Venture capitalists poured US$192.7 billion into artificial intelligence start-ups so far this year, setting new global records and putting 2025 on track to be the first year in which more than half of total VC dollars went into the industry, according to data provider PitchBook.
Most of the capital went to established start-ups – Anthropic and xAI both raised billions in funding this quarter – while some other lesser-known upstarts struggled, especially companies that are not focused on AI.
The hangover of a tight environment for public listings and acquisitions has also left some venture investors unwilling to make new bets on unproven companies, PitchBook found.
“Everywhere we look, the market is bifurcated,” said Kyle Sanford, a PitchBook director of research. “You’re in AI, or you’re not. You’re a big firm, or you’re not.”
In the most recent quarter, US-based VCs dedicated 62.7 per cent of dollars invested to AI companies, while global investors allocated 53.2 per cent.
