Global venture capital reached $120.7 billion in Q3 2025, the fourth straight quarter of growth, according to KPMG’s Venture Pulse Report. AI dominated funding flows, with Anthropic ($13B), xAI ($10B), and Mistral ($1.5B) among the largest rounds. From the U.S. to Europe and Canada, investors are pouring record sums into both model builders and applied AI startups—cementing AI as the gravity well of global VC.

The AI sector has entered an era of unprecedented valuations — with Thinking Machines raising the largest seed round in history and nearly half of all venture capital now flowing into AI. As M.G. Siegler noted on spyglass, OpenAI leads with a $500B secondary valuation, while Anthropic, xAI, and others are pushing past the $100B mark. But as the race tilts from technology to market share and data access, smaller players remain crucial, driving innovation and attracting the att

Global VC funding hit $91 billion in Q2, with nearly half flowing into AI—a clear sign that the AI boom is driving unprecedented investment momentum - based on Fortune and Crunchbase