All the fundraising deals in the generative AI market (from Q2 2025 to Q2 2026)
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Generative AI companies announced 84 funding rounds worth $271.01 billion between Q2 2025 and Q2 2026.
Foundation-model companies received most of the capital, while applications and developer platforms generated most of the deals.
OpenAI, Anthropic and xAI were responsible for the largest funding rounds in the generative AI market.
And if you want to better understand this new industry, you can download our pitch covering the generative AI market.
Insights
- Foundation-model companies completed only 13 of the 84 generative AI funding deals, but these companies received 95.0% of all disclosed capital.
- OpenAI’s $122 billion financing represented 70.3% of all generative AI funding announced during Q1 2026.
- Anthropic’s $65 billion financing represented 97.8% of generative AI funding during Q2 2026, making the quarter highly concentrated.
- Enterprise generative AI applications produced 33 deals, the largest category by deal count, but received only 2.0% of total funding.
- The five largest generative AI rounds collected $250 billion, equal to more than 92% of all capital in the dataset.
- Cursor raised $3.2 billion across two rounds, showing that AI coding tools have become one of the strongest commercial segments.
- The generative AI market contains two funding economies: frontier-model laboratories raise billions, while most product companies raise between $10 million and $350 million.
- Q3 2025 recorded the most deals, with 26 announced rounds across foundation models, applications, infrastructure and creative tools.
- No publicly announced round in the dataset was below $2 million, although smaller private generative AI financings may not have been disclosed.
This market map, featured in our generative AI market deck, highlights top companies and startups in the generative AI market
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 text, code, images, audio or video using generative models.
We include foundation-model APIs, model licensing, generative AI platforms, development tools, governance products, applications and related implementation services.
We exclude non-generative AI, general cloud spending and hardware or semiconductors unless the full generative AI value chain is being measured.
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 in $ | Quarter |
|---|---|---|---|
| Runway | Generates and edits professional videos with proprietary generative models. | $308M | Q2 2025 |
| Openlayer | Evaluates, monitors and governs generative AI systems for enterprises. | $14.5M | Q2 2025 |
| LMArena | Lets users compare answers produced by competing foundation models. | $100M | Q2 2025 |
| Snorkel AI | Creates training and evaluation data for enterprise AI systems. | $100M | Q2 2025 |
| Thread AI | Connects enterprise systems to build and operate generative AI workflows. | $20M | Q2 2025 |
| Glean | Provides workplace search, assistants and agents grounded in company data. | $150M | Q2 2025 |
| Autonomize AI | Uses AI agents to analyze healthcare records and administrative information. | $28M | Q2 2025 |
| Cursor / Anysphere | Provides an AI code editor that understands complete software repositories. | $900M | Q2 2025 |
| Harvey | Generates legal research, documents and workflow outputs for legal teams. | $300M | Q2 2025 |
| OpenRouter | Connects developers to multiple foundation models through one API. | $40M | Q2 2025 |
| Abridge | Turns clinical conversations into structured medical notes and documentation. | $300M | Q2 2025 |
| ZeroEntropy | Provides retrieval APIs that find private information for generative AI applications. | $4.2M | Q3 2025 |
| Harmonic | Develops foundation models for mathematical reasoning and verifiable answers. | $100M | Q3 2025 |
| Vellum | Helps companies build, evaluate, monitor and deploy generative AI applications. | $20M | Q3 2025 |
| Thinking Machines Lab | Develops customizable multimodal foundation models for human and AI collaboration. | $2B | Q3 2025 |
| OpenEvidence | Provides clinicians with generated medical answers supported by cited sources. | $210M | Q3 2025 |
| Julius AI | Analyzes spreadsheets and datasets through natural-language questions. | $10M | Q3 2025 |
| Reka AI | Develops multilingual and multimodal foundation models for enterprise customers. | $110M | Q3 2025 |
| Knit | Uses conversational agents to interview consumers and generate research findings. | $16.1M | Q3 2025 |
| Fal | Provides fast APIs for generating images, video and audio. | $125M | Q3 2025 |
| Decart | Builds real-time generative models for games and interactive video experiences. | $100M | Q3 2025 |
| EliseAI | Operates conversational agents for housing and healthcare administration. | $250M | Q3 2025 |
| Anthropic | Develops Claude foundation models, APIs and enterprise generative AI products. | $13B | Q3 2025 |
| You.com | Provides generative search, research agents and personalized AI assistants. | $100M | Q3 2025 |
| Sierra | Builds customer-service agents that resolve requests through chat and voice. | $350M | Q3 2025 |
| Baseten | Provides infrastructure for deploying and running generative models in production. | $150M | Q3 2025 |
| ProRata.ai | Builds generative search products that compensate participating content publishers. | $40M | Q3 2025 |
| Cognition | Develops autonomous agents that write, test and maintain software. | $400M | Q3 2025 |
| Mistral AI | Develops European open-weight and commercial foundation models and APIs. | $2B | Q3 2025 |
| Invisible Technologies | Provides data operations and implementation services for enterprise AI systems. | $100M | Q3 2025 |
| Envive AI | Develops shopping agents that generate personalized product guidance. | $15M | Q3 2025 |
| Perplexity | Operates a generative search engine that provides answers with citations. | $200M | Q3 2025 |
| PixVerse AI | Generates and edits short videos from text, images and footage. | $60M | Q3 2025 |
| Runware | Offers APIs for generating images, video, audio, text and 3D assets. | $13M | Q3 2025 |
| Distyl AI | Builds customized enterprise agents connected to internal company operations. | $175M | Q3 2025 |
| Vercel | Provides deployment infrastructure and development tools for generative AI applications. | $300M | Q3 2025 |
| Periodic Labs | Develops autonomous AI scientists that design and conduct physical experiments. | $300M | Q3 2025 |
| EvenUp | Generates legal demand packages and case workflows for personal-injury firms. | $150M | Q4 2025 |
| Reflection AI | Develops open frontier models and autonomous software-engineering agents. | $2B | Q4 2025 |
| Lila Sciences | Builds generative systems that create hypotheses and automate scientific experiments. | $350M | Q4 2025 |
| OpenEvidence | Provides clinicians with generated medical answers supported by cited sources. | $200M | Q4 2025 |
| Mem0 | Gives AI agents persistent memory across users, conversations and applications. | $24M | Q4 2025 |
| Sesame | Develops expressive conversational voice models and consumer voice assistants. | $250M | Q4 2025 |
| Moonshot AI | Uses generative agents to create and personalize business websites. | $10M | Q4 2025 |
| Wolf Games | Creates interactive games and stories that change with player decisions. | $9M | Q4 2025 |
| Uniphore | Provides enterprise agents for customer and employee workflows. | $260M | Q4 2025 |
| Serval | Uses generative agents to resolve IT support requests. | $47M | Q4 2025 |
| Fireworks AI | Hosts and optimizes open generative models for application developers. | $250M | Q4 2025 |
| Hippocratic AI | Develops healthcare agents for safe, non-diagnostic patient interactions. | $126M | Q4 2025 |
| Wonderful | Builds multilingual customer-service agents for voice, chat and email. | $100M | Q4 2025 |
| Parallel | Provides web-search and retrieval infrastructure for autonomous agents. | $100M | Q4 2025 |
| Cursor / Anysphere | Provides an AI development environment and autonomous coding agents. | $2.3B | Q4 2025 |
| Luma AI | Generates realistic images, videos and interactive digital worlds. | $900M | Q4 2025 |
| Genspark | Generates research, documents and automated outputs in one AI workspace. | $275M | Q4 2025 |
| 7AI | Uses autonomous agents to investigate and respond to cybersecurity alerts. | $130M | Q4 2025 |
| Unconventional AI | Develops new model architectures and systems for generative AI workloads. | $475M | Q4 2025 |
| Fal | Provides optimized infrastructure and APIs for generative media. | $140M | Q4 2025 |
| Chai Discovery | Uses generative models to design proteins, antibodies and medicines. | $130M | Q4 2025 |
| Lovable | Generates deployable software from instructions written in natural language. | $330M | Q4 2025 |
| xAI | Develops Grok foundation models, APIs and consumer generative AI products. | $20B | Q1 2026 |
| Humans& | Develops human-centered foundation models and collaborative personal agents. | $480M | Q1 2026 |
| Flora | Provides a visual workspace for generating images, videos and designs. | $42M | Q1 2026 |
| ElevenLabs | Generates speech, dubbing, sound effects, music and voice agents. | $500M | Q1 2026 |
| Runway | Develops generative video tools, production software and world models. | $315M | Q1 2026 |
| Meridian | Uses agents to create and update financial models in spreadsheets. | $17M | Q1 2026 |
| Anthropic | Develops Claude models, APIs, coding tools and enterprise agents. | $30B | Q1 2026 |
| Koah | Places contextual advertising inside generative AI conversations. | $20.5M | Q1 2026 |
| Dify | Provides an open platform for building and operating generative AI agents. | $30M | Q1 2026 |
| Highlight AI | Creates a shared workspace for employees and AI agents. | $40M | Q1 2026 |
| Isara | Coordinates large groups of specialized agents through orchestration software. | $94M | Q1 2026 |
| Sycamore | Helps enterprises deploy, secure and coordinate agents across internal systems. | $65M | Q1 2026 |
| OpenAI | Develops GPT models, ChatGPT, Codex, APIs and enterprise AI products. | $122B | Q1 2026 |
| NeoCognition | Develops agents that learn from completed tasks and improve over time. | $40M | Q2 2026 |
| CopilotKit | Provides components for adding agents and agent interfaces to applications. | $27M | Q2 2026 |
| Hark | Develops multimodal assistants, AI interfaces and related consumer devices. | $700M | Q2 2026 |
| Anthropic | Develops Claude foundation models, APIs, coding agents and enterprise products. | $65B | Q2 2026 |
| Poetic | Generates reliable business workflows from natural-language descriptions. | $50M | Q2 2026 |
| Pramaana Labs | Uses formal verification to test generative and agentic AI systems. | $27M | Q2 2026 |
| Runlayer | Controls employee and agent access to enterprise generative AI products. | $30M | Q2 2026 |
| General Intuition | Trains general-purpose agents using games, simulations and interactive environments. | $320M | Q2 2026 |
| Scaled Cognition | Provides testing, simulation and monitoring systems for autonomous agents. | $100M | Q2 2026 |
| Sazabi | Helps developers test and debug AI-generated code and coding agents. | $8M | Q2 2026 |
| 8090 Labs | Builds coding agents and software factories for enterprise development teams. | $135M | Q2 2026 |
| GenerativeX | Designs and implements generative AI systems for European enterprises. | $4M | Q2 2026 |
In our generative AI market deck, we identify pain points entrepreneurs should prioritize
How has funding activity in the generative AI market changed over time?
Q1 2026 raised the most capital because OpenAI, Anthropic and xAI announced three exceptionally large rounds worth a combined $172 billion.
Q2 2025 raised the least capital because the quarter had no foundation-model round above $1 billion.
Generative AI funding fell by 61.7% between Q1 2026 and Q2 2026, but Q2 2026 was still about 28 times larger than Q2 2025.
When the largest rounds are removed, generative AI funding looks much more stable and remains driven by application, creative-tool and developer-platform rounds. Excluding the largest two deals leaves $21.6 billion in Q1 2026 and only $741 million in Q2 2026.
| Quarter | Number of deals | Total raised | Comment |
|---|---|---|---|
| Q2 2025 | 11 | $2.26B | Cursor, Runway, Harvey and Abridge produced most of the quarter’s funding. |
| Q3 2025 | 26 | $20.15B | Anthropic led the quarter, while 25 other deals showed broad market activity. |
| Q4 2025 | 22 | $8.56B | Cursor and Reflection AI led a quarter with strong funding across several categories. |
| Q1 2026 | 13 | $173.60B | OpenAI, Anthropic and xAI represented almost all capital raised during the quarter. |
| Q2 2026 | 12 | $66.44B | Anthropic’s $65 billion financing dominated the quarter and masked lower underlying activity. |
| All quarters | 84 | $271.01B | Foundation-model companies received most capital, while applications produced most deals. |
This chart, featured in our generative AI market deck, looks at OpenAI’s strategy in generative AI
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 $122 billion to finance model training, computing infrastructure, product development and global expansion.
- Anthropic raised $65 billion to expand computing capacity, train frontier models and distribute Claude products worldwide.
- Anthropic raised $30 billion in an earlier round to support model development, safety work and enterprise growth.
- xAI raised $20 billion to train Grok models and expand the infrastructure supporting its consumer and developer products.
- Anthropic raised $13 billion to increase computing capacity and accelerate the development of Claude models and enterprise products.
- Cursor raised $2.3 billion to expand its coding agents, computing resources and international enterprise business.
- Thinking Machines Lab raised $2 billion to recruit researchers and train customizable multimodal foundation models.
- Mistral AI raised about $2 billion to develop European foundation models and serve sovereign and enterprise customers.
- Reflection AI raised $2 billion to train open frontier models and build autonomous software-engineering agents.
- Cursor raised $900 million to fund model development, computing capacity, recruitment and global product adoption.
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.
| Rank | Deal size | Round type | Quarter | Startup |
|---|---|---|---|---|
| 1 | $122B | Financing | Q1 2026 | OpenAI |
| 2 | $65B | Financing | Q2 2026 | Anthropic |
| 3 | $30B | Series G | Q1 2026 | Anthropic |
| 4 | $20B | Series E | Q1 2026 | xAI |
| 5 | $13B | Series F | Q3 2025 | Anthropic |
| 6 | $2.3B | Growth financing | Q4 2025 | Cursor / Anysphere |
| 7 | $2B | Seed | Q3 2025 | Thinking Machines Lab |
| 8 | $2B | Series C | Q3 2025 | Mistral AI |
| 9 | $2B | Series B | Q4 2025 | Reflection AI |
| 10 | $900M | Series C | Q2 2025 | Cursor / Anysphere |
This chart, featured in our generative AI market deck, shows annual funding in generative AI startups
Is the generative AI market shifting toward smaller or bigger deals?
The average disclosed generative AI funding round was about $3.23 billion across the five quarters, but a few exceptional rounds greatly increased this figure.
The quarterly average ranged from $205.5 million in Q2 2025 to $13.35 billion in Q1 2026. OpenAI, Anthropic and xAI caused most of this difference.
Without the largest foundation-model rounds, the generative AI market shows a steadier pattern of application and platform deals between roughly $10 million and $350 million.
| Quarter | Number of deals | Average deal size | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q2 2025 | 11 | $205.5M | 0 | 7 |
| Q3 2025 | 26 | $774.9M | 0 | 17 |
| Q4 2025 | 22 | $388.9M | 0 | 17 |
| Q1 2026 | 13 | $13.35B | 0 | 9 |
| Q2 2026 | 12 | $5.54B | 0 | 6 |
| All quarters | 84 | $3.23B | 0 | 56 |
This chart, featured in our generative AI market deck, compares the main business model options for generative AI SaaS platforms
How concentrated was funding activity in the generative AI market?
Generative AI funding was highly concentrated, with the ten largest rounds representing about 95.6% of all capital. The largest round alone represented 45.0%.
The concentration became most extreme in Q2 2026, when Anthropic collected 97.8% of the quarter’s generative AI funding.
| Quarter | Number of deals | Top 1 | Top 3 | Top 10 |
|---|---|---|---|---|
| Q2 2025 | 11 | 39.81% | 66.71% | 99.36% |
| Q3 2025 | 26 | 64.52% | 84.37% | 94.35% |
| Q4 2025 | 22 | 26.88% | 60.78% | 86.37% |
| Q1 2026 | 13 | 70.28% | 99.08% | 99.96% |
| Q2 2026 | 12 | 97.83% | 99.37% | 99.98% |
| All quarters | 84 | 45.02% | 80.07% | 95.64% |
This chart, featured in our generative AI market deck, illustrates how revenue is distributed across customer segments in the generative AI market
Which categories in the generative AI market received the most funding?
Foundation Model APIs received 95.0% of all generative AI funding because frontier-model development requires exceptional spending on computing infrastructure, research and specialized talent.
Enterprise GenAI Applications ranked second with $5.49 billion across 33 deals. The category had broad activity, but individual rounds were much smaller than frontier-model financings.
GenAI Developer Platforms ranked third with $5.18 billion across 22 deals. Cursor alone contributed $3.2 billion, showing the strength of generative AI coding infrastructure.
| Category | Number of deals | Total raised | Startups and amount |
|---|---|---|---|
| Foundation Model APIs | 13 | $257.49B | OpenAI $122B; Anthropic $108B across three rounds; xAI $20B; Mistral AI $2B; Thinking Machines Lab $2B; Reflection AI $2B; Humans& $480M; Unconventional AI $475M; General Intuition $320M; Reka AI $110M; Harmonic $100M. |
| Enterprise GenAI Applications | 33 | $5.49B | Hark $700M; Cognition $400M; Lila Sciences $350M; Sierra $350M; Harvey $300M; Abridge $300M; Genspark $275M; Uniphore $260M; EliseAI $250M; OpenEvidence $410M across two rounds, plus other application companies. |
| GenAI Developer Platforms | 22 | $5.18B | Cursor $3.2B across two rounds; Vercel $300M; Fireworks AI $250M; Fal $265M across two rounds; Baseten $150M; 8090 Labs $135M; Snorkel AI $100M; Parallel $100M; Isara $94M, plus other developer platforms. |
This chart, featured in our generative AI market deck, shows how AI video generation technology has evolved over time
Who are the biggest investors in the generative AI market?
Andreessen Horowitz was the most active disclosed investor, with 12 confirmed deals across foundation models, coding tools, applications and infrastructure.
Sequoia Capital completed 10 confirmed generative AI investments, including deals involving Cursor, Harvey, Decart, Sesame, Fal and ElevenLabs.
Lightspeed Venture Partners also appeared in 10 confirmed deals and invested across foundation models, inference infrastructure and enterprise applications.
General Catalyst appeared in nine deals, with a strong focus on scientific AI, healthcare, foundation models and enterprise products.
Nvidia appeared in nine disclosed rounds as both a strategic technology partner and an investor in model and infrastructure companies.
Khosla Ventures participated in eight rounds involving legal AI, coding, scientific research, retrieval infrastructure and foundation-model development.
Kleiner Perkins participated in eight disclosed deals, including Harvey, OpenEvidence, Parallel, Fal and Anthropic.
Bessemer Venture Partners appeared in seven deals across analytics, customer service, legal technology, infrastructure and workflow automation.
Accel participated in seven rounds, including investments in Cursor, Vercel, CopilotKit and frontier-model companies.
Index Ventures participated in seven deals across model infrastructure, cybersecurity agents, customer service and generative AI platforms.
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 |
|---|---|---|---|
| Andreessen Horowitz | 12 | At least $141.08B | OpenRouter, Harvey, Thinking Machines Lab, EliseAI, Fal, Cursor, Luma AI, Hippocratic AI, Anthropic and OpenAI |
| Sequoia Capital | 10 | At least $17.19B | LMArena, Harvey, Decart, Cursor, Sesame, Fal, ElevenLabs, Anthropic and others |
| Lightspeed Venture Partners | 10 | At least $18.26B | Glean, Anthropic, Mistral AI, Baseten, Sierra, Fireworks AI, Unconventional AI and Sycamore |
| General Catalyst | 9 | At least $16.42B | Anthropic, Glean, Periodic Labs, Lila Sciences, Chai Discovery, Highlight AI and General Intuition |
| Nvidia | 9 | At least $50.24B | Runway, Reka AI, Thinking Machines Lab, Fal, Cursor, Anthropic, xAI and others |
| Khosla Ventures | 8 | At least $4.03B | Harvey, Periodic Labs, Distyl AI, Parallel, Lovable, General Intuition and others |
| Kleiner Perkins | 8 | At least $14.80B | Harvey, Glean, OpenEvidence, Parallel, Fal, Harmonic, Anthropic and others |
| Bessemer Venture Partners | 7 | At least $809M | Julius AI, EliseAI, EvenUp, Fireworks AI, Fal, Wonderful and Poetic |
| Accel | 7 | At least $18.83B | Cursor, Thinking Machines Lab, Periodic Labs, Vercel, Anthropic, CopilotKit and others |
| Index Ventures | 7 | At least $13.89B | Anthropic, Fireworks AI, Parallel, 7AI, Wonderful, Thread AI and others |
This chart, featured in our generative AI market deck, shows how enterprise copilots have driven growth in the generative AI market over time
Related blog posts
- All funding deals in generative AI
- Which companies have raised the most funding in generative AI?
- How strong is fundraising in the generative AI market right now?
