All the fundraising deals in the generative AI market (from Q1 2025 to Q1 2026)
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Between Q1 2025 and Q1 2026, startups in the generative AI market raised over $225 billion across 66 disclosed funding rounds.
A handful of foundation-model companies like OpenAI, Anthropic, and xAI captured most of the capital, but the number of well-funded generative AI applications in healthcare, legal, video, and coding grew steadily each quarter.
Below, we break down every deal, the biggest rounds, the most active investors, and the trends shaping the generative AI market right now.
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Summary table of the funding deals in the generative AI market (last 5 quarters)
We define the generative AI market as revenue from products and services whose primary purpose is to create or transform content (text, code, images, audio, video) using generative models.
We include foundation-model APIs and licensing, GenAI platforms and tooling (build, evaluate, govern, and operate GenAI), and GenAI-first applications and related implementation services.
We exclude non-generative AI, general-purpose cloud/IT spend not attributable to GenAI workloads, and hardware/semiconductors unless you are explicitly sizing the full GenAI value chain.
You can also read our detailed analysis to understand how funding activity in the generative AI market has evolved over the last few years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the generative AI market.
| Name | What they do | Amount ($) | Quarter | Source(s) |
|---|---|---|---|---|
| Hippocratic AI | Builds safety-focused AI agents for patient-facing healthcare tasks | $141M | Q1 2025 | TechCrunch |
| Synthesia | Creates enterprise AI-avatar videos from text for training and marketing | $180M | Q1 2025 | TechCrunch |
| ElevenLabs | Generates speech, dubbing, and conversational audio with AI | $180M | Q1 2025 | TechCrunch |
| Lovable | Turns natural-language prompts into working software applications | $16M | Q1 2025 | New Market Pitch |
| Krutrim | Builds Indian-language large language models and AI cloud services | $230M | Q1 2025 | New Market Pitch |
| Harvey | Automates legal research, drafting, and workflow with generative AI | $300M | Q1 2025 | Harvey Blog |
| Eudia | Builds AI tools for enterprise legal decision-making and analysis | $105M | Q1 2025 | New Market Pitch |
| Insilico Medicine | Uses generative AI to accelerate drug discovery and molecular design | $110M | Q1 2025 | New Market Pitch |
| Abridge | Turns clinician-patient conversations into structured clinical notes | $250M | Q1 2025 | Abridge |
| Together AI | Offers a platform to train, fine-tune, and serve open generative models | $305M | Q1 2025 | New Market Pitch |
| Mercor | Uses generative AI to screen, rank, and match job candidates | $100M | Q1 2025 | New Market Pitch |
| Lila Sciences | Builds AI systems to automate scientific research and discovery | $200M | Q1 2025 | New Market Pitch |
| Anthropic | Builds the Claude family of frontier generative AI models and APIs | $3,500M | Q1 2025 | New Market Pitch |
| Reflection AI | Builds autonomous AI systems for knowledge work | $130M | Q1 2025 | New Market Pitch |
| OpenAI | Builds GPT models and monetizes them via ChatGPT and APIs | $40,000M | Q1 2025 | New Market Pitch |
| Runway | Generates and edits video from text prompts using AI models | $308M | Q2 2025 | New Market Pitch |
| Aurascape | Secures and governs enterprise generative AI applications | $50M | Q2 2025 | New Market Pitch |
| Perplexity | Runs an AI-powered answer engine with cited conversational results | $500M | Q2 2025 | New Market Pitch |
| AI21 Labs | Builds enterprise large language models and orchestration tools | $300M | Q2 2025 | New Market Pitch |
| LMArena | Benchmarks and compares generative AI models at scale | $100M | Q2 2025 | New Market Pitch |
| Cursor / Anysphere | Builds an AI-native code editor that generates and transforms code | $900M | Q2 2025 | New Market Pitch |
| Glean | Uses generative AI to answer employee questions across enterprise data | $150M | Q2 2025 | New Market Pitch |
| Metaview | Automatically writes interview notes and analysis for recruiters | $35M | Q2 2025 | New Market Pitch |
| Decagon | Builds AI agents that handle enterprise customer support conversations | $131M | Q2 2025 | New Market Pitch |
| xAI | Builds frontier generative AI models and consumer products at scale | $10,000M | Q3 2025 | New Market Pitch |
| Thinking Machines Lab | New frontier-model research lab building next-generation AI systems | $2,000M | Q3 2025 | New Market Pitch |
| Lovable | Turns natural-language prompts into fully working applications | $200M | Q3 2025 | New Market Pitch |
| Reka AI | Builds multimodal generative models for text, image, audio, and video | $110M | Q3 2025 | New Market Pitch |
| Fal | Provides fast inference infrastructure for generative AI applications | $125M | Q3 2025 | New Market Pitch |
| Mistral AI | Builds and licenses frontier open-weight models for enterprise use | $2,000M | Q3 2025 | New Market Pitch |
| Anthropic | Builds Claude frontier models and sells them to enterprises and developers | $13,000M | Q3 2025 | New Market Pitch |
| Cognition AI | Builds coding agents that autonomously write and iterate on software | $400M | Q3 2025 | New Market Pitch |
| Sierra | Builds AI agents that handle enterprise customer service conversations | $350M | Q3 2025 | New Market Pitch |
| Cohere | Offers enterprise large language models for chat, summarization, and automation | $500M | Q3 2025 | New Market Pitch |
| Perplexity | Runs a conversational AI answer engine with cited search results | $200M | Q3 2025 | New Market Pitch |
| Decart | Builds generative AI video tools and content creation products | $100M | Q3 2025 | New Market Pitch |
| Ambience Healthcare | Automates clinical documentation by turning doctor-patient conversations into notes | $243M | Q3 2025 | New Market Pitch |
| LangChain | Builds tools to orchestrate generative AI apps and agents | $125M | Q4 2025 | New Market Pitch |
| Reflection AI | Builds autonomous AI systems for enterprise knowledge work | $2,000M | Q4 2025 | New Market Pitch |
| Fireworks AI | Helps developers deploy and serve generative models in production | $250M | Q4 2025 | New Market Pitch |
| EvenUp | Uses generative AI to evaluate and package personal-injury legal cases | $150M | Q4 2025 | New Market Pitch |
| Hippocratic AI | Builds patient-facing generative AI healthcare agents | $126M | Q4 2025 | New Market Pitch |
| Suno | Generates songs and music from text prompts using generative AI | $250M | Q4 2025 | New Market Pitch |
| Luma AI | Builds generative AI tools for video, 3D, and visual content creation | $900M | Q4 2025 | New Market Pitch |
| Sakana AI | Develops foundation models and AI research from Japan | $135M | Q4 2025 | New Market Pitch |
| Black Forest Labs | Builds generative AI infrastructure and tooling for image generation | $300M | Q4 2025 | New Market Pitch |
| Fal | Provides fast inference and deployment infrastructure for generative AI | $140M | Q4 2025 | New Market Pitch |
| Unconventional AI | Develops foundation-model technology and large-scale research programs | $475M | Q4 2025 | New Market Pitch |
| Moonshot AI | Builds long-context conversational models and the Kimi chat product | $500M | Q4 2025 | New Market Pitch |
| Harvey | Automates legal drafting, research, and workflow with generative AI | $160M | Q4 2025 | New Market Pitch |
| PolyAI | Builds enterprise voice agents for customer-service phone conversations | $86M | Q4 2025 | New Market Pitch |
| 7AI | Develops next-generation foundation models and AI research | $130M | Q4 2025 | New Market Pitch |
| Lovable | Prompt-to-app software builder powered by generative AI | $330M | Q4 2025 | TechCrunch |
| LMArena | Evaluates and benchmarks generative AI models at large scale | $150M | Q1 2026 | New Market Pitch |
| Articul8 AI | Helps enterprises deploy secure, industry-specific generative AI | $70M | Q1 2026 | New Market Pitch |
| Humans& | Builds a human-centric AI collaboration and productivity layer | $480M | Q1 2026 | New Market Pitch |
| Synthesia | Enterprise AI-avatar video platform for training and communications | $200M | Q1 2026 | New Market Pitch |
| MITO AI | Creates AI-assisted video production workflows | $4.5M | Q1 2026 | New Market Pitch |
| ElevenLabs | AI-powered audio generation, voice cloning, and dubbing tools | $500M | Q1 2026 | New Market Pitch |
| Goodfire | Builds tooling to inspect, evaluate, and govern foundation models | $150M | Q1 2026 | New Market Pitch |
| Runway | AI video generation and world-model research platform | $315M | Q1 2026 | New Market Pitch |
| Anthropic | Foundation-model company behind the Claude generative AI family | $30,000M | Q1 2026 | New Market Pitch |
| Code Metal | Modernizes legacy code using generative AI for enterprise and defense | $125M | Q1 2026 | New Market Pitch |
| OpenAI | Frontier generative AI model vendor behind ChatGPT and GPT APIs | $110,000M | Q1 2026 | New Market Pitch |
| Entire | Helps teams build, audit, and manage workflows using coding agents | $60M | Q1 2026 | New Market Pitch |
| Companion Labs | Builds interactive generative AI storytelling experiences for consumers | $2.5M | Q1 2026 | New Market Pitch |
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How has funding activity in the generative AI market changed over time?
Q1 2026 was the most active quarter for generative AI market funding by total dollars raised ($142.1 billion), but that headline number was overwhelmingly driven by two mega-rounds: OpenAI's $110 billion and Anthropic's $30 billion.
Q2 2025 was the quietest quarter, with just 9 deals totaling $2.5 billion, likely because the generative AI market paused briefly between the massive Q1 2025 wave and the larger rounds that followed in the second half of the year.
Between Q4 2025 and Q1 2026, total generative AI market funding jumped from $6.1 billion to $142.1 billion, a roughly 23x increase driven almost entirely by the two largest rounds. Compared to one year earlier (Q1 2025, at $45.7 billion), Q1 2026 was about 3.1x larger.
If you strip out the top two deals each quarter, the generative AI market tells a more stable story: mid-market rounds in the $100 million to $500 million range grew steadily from Q1 2025 through Q1 2026. The number of generative AI deals above $50 million stayed high every quarter, and no quarter had any deals below $2 million until Q1 2026, when two small pre-seed rounds appeared.
| Quarter | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| Q1 2025 | 15 | $45.7B | Dominated by OpenAI's $40B round, which alone made up 87% of the quarter's total |
| Q2 2025 | 9 | $2.5B | Quietest quarter by far, with no single deal above $1B and broad mid-market activity |
| Q3 2025 | 13 | $29.2B | xAI ($10B) and Anthropic ($13B) accounted for most of the total raised |
| Q4 2025 | 16 | $6.1B | Most deals of any quarter (16), with capital spread more evenly across generative AI startups |
| Q1 2026 | 13 | $142.1B | Record quarter driven by OpenAI ($110B) and Anthropic ($30B), dwarfing all others |
| All quarters | 66 | $225.6B | Five quarters of generative AI market fundraising across 66 disclosed rounds |
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Which startups in the generative AI market raised the largest rounds over the last months?
These startups raised the most recently in the generative AI market:
- OpenAI raised $110 billion in Q1 2026 to massively expand compute infrastructure for frontier generative AI models, backed by Amazon, Nvidia, and SoftBank.
- OpenAI raised $40 billion in Q1 2025 to fund frontier-model research and secure the computing power needed to train its next-generation GPT models.
- Anthropic raised $30 billion (Series G) in Q1 2026 to keep scaling enterprise demand for its Claude models and invest in frontier-model infrastructure.
- Anthropic raised $13 billion in Q3 2025 to continue training and commercializing its frontier Claude generative AI models.
- xAI raised $10 billion (Series E) in Q3 2025 to fund large-scale frontier-model training and deployment of its Grok generative AI products.
- Anthropic raised $3.5 billion in Q1 2025 to scale its enterprise-grade Claude model products and expand globally.
- Thinking Machines Lab raised $2 billion (seed) in Q3 2025, making it the largest-ever seed round in the generative AI market, to build a frontier research lab from scratch.
- Mistral AI raised $2 billion in Q3 2025 to scale its open-weight model development and expand enterprise distribution from its European base.
- Reflection AI raised $2 billion (Series B) in Q4 2025 to scale its autonomous AI systems and research for enterprise knowledge work.
- Cursor / Anysphere raised $900 million in Q2 2025 to expand its AI-native code editor, one of the fastest-growing generative AI developer tools.
And, yes, we do cover most of them in our our beautiful pitch about the generative AI market.
You may also want to check our ranking of the most funded startups in the generative AI market as well as our list of the most valued startups.
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Is the generative AI market shifting toward smaller or bigger deals?
Over the five quarters tracked (Q1 2025 to Q1 2026), the overall average deal size across all 66 generative AI market rounds was approximately $3.4 billion, a number heavily inflated by a few massive foundation-model raises.
Quarter by quarter, the average deal size in the generative AI market swung wildly: $3.0 billion in Q1 2025, $275 million in Q2 2025, $2.2 billion in Q3 2025, $379 million in Q4 2025, and $10.9 billion in Q1 2026. These swings are almost entirely explained by whether a given quarter included a mega-round from OpenAI or Anthropic.
If you exclude the top two deals per quarter, the average generative AI market deal size stayed between roughly $150 million and $250 million across every quarter, showing that the broader startup ecosystem is raising consistently at that scale.
| Quarter | Number of deals | Average deal size ($) | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q1 2025 | 15 | $3,050M | 0 | 14 |
| Q2 2025 | 9 | $275M | 0 | 7 |
| Q3 2025 | 13 | $2,248M | 0 | 13 |
| Q4 2025 | 16 | $379M | 0 | 16 |
| Q1 2026 | 13 | $10,928M | 2 | 11 |
| All quarters | 66 | $3,418M | 2 | 61 |
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How concentrated was funding activity in the generative AI market?
Generative AI market funding is extremely concentrated at the top. In four out of five quarters, the single largest deal captured at least one-third of all capital raised, and in Q1 2025 and Q1 2026, the top deal alone accounted for more than 77% of the total.
Even when you expand the view to the top three deals, concentration in the generative AI market stays remarkably high: the top three rounds captured between 56% and 99% of each quarter's total. Q2 2025 was the only quarter where funding was spread somewhat evenly, because no single deal exceeded $1 billion that quarter.
| Quarter | Number of deals | % by Top 1 | % by Top 3 | % by Top 10 |
|---|---|---|---|---|
| Q1 2025 | 15 | 87.4% | 95.8% | 99.0% |
| Q2 2025 | 9 | 36.4% | 69.0% | 100.0% |
| Q3 2025 | 13 | 44.5% | 85.5% | 98.9% |
| Q4 2025 | 16 | 33.0% | 56.1% | 87.7% |
| Q1 2026 | 13 | 77.4% | 98.9% | 100.0% |
| All quarters | 66 | 48.7% | 79.6% | 97.0% |
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Which categories in the generative AI market received the most funding?
Foundation-model API and licensing companies captured $215.5 billion across 21 deals, representing roughly 95% of all generative AI market funding in this period. That dominance is easy to explain: training frontier models requires enormous capital for compute, and companies like OpenAI, Anthropic, and xAI each raised multi-billion-dollar rounds to stay competitive.
GenAI platform and tooling startups raised $1.3 billion across 9 deals. Companies like Together AI, LangChain, Fal, and Fireworks AI are building the infrastructure layer that helps other companies deploy and operate generative AI in production, and investor interest in this category grew steadily from Q1 2025 onward.
Generative AI video startups raised $1.1 billion across 6 deals (counting repeat rounds by Runway and Synthesia). Video generation has moved from a research curiosity to a real enterprise product category, with Runway, Synthesia, Luma AI, and Decart all securing significant funding.
| Category | Number of deals | Total raised ($) | Startups and amount |
|---|---|---|---|
| Foundation-model API & licensing | 21 | $215.5B | OpenAI ($150B across 2 rounds), Anthropic ($46.5B across 3 rounds), xAI ($10B), Thinking Machines Lab ($2B), Mistral AI ($2B), Reflection AI ($2.13B across 2 rounds), Cohere ($500M), Moonshot AI ($500M), Humans& ($480M), Unconventional AI ($475M), AI21 Labs ($300M), Krutrim ($230M), Sakana AI ($135M), 7AI ($130M), Reka AI ($110M) |
| GenAI platform & tooling | 9 | $1.3B | Together AI ($305M), Black Forest Labs ($300M), Fal ($265M across 2 rounds), Fireworks AI ($250M), LangChain ($125M), Articul8 AI ($70M) |
| GenAI-first app / video generation | 6 | $1.1B | Runway ($623M across 2 rounds), Synthesia ($380M across 2 rounds), Decart ($100M) |
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Who are the biggest investors in the generative AI market?
Lightspeed was the most active named investor in the generative AI market with 12 deals, backing companies across foundation models (Anthropic, Mistral AI), applications (Abridge, Glean, Suno), and tooling (LMArena, Goodfire). Lightspeed's broad portfolio reflects a strategy of investing at every layer of the generative AI stack.
Sequoia appeared in 10 generative AI market deals, including lead roles in Harvey's Series D and multiple rounds in ElevenLabs, Glean, and Fireworks AI. Sequoia has consistently backed both foundation-model infrastructure and application-layer companies.
General Catalyst participated in 8 deals, with a portfolio spanning frontier research (Anthropic), healthcare (Hippocratic AI), recruiting (Mercor), and infrastructure (Together AI). General Catalyst's generative AI market bets tend to favor companies with clear enterprise use cases.
Nvidia / NVentures also appeared in 8 deals, reflecting Nvidia's strategy of financially supporting the generative AI startups that run on its hardware, including Together AI, Mistral AI, Runway, Reka AI, and OpenAI.
Salesforce Ventures backed 6 generative AI market deals, focusing on companies whose products connect naturally to enterprise workflows: Anthropic, ElevenLabs, Cohere, and Mistral AI.
Andreessen Horowitz (a16z) appeared in 6 deals, co-leading ElevenLabs' Series C and investing in Hippocratic AI, LMArena, and Unconventional AI. The firm has been active across both applications and frontier research in the generative AI market.
Accel participated in 6 deals including Perplexity, Cursor, Decagon, Thinking Machines Lab, and Lovable, with a clear preference for high-growth generative AI applications and developer tools.
SoftBank participated in 4 deals with a focus on the largest generative AI market rounds, including two OpenAI rounds and two Runway rounds.
Benchmark appeared in 4 deals: Mercor, Decart, LangChain, and Entire, mostly backing mid-stage generative AI startups in developer tooling and applications.
Menlo Ventures was involved in 4 generative AI market deals including Mercor, Aurascape, Suno, and Goodfire, focusing on generative AI security, music, and recruiting applications.
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 |
|---|---|---|---|
| Lightspeed | 12 | $19.4B | Reflection AI, Anthropic, Abridge, LMArena, Glean, Mistral AI, Suno, Goodfire, and others |
| Sequoia | 10 | $2.4B | Harvey, ElevenLabs, Glean, Decart, LangChain, Fireworks AI, and others |
| General Catalyst | 8 | $4.7B | Lila Sciences, Anthropic, Mercor, Together AI, Eudia, Hippocratic AI, and others |
| Nvidia / NVentures | 8 | $3.4B | Together AI, Hippocratic AI, Runway, Mistral AI, Reka AI, Fireworks AI, OpenAI |
| Salesforce Ventures | 6 | $4.3B | Anthropic, Together AI, ElevenLabs, Mistral AI, Cohere, Black Forest Labs |
| a16z / Andreessen Horowitz | 6 | $1.1B | ElevenLabs, Hippocratic AI, LMArena, Unconventional AI, Humans&, and others |
| Accel | 6 | $3.5B | Perplexity, Cursor, Decagon, Thinking Machines Lab, Lovable |
| SoftBank | 4 | $150.6B | OpenAI (Q1 2025), Runway, Runway (Q1 2026), OpenAI (Q1 2026) |
| Benchmark | 4 | $285M | Mercor, Decart, LangChain, Entire |
| Menlo Ventures | 4 | $580M | Mercor, Aurascape, Suno, Goodfire |
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