PitchBook: US venture funding soars to record $267B as OpenAI, Anthropic and xAI dominate AI deals

US venture capital activity rose to unprecedented levels in the first quarter of 2026, driven by a small number of artificial intelligence deals that reshaped the market profile, according to the first quarterly PitchBook-NVCA Venture Monitor report released early Friday.

According to the report, a total of 267.2 billion dollars was recorded in the quarter, more than double the previous quarter’s record, although the total was concentrated in a few companies.

To no one’s surprise, much of that capital went to leading intelligence agencies. The biggest deals in the quarter included OpenAI Group PBC raising $122 billion, followed by $30 billion for Anthropic PBC, $20 billion for xAI Inc. and $16 billion for Waymo.

Databricks Inc. it also raised $7 billion, with five deals representing 73% of total US venture deal value during the quarter.

Aside from those transactions, underlying investment activity remained steady, with $72.2 billion spread across approximately 4,595 deals, broadly in line with recent positions.

AI accounted for 89% of the total deal value in the US during the quarter, and AI continues to be seen as a key requirement for attracting investment across sectors, including healthcare, business technology and consumer applications. The fundraising also highlights the widening gap between a few large AI platforms and the broader startup ecosystem.

Ahead, total outflows reached $347.3 billion in the quarter, setting a new quarterly record, though much of that amount was driven by SpaceX Inc.’s acquisition of xAI. of 250 billion. Excluding the xAI deal, outflows reached $97.3 billion which was the strongest quarter since late 2021, indicating a gradual recovery in credit conditions.

Other notable exits completed this quarter include Google LLC’s $32 billion acquisition of Wiz Inc., the largest venture-backed company acquisition on record, and the purchase of Marvell Technology Inc. of Celestial AI Inc. of $6 billion and Palo Alto Networks Inc.’s $3.4 billion acquisition Inc. of Chronosphere Inc.

In the initial public offering, there were positive signs, with listings based on 15 businesses in the quarter. The number puts 2026 at around 60 IPOs, slightly more than 2025 but still below historical norms.

Fundraising activity has also shown signs of improvement but, as in 2025, remains uneven.

Venture capital raised $47.8 billion in the quarter, although the bulk of the money was concentrated among a few established managers. Thrive Capital Management LLC’s $9 billion growth fund accounted for nearly one-fifth of total commitments, highlighting the ongoing challenges for emerging managers seeking institutional backing in a more selective fundraising environment.

Across the Atlantic in Europe, deal VC activity started the year strong, boosted by several large rounds involving AI startups. The report notes, however, that Europe’s VC fundraising situation in the first quarter overall remained subdued, with figures consistent with a weak outlook for 2025 amid a difficult fundraising environment.

In the Asia Pacific region, the quarter was on track with the latest quarterly run estimates, around 3,000 to 3,500 deals per quarter from 2023. Exit activity remains a clear bottleneck in the Asian VC ecosystem, with both deal count and value down since 2023 with no noticeable change in the first quarter.

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