US Venture Capital Concentrates on AI as Massive Deals Dominate Funding Landscape

U.S. venture capital activity in the first half of the year has become sharply focused on artificial intelligence and critical infrastructure, with 88% of total deal value flowing into those sectors. This shift has driven a surge in overall funding volumes to historic highs, yet the capital is increasingly concentrated in a few very large rounds.

In May, the most active investors such as Andreessen Horowitz, General Catalyst and Y Combinator led or co‑led several multi‑billion‑dollar deals, including Anduril’s $5 billion Series H and Anthropic’s $50 billion Series H. Other top spenders—Sequoia Capital, Altimeter Capital, Dragoneer and Greenoaks—joined the Anthropic round, underscoring the dominance of AI‑centric investments. The trend signals that U.S. investors are prioritising capital efficiency and defensible technology over sheer deal count, rewarding startups with strong AI differentiation and clear paths to profitability.