This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding deal roundup here.

This week, just half of the top 10 rounds crossed the $100 million mark, which is somewhat unusual in this high-flying era for venture megarounds. Nonetheless some large checks did get written, led by 鈥檚 $5 billion investment and partnership deal with . Other sizable rounds went to companies in sectors including aviation autonomy, vision therapy and AI analytics.

1. , $5B, foundational AI: AI giant Anthropic that Amazon is investing $5 billion in the company, with up to an additional $20 billion in the future. Previously, Amazon had invested $8 billion in the San Francisco-based company. The latest financing also includes a partnership with Amazon for training and deploying Anthropic鈥檚 AI assistant Claude.

2. , $160M, autonomous aircraft: Reliable Robotics, a developer of autonomous aircraft systems, raised $160 million in fresh financing led by . The 9-year-old, Mountain View, California-based company markets its technology for both commercial and defense aviation.

3. , $125M, vision therapy: San Diego-based Ray Therapeutics, a biotech startup focused on vision restoration therapies, secured $125 million in Series B funding led by . Founded in 2021, Ray has raised $247 million in venture and grant funding to date, per .

4. , $120M, AI analytics: Omni, developer of an AI-enabled analytics platform, closed on $120 million in Series C funding led by . The financing set a $1.5 billion valuation for the 4-year-old, San Francisco-based company.

5. , $106M, biotech: Framingham, Massachusetts-based Tortugas Neurosciences, neurology-focused biotech startup, scooped up $106 million in Series A funding. Founding investor co-led the round alongside and .

6. , $80M, medtech: AcuityMD, an AI-enabled data and research platform for medtech industry customers, picked up $80 million in Series C investment. led the funding for the 7-year-old, Boston-based company.

7. , $75M, foundational AI: that it purchased $75 million worth of San Francisco-based OpenAI鈥檚 common stock. The shares are owned by Robinhood Ventures Fund I, a publicly traded fund that provides investors exposure to a curated portfolio of private companies.

8. , $60M, workflow orchestration: Orkes, developer of an AI-enabled software workflow orchestration platform, secured $60 million in Series B funding. led the financing for the 5-year-old, Silicon Valley-based startup.

9. , $50M, health tech: Courier Health, a developer of tools to improve patient experience for people with chronic conditions or rare diseases, closed on $50 million in Series B funding. led the financing for the New York-based company.

10. , $50M, biotech: Cambridge, Massachusetts-based Serif Bio颅med颅i颅cines, a biotech颅 startup focused on Mod颅i颅fied DNA as a new class of med颅i颅cines, launched with $50 million in initial funding from .

Methodology

We tracked the largest announced rounds in the 禁漫天堂 database that were raised by U.S.-based companies for the period of April 18-24. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

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We鈥檙e not talking about confidential filings either. Sure, they signal serious intent and contain valuable information for regulators. But for the rest of us, it鈥檚 the public S-1 filing that signifies an IPO is actually imminent.

By this latter measure, the past few weeks have been pretty busy for venture-backed startups. , the designer of speedy AI inference chips, filed publicly last week for an offering expected to raise around $2 billion. The Silicon Valley company, which withdrew plans for an IPO last fall, is reportedly seeking a valuation upwards of $35 billion this time around.

That alone would be enough to set IPO market watchers abuzz. Per 禁漫天堂 data, it stands to be the largest initial share offering of a U.S. semiconductor company to date.

However, Cerebras wasn鈥檛 the only venture-backed company seeking a multibillion-dollar IPO valuation.

Power players

Another, albeit smaller, contender is nuclear power startup , which is making its debut today. The Rockville, Maryland-based company priced shares at $23 each late Thursday, above the projected range, raising around $1 billion. Shares closed up 27% in first-day trading Friday.

Meanwhile, on the geothermal power front, is also looking to take its clean energy ambitions to the public market. The Houston-based company filed last week for a offering that could bring in around $250 million.

Biotech IPOs heating up

Biotech is also heating up. Last week delivered a big debut from , a Waltham, Massachusetts-based developer of oral and injectable treatments for obesity and metabolic disease that $718 million in its Nasdaq offering. , a Fremont, California-based startup applying proteomics to early disease detection, made its market entry as well, securing a current market cap around $1.6 billion.

More biotech debuts are on deck too. Austin-based , a venture-backed developer of a nerve stimulation device for stroke survivors, filed last week for an offering. The prior week brought S-1 filings from Boston鈥檚 , a developer of medicines for depression, anxiety and other neuropsychiatric disorders, and , a Denmark-based biotech which focuses on treatment of blood coagulation disorders.

Space and defense on the rise

Of course, everyone knows the Texas-based company on deck to publicly file for a space tech offering of unprecedented magnitude. for an IPO a few weeks ago, with media reports pegging its target valuation around $1.75 trillion. If the company forges ahead with reported plans for a June market debut, a public filing should follow in the next few weeks.

In the interim, another, much, much smaller offering in the defense tech space is on track to hit the market much sooner. , a Herndon, Virginia-based developer of radio frequency intelligence for military customers, filed earlier this month for a offering. It comes amid a period of heightened investor appetite for defense tech, with an expectation of more debuts in the space likely in coming months.

Now we just need some software

Of course, it鈥檚 not an IPO market that is welcoming to all venture-backed startup sectors. One area noticeably absent from the impending offering list is enterprise software. While SaaS has long been a mainstay of the IPO pipeline, the sector has taken a hit of late amid investors’ concerns of AI disruption.

That said, it鈥檚 still encouraging to see a swathe of other sectors dipping a toe in IPO waters.

Related 禁漫天堂 queries:

Related reading:

• After Swarmer鈥檚 Soaring Debut, Here Are 12 Other Potential Defense Tech IPOs
• IPOs Are Holding Up In 2026, But SaaS Debuts Aren鈥檛 Happening

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This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding deal roundup here.

In insecure times, security looks like an appealing sector for investment. That鈥檚 one interpretation of this week鈥檚 tally of the largest startup funding rounds.

The size of the largest U.S. deals was smaller than in recent weeks, and heavily featured cybersecurity- and privacy-focused startups. This includes the week鈥檚 biggest round 鈥� a $375 million Series B for consumer privacy and security platform . Other areas that attracted good-sized financings included AI infrastructure, biotech, healthcare, and robotics.

1. , $375M, privacy: Cloaked, a provider of consumer privacy and security tools, raised $375 million in Series B funding led by and . Founded in 2020, the Massachusetts-based company sells monthly subscriptions for individuals and families.

2. , $143M, AI infrastructure: Frore Systems, a developer of integrated cooling architecture for AI computing and networking hardware, announced that it closed on $143 million in Series D funding. led the financing, which set a $1.64 billion valuation for the 8-year-old, San Jose-based company.

3. (tied) , $120M, cybersecurity: Seattle-based XBow, a provider of autonomous security testing technology, picked up $120 million in Series C funding. and led the round, which values the 2-year-old company at over $1 billion.

3. (tied) , $120M, cybersecurity: Oasis Security, a developer of identify security tools with a focus on AI agents, secured $120 million in a funding round backed by , , and . The 4-year-old company, which is headquartered in聽 New York and has a presence in Israel, has raised $195 million to date, per 禁漫天堂 data.

5. (tied) , $100M, medical devices: Imperative Care, a medical device company focused on treatment for stroke and vascular diseases caused by blood clot formation, secured $100 million in convertible note financing. and led the investment for the Campbell, California-based company.

5. (tied) , $100M, social media: Seattle-based social network Bluesky this week that it raised a previously unannounced $100 million Series B round that closed last spring, led by .

5. (tied) , $100M, privacy and security: Cape, a recently launched privacy-focused mobile network, landed $100 million in Series C funding. and led the financing, which set a $900 million valuation for the Arlington, Virginia-based company.

8. , $80M, healthcare AI: Latent, an AI platform aimed at helping move patients from clinical decision to therapy, picked up $80 million in a Series A round. and led the financing for the San Francisco-based company.

9. , $77M, biotech: Cambridge, Massachusetts-based Crossbow Therapeutics, a biotech startup focused on developing new antibody therapies to treat a broad range of cancers, raised $77 million in Series B funding. and led the round, which will support a Phase 1 clinical trial of the company鈥檚 lead program.

10. , $52M, robotics: RoboForce, a startup focused on developing AI-enabled robot labor for industrial environments, said it $52 million in fresh funding, bringing its total raise to $67 million. led the financing for the Milpitas, California-based company.

Methodology

We tracked the largest announced rounds in the 禁漫天堂 database that were raised by U.S.-based companies for the period of March 14-20. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

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This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding deal roundup here.

It was going to be a fairly business as usual top 10 list this week until decided to disrupt our Friday with news that it raised $110 billion in new funding. Yes, $110 billion. That is so much money, and so record-setting as a private company funding round, that it makes all those other $100 million and $200 million rounds we usually write about look very paltry by comparison.

That said, we did nonetheless see a number of these kinds of rounds, in sectors including semiconductors, AI, healthcare and biotech.

1. , $110B, artificial intelligence: Generative AI giant OpenAI that it has raised $110 billion in new investment at a valuation of $730 billion pre-money, or $840 billion post-money. The deal includes $50 billion from , $30 billion from , and $30 billion from . San Francisco-based OpenAI says more investors are expected to join as the round progresses.

2. (tied) , $500M, semiconductors: MatX, a startup that designs custom chips and hardware architectures to support large language models, secured $500 million in Series B funding as it prepares to scale manufacturing. and led the financing for the Mountain View, California-based company.

2. (tied) , $500M, broadband: Boulder, Colorado-based Vero Networks, a fiber infrastructure and broadband internet provider, picked up $500 million in a growth funding round backed by , and .

4. , $240M, fusion: Janesville, Wisconsin-based Shine Technologies, a developer of fusion technologies with applications in the medicine and energy sectors, raised $240 million in equity funding led by .

5. , $150M, hardware testing tools: Revel, developer of a software platform for hardware test and control, closed on $150 million in Series B funding. led the financing for the Los Angeles-based company, which plans to expand its offerings across aerospace, defense, robotics and industrial sectors.

6. , $140M, healthcare: Nashville, Tennessee-based Honest Health, a provider of tech-enabled tools for primary care providers, secured $140 million in a new financing led by .

7. , $130M, biotech: Slate Medicines, a startup working on therapeutics for headache disorders, announced its launch alongside $130 million in Series A financing. , and led the investment for the Raleigh, North Carolina-based company.

8. , $106M, smart infrastructure: Fort Lauderdale, Florida-based Ubicquia, provider of an analytics platform for smart lighting, grid monitoring and public safety applications, raised $106 million in Series D funding. and led the financing for the 12-year-old company.

9. (tied) , $100M, AI-enabled accounting: Basis, an AI agent platform for accountants, closed on $100 million in Series B funding at a $1.15 billion valuation. led the round for the New York-based startup, along with , and .

9. (tied) , $100M, satellite and network communication: spinout Aalyria, a developer of software that configures communications satellites to meet demand, secured $100 million in Series B funding. and led the financing for the Livermore, California-based company.

9. (tied) , $100M, smart glasses: Viture, a San Francisco-based maker of extended reality (XR) smart glasses and accessories, says it $100 million in a financing led by .

Methodology

We tracked the largest announced rounds in the 禁漫天堂 database that were raised by U.S.-based companies for the period of Feb. 21-27. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

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Over the past two calendar years, acquirers have agreed to pay more than $38 billion to purchase聽1 venture-backed companies in 禁漫天堂 biotech industry categories. So far, 2026 is off to a brisk start as well, with this month to pay up to $2.4 billion for , a startup focused on engineering immune cells in vivo.

Per 禁漫天堂 data, 2025 and 2024 were two of the strongest years on record for biotech M&A. While we鈥檙e still below the 2021 peak, we鈥檙e also well past the subsequent low point, as charted below.

Largest deals in recent quarters

Since last year, at least nine funded U.S. biotech companies have sold in transactions valued at $1 billion or more, including potential milestone payments. Using 禁漫天堂 , we assembled a list, ranked by deal size.

The largest deal was 鈥檚 purchase of , a developer of targeted oral therapies for solid tumors, for $3.05 billion in cash late last year. The pharma giant expressed particular interest in adding Halda鈥檚 clinical stage oral therapy for prostate cancer to its portfolio.

The two next-biggest acquisitions were both in the area of in vivo therapeutics, which enable a patient鈥檚 own body to generate cell therapies that can treat underlying disease.

One was Lilly鈥檚 aforementioned purchase of Watertown, Massachusetts-based Orna, which had聽 previously raised over $320 million in venture funding from lead backers including , and .

The other was 鈥檚 mid-2025 acquisition of , a clinical-stage biotech developing targeted in vivo RNA technologies, with an initial focus on autoimmune diseases. AbbVie agreed to pay up to $2.1 billion in cash to acquire the San Diego-based startup,which previously raised $340 million in venture funding.

Biotech funding share slides, and IPO volume remains weak

While some large acquisitions are happening, the overall picture for biotech funding and exit activity looks more muted.

Last year, less than 9% of all U.S. startup funding went to companies in 禁漫天堂 biotech categories. That鈥檚 the lowest share in years, and largely a function of more capital going to companies in other hot sectors like generative AI.

In terms of total finding, biotech looks more stable. In 2025, just over $25 billion went to U.S. startups in the space, roughly flat year over year.

IPO activity is lower than usual. Last year, just 21 biotech, pharma or medical device companies went public, per 禁漫天堂 data, the lowest number in years.

So far this year, we鈥檝e had four debuts, including most recently the debut this month of , a developer of cancer therapies recently valued around $900 million.

Not a slump, and not a boom

Overall, biotech funding and exit data paints a picture of a sector that鈥檚 neither booming nor in a protracted slump. That鈥檚 not the most exciting place to be, but it can be quite viable for quite a long time.

Related 禁漫天堂 query:

Related reading:

• In The Era Of Unicorn Valuation Escalation, A Trillion Dollars Isn鈥檛 What It Used To Be
• Biotech Share Of US Funding Hits Lowest Point In 禁漫天堂 History
• Biotech Isn鈥檛 Partaking In The IPO Rebound

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Today, an estimated 50 million men and 30 million women in the U.S. face androgenetic alopecia, or heredity-linked hair thinning or baldness, the . And while there are some longstanding treatments, they commonly come with high cost, discomfort, side effects or inconsistent effectiveness.

Startups and their backers have taken note. Over the years, investors have poured hundreds of millions into companies working on hair-loss treatments and platforms to make them more widely available.

This week, public investors are also getting a fresh entry into the space. , a developer of an oral treatment for pattern hair loss, began trading on the . Its shares closed up 122% to $137.65 despite a mostly down day for broader markets, indicating investors are enthused about the product. The 7-year-old company trades under the ticker symbol MANE.

Veradermics itself raised around $256 million in the offering, which priced slightly above the projected range. The New Haven, Connecticut-based company plans to use the proceeds from the offering to help secure approval for its hair-loss drug and to support commercialization.

Not receding

Among startups working on hair regrowth, Veradermics has one of the more further-along treatment candidates. It plans to report topline results from one advanced trial in the first half of the year and from a Phase 3 trial in the second half. If all goes well, the company says it could be the first oral, nonhormonal FDA-approved therapy for pattern hair loss.

That said, it鈥檚 far from the only venture- or seed-backed company addressing the space. Using 禁漫天堂 data, we put together a list of 10 startups funded in the past couple years with businesses centered around developing hair-loss treatments or making them more widely available.

Los Angeles-based is the largest funding recipient on the list, mostly due to a $120 million October Series B co-led by and . The startup is applying stem cell biology to develop regenerative medicines for hair loss and plans Phase 3 trials for its lead candidate later this year.

, an Irish startup focused on enabling at-home treatment for cancer patients, raised $21 million in an expanded Series A this month. It鈥檚 currently pursuing trials for a device aimed at reducing hair loss for chemotherapy patients.

And back in San Francisco, longevity startup has raised more than $46 million for a lineup of self-care products including a scalp serum that promotes thicker, denser hair.

Hair attracts high spending

It helps that hair is one of those aesthetic areas where people are more comfortable spending what it takes to get desired results. From premium shampoos and hair-care products to salon visits, many of us spend hundreds of dollars annually on our hair.

Hair-loss treatment represents a particularly large market. Per Veradermics, the current U.S. commercial opportunity for pattern hair-loss treatments is valued around $9 billion annually, despite low patient engagement and high dissatisfaction with today鈥檚 options.

Consumers would be willing to spend more too, if there were treatments they liked. Veradermics says its internal research found that 93% of pattern-hair-loss patients would like to address the condition, yet only 9% are satisfied with their current treatment.

Investors have put considerable capital behind backing that big market vision. Between 2021 and 2025, Veradermics raised more than $260 million from a long list of venture backers. Per its IPO prospectus, the current largest stakeholders are (11% post-IPO stake), followed by and , with about 6% each.

For now, it looks like public investors see plenty to support in that vision as well.

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This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding deal roundup here.

The pace of big funding rounds continued to hold up at brisk levels this past week, led by a $1.4 billion financing for 鈥渞obot brain鈥� developer . More big rounds went to startups in sectors including AI chips, brain-computer interfaces, defense tech, biotech and airplanes, among others.

1. , $1.4B, robotics: Skild AI, a robotics company building an 鈥渙mni-bodied鈥� brain to operate any robot for any task, announced it raised $1.4 billion, tripling its valuation to over $14 billion. led the Pittsburgh-based startup鈥檚 latest financing, which comes just over seven months after it raised a at a $4.5 billion valuation.

2. , $500M, AI and semiconductors: Etched.ai, a startup working on chips for AI superintelligence, reportedly $500 million in new funding. led the financing, which was said to set a $5 billion valuation for the Silicon Valley-based company.

3. , $252M, brain-computer interfaces: Merge Labs, a -founded startup based in San Francisco, which is working on brain-computer interfaces that interact with the brain at high bandwidth and integrate with advanced AI, reportedly locked up a $252 million seed round. According to reports, was the largest backer.

4. , $250M, biotech: San Diego-based Mirador Therapeutics, a precision medicine startup developing therapies for immune-mediated inflammatory and fibrotic diseases, it closed on $250 million in Series B funding. The company said the round brings total capital raised to more than $650 million since it launched in March 2024.

5. (tied) , $200M, defense tech: Defense tech startup Onebrief has raised another $200 million and reportedly acquired a small battle simulation company, . and led the Series D funding for Honolulu-based Onebrief, which makes AI-driven collaborative and planning software used for military operations.

5. (tied) , $200M, media: , an Ethereum treasury company, that it made a $200 million equity investment into Beast Industries 鈥� also known as MrBeast 鈥� the Greenville, South Carolina-based entertainment and consumer products company founded by creator .

7. , $175M, aerospace: Long Beach, California-based JetZero, a developer of planes with much higher fuel efficiency and lower carbon emissions than existing commercial airliners, picked up $175 million in Series B financing led by . Founded in 2020, JetZero says it is looking to enter commercial service in the early 2030s.

8. , $143M, voice AI: Deepgram, an API platform for voice AI, secured $130 million in Series C funding led by at a $1.3 billion valuation. San Francisco-based Deepgram also announced that it acquired , an AI voice platform for restaurants and drive-thru operators.

9. , $136M, defense tech: Colorado Springs, Colorado-based Defense Unicorns, a provider of software delivery for national security mission systems, locked up $136 million in a Series B round led by .

10. (tied) , $120M, robotics: Mytra, a developer of industrial robotics technology for warehouse operations, raised $120 million in a Series C round led by . Founded in 2022, Brisbane, California-based Mytra has raised close to $200 million to date, .

10. (tied) , $120M, AI for manufacturers: Boston-based Tulip Interfaces, a developer of AI-enabled tools for manufacturers to digitize processes and improve production, says it secured $120 million in Series D funding backed by .

Methodology

We tracked the largest announced rounds in the 禁漫天堂 database that were raised by U.S.-based companies for the period of Jan. 10-16. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

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Venture and growth investors poured $425 billion into more than 24,000 private companies in 2025, per 禁漫天堂 data. Funding gained 30% year over year, up from $328 billion in 2024.

All told, 2025 was the third-highest venture financing year on record, 禁漫天堂 data shows, trailing only the peak years of 2021 and 2022.

Table of Contents

• Higher valuations, billion-dollar rounds
• US venture gains
• Industry analysis
• Quarterly funding
• Concentration and liquidity
• Methodology
• Glossary of funding terms

Higher valuations, billion-dollar rounds

Year-over-year funding growth concentrated in the largest rounds and in the AI sector, 禁漫天堂 data shows. OpenAI, , , and each raised more than $5 billion in 2025. These five companies alone raised $84 billion, or 20% of venture capital funding in 2025 鈥� an unprecedented amount for the largest fundings in any given year.

As a result, The 禁漫天堂 Unicorn Board approached $7.5 trillion in value at the close of 2025, showing a more than $2 trillion increase in value compared to the close of 2024. That surge was driven in large part by the most valuable private companies including SpaceX (now with an $800 billion valuation), OpenAI ($500 billion), ($480 billion) and Anthropic ($183 billion). This gain in value was well above 2024 with a $400 billion rise by year end.

US venture gains

Last year was the second-highest year on record for U.S. startup funding as capital concentrated into the largest AI companies.

The U.S. also gained market share last year. Around $274 billion in startup capital was invested in U.S.-based companies in 2025, per 禁漫天堂 data, representing 64% of global startup funding. That鈥檚 up from 56% of global venture investment in 2024. Contrast that with 2019 through 2023, when the U.S. market represented around 47% to 48% of global venture capital.

Industry analysis

Roughly 50% of all global venture funding in 2025 went to companies in AI-related fields, making artificial intelligence the leading sector for funding, as it was for the past three years.

Venture funding to AI reached $211 billion 鈥� up 85% year over year from $114 billion in 2024 鈥斅牻焯� data shows. Funding to the AI sector in 2025 surpassed every year in the past decade, including the peak global funding year of 2021.

The second-largest industry in 2025 was healthcare and biotech with around $71.7 billion in funding, up slightly from 2024 amounts. Financial services was the third-largest sector for venture investment, receiving $52 billion. That鈥檚 up from $41 billion in 2024.

Other industries where funding gained ground year over year include aerospace, robotics, developer tools, cryptocurrency and defense.

Quarterly funding

The past five quarters鈥� funding totals have all been higher than previous quarters, driven by a surge in late-stage global funding. Funding in Q4 2025 was up 14% year over year and 13% quarter over quarter, reaching over $113 billion.

Late-stage funding in the fourth quarter totaled $66.5 billion, up slightly quarter over quarter and year over year, 禁漫天堂 data shows. The largest late-stage rounds went to automated coding, energy, semiconductors, prediction markets and image-generation companies.

Early-stage funding reached $37 billion, up 20% quarter over quarter and up 36% year over year. Large early-stage rounds went to automated coding, security, robotics, self-driving and blockchain companies.

Seed funding reached $9.9 billion in Q4, flat quarter over quarter and up 12% year over year. Of those larger seed rounds, deals $20 million and larger accounted for just over a quarter of seed funding. (Seed fundings are often added to the 禁漫天堂 dataset after the close of a quarter, with counts increasing over time.)

Concentration and liquidity

Last year was marked by capital concentration. Of the 10 most highly valued private companies, seven raised new funding at significantly higher valuations in 2025.

Close to 60% of invested capital went to 629 companies that raised rounds of $100 million or more, 禁漫天堂 data shows. More than a third of global funding went to 68 companies that raised rounds of $500 million or more in 2025, compared to 24% of funding in 2024.

Meanwhile, global M&A in 2025 was the second-highest year on record. For the U.S. M&A market, 2025 dealmaking was the highest 鈥� even a notch higher than 2021 鈥� with cybersecurity company Wiz acquired by Google in the largest M&A deal for a venture-backed company over all time.

The IPO market also opened up in 2025. With investors placing bigger bets on the most highly valued private companies, larger IPOs for venture-backed companies appear more likely in 2026 鈥� another catalyst for venture funding to grow again this year.

Methodology

The data contained in this report comes directly from 禁漫天堂, and is based on reported data. Data is as of Jan. 4, 2026.

Note that data lags are most pronounced at the earliest stages of venture activity, with seed funding amounts increasing significantly after the end of a quarter/year.

Please note that all funding values are given in U.S. dollars unless otherwise noted. 禁漫天堂 converts foreign currencies to U.S. dollars at the prevailing spot rate from the date funding rounds, acquisitions, IPOs and other financial events are reported. Even if those events were added to 禁漫天堂 long after the event was announced, foreign currency transactions are converted at the historic spot price.

Glossary of funding terms

Seed and angel consists of seed, pre-seed and angel rounds. 禁漫天堂 also includes venture rounds of unknown series, equity crowdfunding and convertible notes at $3 million (USD or as-converted USD equivalent) or less.

Early-stage consists of Series A and Series B rounds, as well as other round types. 禁漫天堂 includes venture rounds of unknown series, corporate venture and other rounds above $3 million, and those less than or equal to $15 million.

Late-stage consists of Series C, Series D, Series E and later-lettered venture rounds following the 鈥淪eries [Letter]鈥� naming convention. Also included are venture rounds of unknown series, corporate venture and other rounds above $15 million. Corporate rounds are only included if a company has raised an equity funding at seed through a venture series funding round.

Technology growth is a private-equity round raised by a company that has previously raised a 鈥渧enture鈥� round. (So basically, any round from the previously defined stages.)

Related 禁漫天堂 queries:

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Total valuations at the IPO price for these billion-dollar listings have reached $125 billion so far 鈥斅爉ore than doubling year over year.

鈥淐oming into 2025, folks were optimistic about the IPO market,鈥� said , a corporate partner at legal advisory firm who worked on the and IPOs on the issuer side and on as counsel for the underwriters.

There were a number of high-profile IPOs in 2025 before the government shutdown chilled the market, said Singh, who expects Q1 to be busier due to the hold up.

If interest rates continue to come down, he predicts a pretty good IPO market in 2026. 鈥淚t is a fairly conducive macroeconomic environment,鈥� Singh said.

In this market, 鈥渁 profitable company 鈥� particularly one that either is an AI play or has a good story of how AI will be a tailwind for their business 鈥� are good candidates for a 2026 IPO,鈥� he said.

2025 listings

Among the larger and most high-profile companies to list this year were New Jersey-based AI data center CoreWeave, San Francisco-based design platform Figma, San Francisco-based digital bank , and Sweden-based buy now, pay later fintech giant .

Among these four leading companies, CoreWeave was the best performing stock as of Dec. 16, 2025, having gained over 60% from its listing price.

Crypto valuations up

Leading sectors for the 23 U.S.-based billion-dollar listings were biotech and healthcare with six companies, blockchain and crypto with four companies, fintech with three companies, and聽 insurance and aerospace each with two companies.

The sectors overall that performed well were cryptocurrency and blockchain companies with New York-based stablecoin provider , San Francisco-based cryptocurrency exchange , and San Francisco-based blockchain lending firm all up from their listing prices, while New York-based crypto exchange platform lagged behind.

These 23 companies’ listing prices totaled $125 billion. That was well above the past three years, but below values seen in 2019 and 2020 before the IPO market took off in 2021.

Singh predicts in the back half of 2026 we will see some bigger listings. While there is this trend of staying private for longer, 鈥測ou can鈥檛 match public market liquidity.鈥�

鈥淭here’s still some uncertainty on valuations. As we see more of the tech IPOs go out, I think the valuations will stabilize, people will get a better sense of investor demand, and so hopefully we’ll see a more certain valuation environment,鈥� he said.

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This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding deal roundup here.

With the winter holiday season nearly upon us, this was likely the last busy week of 2025 for big funding announcements. And as weeks go, it was certainly an active one.

Perennial megaround raiser was the top funding recipient by far, securing a fresh $4 billion in Series L funding (yes, that is a thing) at a $134 billion valuation. Next on the list were data security platform and nuclear microreactor company , followed by startups in healthcare, biotech, fintech and AI.

1. , $4B, data and AI: Databricks that it is raising over $4 billion in a Series L financing at a $134 billion valuation, led by , and . The 12-year-old, San Francisco-headquartered company also said it crossed the $4.8 billion revenue run-rate in its third quarter,聽 growing聽 over 55% year over year.

2. , $400M, cybersecurity: New York-based Cyera, provider of an AI-enabled data security platform, reportedly $400 million in a funding round led by at a $9 billion valuation. The financing brings total funding to date for the 4-year-old company to $1.7 billion.

3. , $300M, nuclear power: Radiant, a maker of portable nuclear microreactors, it closed on over $300 million in Series D funding led by and . The El Segundo, California-based company said it plans to break ground early next year on a factory in Oak Ridge, Tennessee.

4. , $250M, healthcare software: Tebra, a provider of patient record software for healthcare private practices, says it raised $250 million in equity and debt financing to invest in AI and automation. led the equity financing, which constituted most of the round, while provided the debt funding for the Corona del Mar, California-based company.

5. (tied) , $150M, fintech: New York-based Imprint, a provider of credit cards affiliated with consumer brands, raised $150 million in Series D funding at a $1.2 billion valuation. led the round, with participation from , , , and .

5. (tied) , $150M, satellite intelligence: HawkEye 360, a provider of technology to detect, geolocate and characterize radio-frequency emissions, says it landed $150 million in Series E equity and debt financing. and co-led the equity funding, while provided the debt. The Herndon, Virginia company says it also completed its acquisition of .

7. , $130M, biotech and AI: Chai Discovery, a startup that uses AI to predict and reprogram interactions between biochemical molecules, landed $130 million in a Series B round. and led the financing, which set a $1.3 billion valuation for the San Francisco-based company.

8. (tied) , $125M, biotech: Irvine, California-based Ambros Therapeutics launched publicly with a $125 million Series A financing co-led by and ‘s strategic health care investment arm . The company licensed the rights to neridronate, which is used to treat Complex Regional Pain Syndrome.

8. (tied) , $125M, microprocessors: Mythic, an Austin-based startup developing semiconductor architecture to make AI computing more energy efficient, raised $125 million in a funding round led by and joined by a long list of venture investors.

10. , $120M, biotech: Cambridge, Massachusetts-based Atavistik Bio, a developer of聽 allosteric small molecule therapeutics, raised $120 million in Series B funding led by and . Founded in 2021, Atavistik has raised $220 million in known funding to date, per .

Methodology

We tracked the largest announced rounds in the 禁漫天堂 database that were raised by U.S.-based companies for the period of Dec. 13-19. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

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