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

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

According to the report, $267.2 billion in deal value was recorded during the quarter, more than doubling the previous quarterly record, though the total was heavily concentrated among a handful of companies.

To the surprise of no one, a significant portion of that capital flowed into leading artificial intelligence firms. Big deals in the quarter included OpenAI Group PBC raising $122 billion in funding, followed by $30 billion for Anthropic PBC, $20 billion for xAI Inc. and $16 billion for Waymo.

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

Excluding those transactions, underlying investment activity remained relatively stable, with $72.2 billion spread across an estimated 4,595 deals, broadly in line with recent quarters.

AI accounted for 89% of total deal value in the U.S. in the quarter, with AI increasingly viewed as a core requirement for attracting capital across sectors, including healthcare, enterprise technology and consumer applications. The concentration of funding also highlights a widening gap between a few large-scale AI platforms and the broader startup ecosystem.

On the exit front, exit value reached $347.3 billion for the quarter, setting a new quarterly record, though much of that sum was driven by SpaceX Inc.’s $250 billion acquisition of xAI. Excluding the xAI deal, exit activity reached $97.3 billion which was the strongest quarter since late 2021, indicating a gradual recovery in liquidity conditions.

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

For initial public offerings, there were also some positive signs, with 15 venture-backed listings in the quarter. The number puts 2026 on pace for about 60 IPOs, slightly above 2025 but still below historical norms.

Fundraising activity also showed signs of improvement but, like through 2025, remained uneven.

Venture funds raised $47.8 billion during the quarter, though capital 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 ongoing challenges for emerging managers seeking institutional backing in a more selective fundraising environment.

Across the Atlantic in Europe, VC deal activity commenced the year strongly, buoyed by several large rounds involving AI startups. The report does note, however, that the European VC fundraising landscape in the first quarter overall remained subdued, with figures relatively consistent with a weak showing in 2025 amid the tough capital-raising environment.

In the Asia Pacific region, the quarter was on track with recent quarterly run rates, roughly 3,000 to 3,500 deals per quarter since 2023. Exit activity remained the clearest constraint on the Asian VC ecosystem, with both deal count and value having been flat to down since 2023 with no visible inflection in the first quarter.

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