VC
PitchBook Q2 2026 AI Report: $407B raised in H1 as megadeals dominate
PitchBook's quarterly AI venture report. The headline numbers: AI startups raised $407B across 3,500 deals in the first half of 2026, more than all of 2025 ($264.1B); Q2 alone was $144.4B. Horizontal platforms (the frontier labs) took 70.8% of deal value while vertical applications were 62.9% of deal count but only 12.9% of dollars; exits hit a decade-high $391.1B; the median venture-growth pre-money valuation rose 204% to $953.8M. PitchBook is most bullish on horizontal platforms and AI semiconductors. For a founder raising now, this is the data on where the money concentrates and what late-stage rounds are being priced at.
Companies in this report
