AI startups raised $404.6B in rounds of $500M or more from January to September 2026, 72.1% of the $561.0B in disclosed AI startup funding in Bot Memo’s data. In the same months of 2025, rounds that size took 47.8% of the money. In 2024 they took 35.5%.
There were 113 of these rounds in the first nine months of 2026, against 42 in the same period of 2025 and 25 in 2024. They made up 2.6% of the rounds that disclosed a size.
Three model makers, across four rounds, account for most of the gap. OpenAI’s $122B round in March, Anthropic’s $30B and $65B rounds in February and May, and xAI’s $20B round in January add up to $237B, or 42.2% of all disclosed AI startup funding in the period.
Here, a mega-round means a single round, or an announced close of a round, of $500M or more. Our monthly reports, such as the August 2026 AI funding report, use a lower $50M line for a broader mega-round tier.
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The largest AI rounds of 2026 so far
The 15 largest rounds from January to September 2026, by announced or reported size. Valuations are post-money where the company or its advisers disclosed one.
| # | Company | What it does | Round | Announced | Amount | Valuation |
|---|---|---|---|---|---|---|
| 1 | OpenAI | ChatGPT and GPT models | Funding round | Mar 2026 | $122B | $852B |
| 2 | Anthropic | Claude models | Series H | May 2026 | $65B | $965B |
| 3 | Anthropic | Claude models | Series G | Feb 2026 | $30B | $380B |
| 4 | xAI | Grok models | Series E | Jan 2026 | $20B | Not disclosed |
| 5 | Waymo | Robotaxis | Funding round | Feb 2026 | $16B | $126B |
| 6 | Project Prometheus | AI for engineering and manufacturing | Series B | Jun 2026 | $12B | About $41B (reported) |
| 7 | DeepSeek | Open-weight language models | First outside round (reported) | Jun 2026 | $7.4B | Not disclosed |
| 8 | Databricks | Data and AI platform | Funding round | Aug 2026 | $5B | About $190B |
| 9 | Databricks | Data and AI platform | Series L, additional close | Feb 2026 | $5B | $134B |
| 10 | Safe Superintelligence | Frontier AI research lab | Investment from Nvidia (reported) | Jul 2026 | $5B | Not disclosed |
| 11 | Anduril | Defense technology | Series H | May 2026 | $5B | $61B |
| 12 | Crusoe | AI data centers and cloud | Series F | Sep 2026 | $3.9B | $30.9B |
| 13 | Moonshot AI | Kimi models | Funding round (reported) | Jul 2026 | $3.5B | About $35B (reported) |
| 14 | Nscale | AI cloud and data centers | Pre-IPO convertible notes | Sep 2026 | $3.36B | Not disclosed |
| 15 | Mistral AI | Open and commercial AI models | Series D | Sep 2026 | €3B (about $3.4B) | More than €21B |
A few rows need context. Databricks first announced more than $4B of its Series L in December 2025, then announced an additional close that brought the equity raised to about $5B in February 2026, so we count it in 2026.
DeepSeek, Safe Superintelligence and Moonshot AI have not announced their round sizes themselves; the amounts are as reported, and part of DeepSeek’s total reportedly came from its founder. Nscale’s notes convert into shares when the company goes public, and only part of the money was paid in at closing.
Who led the biggest rounds
SoftBank led OpenAI’s $122B round together with Andreessen Horowitz, D. E. Shaw Ventures, MGX, TPG and T. Rowe Price Associates, at an $852B valuation. Amazon, Nvidia and Microsoft also took part.
Anthropic raised twice between February and May. GIC and Coatue led the $30B Series G at $380B in February. Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital led the $65B Series H in May, which valued the company at $965B.
Outside the model makers, Dragoneer, DST Global and Sequoia Capital led Waymo’s $16B round, with Alphabet staying on as majority shareholder. Thrive Capital and Andreessen Horowitz led Anduril’s $5B Series H at $61B, double the $30.5B valuation of its Series G a year earlier.
Atreides Management, Mubadala Capital and Valor Equity Partners co-led Crusoe’s $3.9B Series F, and Samsung Electronics led Mistral AI’s €3B Series D, with EQT’s Scaleup Europe Fund and PSG Equity as co-leads.
Investor-by-investor activity is in our most active AI investors of 2025 and the US AI funding report for the first half of 2026.
More giant rounds each quarter, but smaller ones
The count of mega-rounds rose every quarter of 2026 while the money in them fell. The first quarter had 33 rounds of $500M or more and $218.4B, led by OpenAI, Anthropic’s Series G, xAI and Waymo. The second quarter had 34 and $119.1B, about half of it Anthropic’s Series H. The third quarter had 46, the most of any quarter, but they raised $67.1B and none was larger than $5B.
There were 57 rounds of $1B or more in the first nine months of 2026, worth $369.0B. Eleven rounds of $5B or more account for $292.4B of that, and the other 46 rounds of at least $1B but under $5B went to companies including AI model makers, compute providers, defense firms and robotics companies.
Where the money went
Model makers
OpenAI, Anthropic and xAI took $237B between them. Other model makers raising $500M or more include DeepSeek, Moonshot AI, Mistral AI and Safe Superintelligence.
Compute and data centers
A large group of mega-rounds went to companies that build or rent out AI computing capacity. Crusoe raised a $3.9B Series F; Nscale raised a $2B Series C in March, a $1.4B loan in February and $3.36B in convertible notes in September. Firmus in Australia raised $2B in August, and inference companies Fireworks AI ($1.505B Series D) and Baseten ($1.5B Series F) also crossed $1B. How this spending connects to big tech budgets is covered in our piece on AI capex and its impact on startups.
Defense
Defense companies raised some of the largest rounds outside AI models: Anduril’s $5B Series H, Helsing’s $1.8B Series E in July, Saronic’s $1.75B Series D in March and Shield AI’s $1.5B Series G in March.
Mostly an American story
US companies raised 67 of the 113 mega-rounds and $340.8B, 84.2% of the money in rounds of $500M or more from January to September 2026. For the full years, that share was 88.7% in 2024 and 89.6% in 2025.
The UK had the second-most mega-rounds, with 14 worth $18.7B, about half of them for data centers and compute, mostly Nscale. China had 8 worth $18.3B, led by DeepSeek and Moonshot AI. France had 4, including Mistral AI’s Series D. More on European rounds is in our Europe AI funding report for the first half of 2026.
How 2026 compares with 2024 and 2025
| 2024 (full year) | 2025 (full year) | 2026 (Jan to Sep) | |
|---|---|---|---|
| Rounds of $500M or more | 37 | 63 | 113 |
| Raised in those rounds | $84.4B | $124.5B | $404.6B |
| Share of all AI startup funding | 41.7% | 46.3% | 72.1% |
| Largest round | Databricks, $10B Series J (Dec) | OpenAI, $40B (Mar) | OpenAI, $122B (Mar) |
The first nine months of 2026 brought nearly twice as much money in rounds of $500M or more as 2024 and 2025 combined, which came to about $209B. In 2025, OpenAI’s $40B round at a $300B valuation and Anthropic’s $13B Series F at $183B were the two largest. In 2024, the largest was Databricks’ $10B Series J at $62B, ahead of Vantage Data Centers’ $9.2B equity investment, CoreWeave’s $7.5B debt facility, OpenAI’s $6.6B round at $157B and two $6B rounds for xAI.
What it means for everyone else
Smaller rounds did not shrink. Funding outside rounds of $500M or more reached $156.4B from January to September 2026, up 43% from $109.4B in the same months of 2025. The median disclosed AI round was $11.6M, against $11.2M a year earlier.
But a small set of companies now sets the headline totals. Without OpenAI, Anthropic and xAI, rounds of $500M or more still took 51.7% of the remaining AI startup funding, above the 47.8% share for all mega-rounds in the same months of 2025. When a sector’s totals depend this much on a few rounds, a single delayed round can move a quarter’s numbers.
Our AI down rounds tracker follows the companies that went the other way.
How we count
The figures cover AI startup funding rounds announced from January 1 to September 30, 2026, with 2024 and 2025 for comparison. Amounts are as announced or reported and converted to US dollars. A mega-round here is any round of $500M or more, including equity rounds, investments by corporations, convertible notes and debt financings announced as funding; 13 of the 113 rounds in 2026, worth $13.7B, were debt financings. Secondary share sales and tender offers are not counted.
A round that closes in stages can appear once for each announced close. Some headline totals include money committed over time rather than paid at closing.
Frequently asked questions
What is an AI mega-round?
Bot Memo uses the term for a single AI startup funding round, or announced close of a round, of $500M or more. That includes equity rounds, corporate investments, convertible notes and debt financings announced as funding. Secondary share sales and tender offers are excluded.
How much AI funding went to mega-rounds in 2026?
From January to September 2026, 113 rounds of $500M or more raised $404.6B, 72.1% of the $561.0B in disclosed AI startup funding in Bot Memo’s data. In the same months of 2025, mega-rounds took 47.8%.
What is the largest AI funding round of 2026?
OpenAI’s $122B round, completed in March 2026 at an $852B valuation. SoftBank led it together with Andreessen Horowitz, D. E. Shaw Ventures, MGX, TPG and T. Rowe Price Associates.
How much has Anthropic raised in 2026?
Two rounds worth $95B: a $30B Series G at $380B in February, led by GIC and Coatue, and a $65B Series H at $965B in May, led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital.
Which countries raise the most AI mega-rounds?
The US, by a wide margin. US companies raised 67 of the 113 mega-rounds from January to September 2026 and 84.2% of the money in them. The UK had 14 and China 8.
Are smaller AI rounds getting less money?
No. Funding outside rounds of $500M or more rose 43% to $156.4B from January to September 2026, and the median disclosed AI round was $11.6M, against $11.2M a year earlier. The mega-rounds grew much faster.
About the author
Editorial Staff
The Editorial Staff at Bot Memo is a team of writers, analysts, and AI agents dedicated to mapping the global AI startup ecosystem. Led by Chintan Zalani, the team tracks thousands of funding rounds, classifies companies across verticals, and distills it all into actionable intelligence for investors and founders.
