The median AI Series B valuation doubled in a year. Across AI funding rounds announced from January to September 2025, the median Series B that reported a valuation was priced at $500 million. Over the same nine months of 2026 it was $1.0 billion, on more than twice as many rounds (121 against 50).
Series B is the biggest move in AI startup valuations this year, and there are others. Series A prices rose by almost two thirds. Series C prices slipped. The number of AI rounds of $1 billion or more tripled. And several of the largest AI companies re-priced twice inside twelve months. Every stage, type and sector comparison below uses Bot Memo data on AI funding rounds and sets January to September 2025 against the same months of 2026. The company examples use the cited sources and the dates shown.
On this page
- Median AI Valuations by Stage, 2025 vs 2026
- Valuations Rose Faster Than Round Sizes
- AI Native Startups Gained Ground, AI Augmented Barely Moved
- Sector Valuations: Most Rose, Marketing Fell
- Mega-Rounds Tripled
- More AI Startups Now Name a Price
- What the Changes Mean for Founders and Investors
- Frequently Asked Questions
- Methodology
Median AI Valuations by Stage, 2025 vs 2026
The increase sits at Series A and Series B. Seed rose 17%, Series C went slightly backwards, and Series D rose by a quarter on fewer priced rounds (55 against 63).
| Stage | Median valuation, Jan to Sep 2025 | Median valuation, Jan to Sep 2026 | Change | Rounds with a valuation (2025 / 2026) |
|---|---|---|---|---|
| Seed | $37.2M | $43.5M | +17% | 26 / 88 |
| Series A | $152.5M | $250M | +64% | 44 / 114 |
| Series B | $500M | $1.0B | +100% | 50 / 121 |
| Series C | $1.4B | $1.3B | -7% | 45 / 97 |
| Series D | $2.0B | $2.5B | +25% | 63 / 55 |
Medians of reported valuations in US dollars. Bot Memo data on AI funding rounds announced January to September of each year.
The Series B figure rests on 121 rounds, more than twice the 2025 sample, and the median held at $1.0 billion or above in each quarter of 2026: $1.0 billion in the first quarter, $1.0 billion in the second and $1.2 billion in the third. In 2025 the quarterly medians were $625 million, $400 million and $550 million.
Series C is the exception. With twice as many priced Series C rounds in 2026, the median came in at $1.3 billion, down from $1.4 billion. The 2026 Series B median ($1.0 billion) has moved closer to the 2025 Series C median ($1.4 billion), and the gap between the Series B and Series C medians fell from $900 million to $300 million.
Later stages have smaller samples, especially in 2025, so this article does not compare them stage by stage. In 2026, 58 Series E and later rounds reported a valuation, and the figures range from a few hundred million dollars to the $965 billion Anthropic reached in May.
Valuations Rose Faster Than Round Sizes
Valuation medians only cover rounds that reported a price. Round sizes are known for about nine in ten rounds, so they are a useful check. They rose too, but by much less at Series A and Series B.
| Stage | Median round size, Jan to Sep 2025 | Median round size, Jan to Sep 2026 | Change |
|---|---|---|---|
| Seed | $5.0M | $5.0M | 0% |
| Series A | $15.6M | $16.8M | +7% |
| Series B | $40.0M | $47.0M | +18% |
| Series C | $70.0M | $92.5M | +32% |
| Series D | $101.4M | $120.0M | +18% |
All AI rounds at each stage with a reported amount, January to September of each year.
At Series A and Series B, the median reported valuation rose far faster than the median round size: +64% against +7% at Series A, and +100% against +18% at Series B. Series C moved the other way. The median round got bigger (+32%) while the median reported valuation slipped (-7%). These are medians of different sets of rounds, so they describe the market at each stage rather than what happened to any single company.
For more on round sizes at each stage, see Bot Memo’s AI startups by funding stage breakdown and the AI Series B startups of 2026.
AI Native Startups Gained Ground, AI Augmented Barely Moved
Bot Memo groups AI companies into four types by how central AI is to the product. All four types raised at higher median prices in 2026, but by very different amounts.
| AI type | Median valuation, Jan to Sep 2025 | Median valuation, Jan to Sep 2026 | Change | Rounds with a valuation (2025 / 2026) |
|---|---|---|---|---|
| AI Platforms (foundation models, AI chips, compute) | $2.8B | $3.3B | +18% | 20 / 67 |
| AI Adjacent (data and AI infrastructure) | $1.0B | $1.5B | +50% | 48 / 95 |
| AI Augmented (existing products with AI added) | $1.0B | $1.1B | +10% | 126 / 161 |
| AI Native (products built on AI from the start) | $550M | $740M | +35% | 115 / 355 |
Medians of reported valuations in US dollars. See AI startup classifications for the type definitions.
AI Native companies still carry the lowest median of the four, but their median rose 35% while the AI Augmented median rose 10%. The count tells the same story: priced AI Native rounds tripled from 115 to 355, while AI Augmented rounds grew by 28%.
AI Adjacent companies, which sell data and infrastructure to the rest of the market, posted the largest rise of the four (+50%). AI Platforms remain the most expensive group by a wide margin, and their count of priced rounds more than tripled, from 20 to 67.
Sector Valuations: Most Rose, Marketing Fell
The sector picture is more mixed than the stage picture. The table covers every sector with at least 20 priced rounds in both periods. A round in two sectors counts in both.
| Sector | Median valuation, Jan to Sep 2025 | Median valuation, Jan to Sep 2026 | Change | Rounds with a valuation (2025 / 2026) |
|---|---|---|---|---|
| FinTech | $775M | $1.0B | +29% | 56 / 89 |
| Developer Tools and AI Infrastructure | $1.25B | $1.5B | +20% | 64 / 183 |
| Manufacturing and Industrials | $1.25B | $1.5B | +20% | 29 / 112 |
| Cybersecurity | $808M | $950M | +18% | 27 / 42 |
| Health and Biotech | $1.0B | $1.0B | 0% | 33 / 65 |
| GovTech and Defense | $1.0B | $1.0B | 0% | 24 / 49 |
| Marketing and Sales Tech | $410M | $200M | -51% | 23 / 48 |
Medians of reported valuations in US dollars, January to September of each year.
Manufacturing and Industrials stands out for volume as much as price. Priced rounds almost quadrupled, from 29 to 112, and the median still rose 20%. Developer Tools and AI Infrastructure had the most priced rounds of any sector in 2026 (183).
Marketing and Sales Tech went the other way. Its median halved to $200 million while its count of priced rounds doubled, from 23 to 48. Health and Biotech and GovTech and Defense held flat at $1.0 billion.
Mega-Rounds Tripled
The largest rounds changed even more than the medians. Between January and September, AI companies raised 57 rounds of $1 billion or more in 2026, against 18 in the same months of 2025. Rounds of $500 million or more rose from 42 to 113.
The companies at the top re-priced several times in a year. Each row below shows the earlier valuation and what followed. OpenAI’s earlier figure comes from a sale of existing shares, not a new funding round.
| Company | Earlier valuation | 2026 valuation | What happened |
|---|---|---|---|
| OpenAI | $500B (October 2025, employee share sale) | $852B (March 31) | Closed a $122B round |
| Anthropic | $183B (September 2025, Series F) | $380B (February 12), then $965B (May) | $30B Series G, then $65B Series H |
| Databricks | More than $100B (August 2025, Series K) | $134B (February 9), then $190B (August 13) | More than $7B in equity and debt, then $5B |
| Anduril | $30.5B (mid-2025) | $61B (May 13) | $5B Series H |
| Cognition | $26B (May 2026) | $48B (September 8) | $2B Series E |
| Mistral AI | €11.7B (September 2025, Series C) | More than €21B (September 8) | €3B Series D |
Sources are linked in the text below. Figures are as announced or reported at the time.
OpenAI closed a $122 billion round at an $852 billion valuation on March 31, 2026 (SiliconANGLE). Its previous mark was $500 billion, set in October 2025 when current and former employees sold about $6.6 billion of shares (Reuters).
Anthropic re-priced twice. Its $30 billion Series G in February valued it at $380 billion post-money (Anthropic), up from $183 billion at its Series F in September 2025 (Anthropic). In May it raised a $65 billion Series H at $965 billion post-money (Orrick), more than five times its September 2025 price.
Databricks announced a Series K at more than $100 billion in August 2025 (Databricks). In February it raised more than $7 billion in equity and debt at $134 billion (SiliconANGLE), and in August it closed $5 billion at $190 billion (The Next Web).
Anduril doubled its valuation to $61 billion with a $5 billion Series H in May, up from $30.5 billion less than a year earlier (TechCrunch). Cognition nearly doubled in four months, from $26 billion in May to $48 billion with a $2 billion Series E in September (Reuters). Mistral AI’s €3 billion Series D in September set a post-money valuation of more than €21 billion (Orrick), against €11.7 billion a year earlier (Sifted).
xAI is the odd case. Its round counts in the round totals above but not in the valuation medians. It announced a $20 billion Series E in January without a valuation (TechCrunch). Weeks later, SpaceX’s merger with xAI reportedly valued xAI at $250 billion (Yahoo Finance).
For the full list of 2026’s largest rounds, see Bot Memo’s AI mega-rounds of 2026 tracker. Not every price went up: the AI down rounds tracker follows the companies that raised at lower valuations.
More AI Startups Now Name a Price
Every valuation median on this page comes from rounds that reported a valuation. That share roughly doubled. From January to September 2025, 309 of 4,084 AI rounds (7.6%) came with a valuation. Over the same months of 2026, 678 of 4,602 did (14.7%).
That matters when reading the medians. Larger rounds report valuations far more often than small ones (43% of rounds over $100 million named a price in 2025 and 62% in 2026, against under 5% of rounds below $10 million), so reported valuations may not represent every round at a stage. The comparisons above set 2025 against 2026 on the same basis, and the figures describe rounds that named a price. Bot Memo’s AI startup valuation data analysis covers which rounds disclose and why.
What the Changes Mean for Founders and Investors
- For Series A and B founders, the reference points moved up. The median reported Series B valuation is $1.0 billion, against $500 million a year earlier, so 2025 comparables sit well below this year’s priced rounds.
- At Series C, the gap between the Series B and Series C medians narrowed to about $300 million, while the median Series C round grew by almost a third.
- For investors at Series A and B, reported valuations rose much faster than the median total round size.
- Anyone using these figures as benchmarks should compare like with like: the same stage, the same months, and rounds that reported a price.
Frequently Asked Questions
What is the median AI startup valuation in 2026?
It depends on the stage. Across AI rounds from January to September 2026 that reported a valuation, the median was $43.5 million at seed, $250 million at Series A, $1.0 billion at Series B, $1.3 billion at Series C and $2.5 billion at Series D.
How much did AI Series B valuations rise in 2026?
The median AI Series B valuation rose from $500 million (January to September 2025, 50 rounds) to $1.0 billion (January to September 2026, 121 rounds), an increase of 100%. The median Series B round size rose 18%, from $40 million to $47 million.
Did any AI valuations fall in 2026?
Yes. The median AI Series C valuation slipped 7%, from $1.4 billion to $1.3 billion, and the median for Marketing and Sales Tech fell from $410 million to $200 million.
What is the highest AI startup valuation in 2026?
In Bot Memo data, Anthropic’s $965 billion post-money valuation, set by its $65 billion Series H in May 2026, is the highest valuation announced with an AI funding round this year. OpenAI’s $852 billion, from its $122 billion round in March, is second.
How many AI startups disclose their valuation?
About one in seven AI rounds in 2026. From January to September 2026, 678 of 4,602 AI funding rounds (14.7%) reported a valuation, up from 7.6% over the same months of 2025.
Methodology
Bot Memo data on AI funding rounds announced from January to September 2025 and from January to September 2026. Medians use rounds that reported a valuation; valuations and amounts in other currencies are converted to US dollars. Stage names follow the round as announced. Secondary share sales and financing of public companies are excluded from the Bot Memo figures; the company table above includes OpenAI’s 2025 share sale only as an earlier price point. Medians rather than averages are used throughout, because very large rounds can pull averages far from a typical round.
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.
