PitchBook: The State of Consumer AI, the asset class is a bet on 10 companies

PitchBook's 57-page study of consumer AI fundraising, exits and demand. Two findings matter most for builders: the top 10 consumer AI unicorns now hold 79.4% of the category's total value (up from 61.7% in 2024), so consumer AI returns are concentrated in a handful of names; and early-stage dollar losses come from a fat tail of overfunded rounds: 34.8% of seed dollars fail against a 16.1% company failure rate, with the median failed and successful seed rounds almost identical in size ($3.9M vs $3.7M). The report's portfolio read is a barbell of disciplined seed checks and concentrated Series B positions, where survival is 97.1%. If you are raising a consumer AI seed, keep the round sized to the plan.