large GPU deployments and integrated AI data centers. | $433M | Q4 2025 |
| Modal | Offers serverless GPU infrastructure for running AI models and software. | $87M | Q4 2025 |
| d-Matrix | Builds in-memory chips and systems for data-center AI inference. | $275M | Q4 2025 |
| Lambda | Provides NVIDIA GPU clouds and dedicated infrastructure for AI workloads. | $1.50B+ | Q4 2025 |
| Firmus Technologies | Develops energy-efficient AI data centers and high-performance cloud capacity. | $327M | Q4 2025 |
| Upscale AI | Develops open Ethernet networking chips and fabrics for AI clusters. | $200M | Q1 2026 |
| PaleBlueDot AI | Offers distributed GPU capacity across several geographic regions. | $150M | Q1 2026 |
| Eridu | Develops networking technology for reducing communication bottlenecks in AI data centers. | $200M | Q1 2026 |
| Nscale | Builds production AI clouds and large data centers with contracted GPU capacity. | $2.00B | Q1 2026 |
| Starcloud | Develops orbital data centers designed to host AI computing systems. | $170M | Q1 2026 |
| Parasail | Deploys inference workloads across an aggregated network of GPU providers. | $32M | Q2 2026 |
| Aria Networks | Builds AI-native networking systems that improve GPU use and token throughput. | $125M | Q2 2026 |
| OpenLight | Designs silicon-photonics products for fast, low-power data movement. | $50M | Q2 2026 |
| Modal | Provides managed GPU and CPU infrastructure for production AI workloads. | $355M | Q2 2026 |
| TensorWave | Operates an AMD-only cloud for large AI training and inference workloads. | $350M | Q2 2026 |
| Hydra Host | Provides bare-metal GPU infrastructure and software for operating AI factories. | $100M | Q2 2026 |
| Baseten | Provides infrastructure for serving production AI models at high volume. | $1.50B | Q2 2026 |
| Upscale AI | Builds Ethernet switch chips and networking fabrics for AI clusters. | $190M | Q2 2026 |
| Groq | Supplies specialized inference systems and cloud-based AI compute capacity. | $650M | Q2 2026 |
| Netris | Automates network configuration and operations for GPU clusters. | $15M | Q2 2026 |
In our AI infrastructure market deck, we identify pain points entrepreneurs should prioritize
How has funding activity in the AI infrastructure market changed over time?
Q3 2025 raised the most capital, at $3.35 billion, mainly because Nscale and Cerebras Systems each announced a $1.10 billion round.
Q2 2025 was the least active quarter, with only two deals raising a combined $110 million.
AI infrastructure funding increased by 23.8% from Q1 2026 to Q2 2026, while funding increased by about 2,961% compared with Q2 2025.
Without the largest one or two deals, AI infrastructure funding would look much more stable. The remaining activity still increased, but the sharp quarterly jumps would be far smaller.
| Quarter | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| Q2 2025 | 2 | $110M | The AI infrastructure market started quietly, with one medium-sized cloud round and one large GPU-cloud round. |
| Q3 2025 | 6 | $3.35B | Two $1.10 billion rounds and Groq's $750 million financing drove a sharp increase. |
| Q4 2025 | 5 | $2.62B | Lambda contributed more than half of quarterly funding with its $1.50 billion Series E. |
| Q1 2026 | 5 | $2.72B | Nscale's $2.00 billion Series C represented almost three-quarters of the quarter's funding. |
| Q2 2026 | 10 | $3.37B | Deal activity reached a five-quarter high, led by Baseten, Groq, Modal and TensorWave. |
| All quarters | 28 | $12.17B | The AI infrastructure market combined very large capacity financings with a growing number of networking and inference deals. |
This chart, included in our AI infrastructure market deck, shows why CoreWeave is winning in AI infrastructure
Which startups in the AI infrastructure market raised the largest rounds over the last months?
These startups raised the most recently in the AI infrastructure market:
- Nscale raised $2.00 billion to finance international expansion, major data-center projects and contracted GPU capacity.
- Lambda raised more than $1.50 billion to build additional AI factories and purchase servers and NVIDIA GPUs.
- Baseten raised $1.50 billion to add inference capacity, expand internationally and support rising production traffic.
- Nscale raised $1.10 billion to purchase GPUs, build data centers and support large customer deployments.
- Cerebras Systems raised $1.10 billion to expand manufacturing, commercial deployments and production capacity.
- Groq raised $750 million to manufacture more LPU systems and expand GroqCloud capacity.
- Groq raised $650 million to add international inference capacity and deploy more systems.
- Nscale raised $433 million to secure equipment and accelerate contracted GPU deployments.
- Modal raised $355 million to expand compute capacity and support more production AI workloads.
- TensorWave raised $350 million to deploy more AMD GPUs and enter additional markets.
And, yes, we do cover most of them in our our beautiful pitch about the AI infrastructure market.
You may also want to check our ranking of the most funded startups in the AI infrastructure market as well as our list of the most valued startups.
This chart, included in our AI infrastructure market deck, shows annual funding in AI infrastructure startups
Is the AI infrastructure market shifting toward smaller or bigger deals?
The average AI infrastructure funding round was $434.7 million across the full five-quarter period.
The quarterly average ranged from $55.0 million in Q2 2025 to $558.6 million in Q3 2025. The average changed mainly because billion-dollar rounds had a large effect on quarters with few deals.
Without the largest rounds, the AI infrastructure market would show a lower and more stable average, while still favoring large capital-intensive financings.
| Quarter | Number of deals | Average deal size | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q2 2025 | 2 | $55.0M | 0 | 1 |
| Q3 2025 | 6 | $558.6M | 0 | 6 |
| Q4 2025 | 5 | $524.4M | 0 | 5 |
| Q1 2026 | 5 | $544.0M | 0 | 5 |
| Q2 2026 | 10 | $336.7M | 0 | 7 |
| All quarters | 28 | $434.7M | 0 | 24 |
This chart, included in our AI infrastructure market deck, compares the main business model options for AI cloud infrastructure providers
How concentrated was funding activity in the AI infrastructure market?
Funding in the AI infrastructure market was highly concentrated, especially in Q1 2026, when Nscale represented 73.5% of the quarter's total. The top three rounds across all five quarters represented 41.1% of total funding.
This concentration reflects the high cost of building GPU fleets and AI data centers. Smaller networking and software deals increased the number of transactions but did not remove the influence of mega rounds.
| Quarter | Number of deals | Top 1 | Top 3 | Top 10 |
|---|---|---|---|---|
| Q2 2025 | 2 | 90.9% | 100.0% | 100.0% |
| Q3 2025 | 6 | 32.8% | 88.0% | 100.0% |
| Q4 2025 | 5 | 57.2% | 86.2% | 100.0% |
| Q1 2026 | 5 | 73.5% | 88.2% | 100.0% |
| Q2 2026 | 10 | 44.6% | 74.4% | 100.0% |
| All quarters | 28 | 16.4% | 41.1% | 80.0% |
This chart, featured in our AI infrastructure market deck, shows the share of revenue generated by each customer segment in the AI infrastructure market
Which categories in the AI infrastructure market received the most funding?
AI Cluster Cloud companies raised $6.27 billion, or 51.5% of total AI infrastructure funding. GPU fleets, data centers, power and cooling systems require substantial upfront capital.
AI Compute Platforms raised $2.84 billion, or 23.4% of total funding. Baseten, Groq, Modal and Modular attracted capital by helping customers run production AI workloads efficiently.
AI Accelerators raised $2.18 billion, or 17.9% of total funding. Cerebras Systems, Groq, d-Matrix and Positron AI are building alternatives to conventional GPU-based inference and training systems.
| Category name | Number of deals | Total raised ($) | Startups and amount |
|---|---|---|---|
| AI Cluster Cloud | 12 | $6.27B | Nscale $3.53B; Lambda $1.50B; TensorWave $450M; Firmus Technologies $327M; Starcloud $170M; PaleBlueDot AI $150M; Hydra Host $100M; Parasail $42M. |
| AI Compute Platforms | 5 | $2.84B | Baseten $1.50B; Groq $650M; Modal $442M; Modular $250M. |
| AI Accelerators | 4 | $2.18B | Cerebras Systems $1.10B; Groq $750M; d-Matrix $275M; Positron AI $51.6M. |
This chart, included in our AI infrastructure market deck, shows how GPU cloud infrastructure technology has evolved over time
Who are the biggest investors in the AI infrastructure market?
NVIDIA was the most active disclosed investor, with six rounds involving Nscale, Groq, Lambda and Hydra Host. NVIDIA benefits when more companies build infrastructure around advanced AI computing.
Maverick Silicon appeared in four rounds involving TensorWave and Upscale AI, covering both GPU-cloud capacity and AI networking.
Prosperity7 Ventures also appeared in four rounds involving TensorWave and Upscale AI, giving the investor exposure to AMD compute and Ethernet networking.
Tiger Global participated in three rounds involving Upscale AI and Cerebras Systems.
StepStone Group and Premji Invest each participated in two Upscale AI rounds.
AMD Ventures and Magnetar each participated in two TensorWave rounds.
Battery Ventures and Greylock each appeared in rounds involving Modular and Baseten.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. “Total funded” does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded ($) | Startups |
|---|---|---|---|
| NVIDIA | 6 | $6.10B | Nscale, Groq, Lambda, Hydra Host |
| Maverick Silicon | 4 | $840M | TensorWave, Upscale AI |
| Prosperity7 Ventures | 4 | $840M | TensorWave, Upscale AI |
| Tiger Global | 3 | $1.39B | Upscale AI, Cerebras Systems |
| StepStone Group | 2 | $300M | Upscale AI |
| Premji Invest | 2 | $300M | Upscale AI |
| AMD Ventures | 2 | $450M | TensorWave |
| Magnetar | 2 | $450M | TensorWave |
| Battery Ventures | 2 | $1.75B | Modular, Baseten |
| Greylock | 2 | $1.75B | Modular, Baseten |
This chart, included in our AI infrastructure market deck, shows how GPU cloud scaling has driven growth in the AI infrastructure market over time
Related blog posts
- All funding deals in AI infrastructure
- Which startups have raised the most funding in AI infrastructure?
- How strong is fundraising in the AI infrastructure market right now?
