Bloomberg Technology

VC Dealmaking Sets Record, But Nearly All Funds Go to AI

The video highlights a record‑breaking venture‑capital fundraising year, but the surge is overwhelmingly concentrated in artificial‑intelligence startups. Data shows that 91% of the capital was allocated to deals of $100 million or more, with five AI companies alone absorbing 73% of that large‑deal pool, while traditional enterprise SaaS and other non‑AI businesses are largely left out. Key points include a stark funding disparity: roughly 25% of U.S. unicorns haven’t raised since 2022, and many “zombie” firms are stuck in down‑rounds or forced to consider SPAC exits. Sequoia’s announced $7 billion expansion underscores limited partners’ appetite for late‑stage AI exposure, and the market’s focus on a handful of headline names like Anthropic, SpaceX, and Databricks. Notable remarks from the panelists stress that companies will stay private longer, with VCs and LPs eager to maintain stakes in AI leaders that may delay IPOs. References to SpaceX’s confidential filing, Discord’s stalled public debut, and Figma’s post‑Anthropic rally illustrate how the broader IPO pipeline is waiting on AI giants to set valuation benchmarks. The concentration of capital raises concerns for non‑AI innovators, who face a funding vacuum and heightened competitive pressure. Investors’ focus on AI also postpones public market exits, potentially inflating private‑round valuations and reshaping the venture‑capital landscape toward a few dominant players.