A Buffer Against Shocks Amid Concerns Over AI Spending
Investment Polarization Intensifies, With Top Performers Attracting Most Capital
According to a report by the Financial Times (FT) on December 28 (local time), citing data from PitchBook, Silicon Valley startups focused on artificial intelligence (AI) raised approximately $150 billion (about 215.205 trillion won) in funding this year. Investors have flocked to promising AI startups such as OpenAI and Anthropic with large sums of money.
This is the largest amount ever recorded, far surpassing the $92 billion raised in 2021.
Venture capitalists and industry experts predicted that this capital would both accelerate corporate growth and serve as a buffer to protect founders in the event of an investment slowdown, especially as the market begins to worry about massive AI infrastructure spending.
Lucas Swisher, Partner at Coatue, which has invested in OpenAI, Databricks, and SpaceX, said, "As the saying goes, 'make hay while the sun is shining,' we need to seize the opportunity now," adding, "Something unexpected could happen in 2026. You must strengthen your financial structure while the market presents opportunities."
This year’s surge in startup fundraising was driven by unprecedented mega-deals. These include OpenAI’s $41 billion fundraising led by Japan’s SoftBank, Anthropic’s $13 billion investment round in September, and Meta’s investment of over $14 billion in the data labeling startup Scale AI. In addition, coding agent group Anysphere, search company Perplexity, and AI research startup Thinking Machines Lab all secured multiple rounds of venture capital investment this year.
However, a gap between the haves and have-nots has also emerged in fundraising. According to Carta, a software company that tracks private market trends, startups typically raise new funding every two to three years on average. Recently, though, high-performing AI startups have been able to attract new investors within just a few months, even as smaller startups struggle to secure capital.
Ryan Biggs, Co-Head of Venture Investing at Franklin Templeton, said, "Investors are gravitating toward later-stage deals where there is greater certainty about who the winners will be," adding, "There are about a dozen companies that everyone wants to invest in, and for the rest, the environment is extremely challenging."
With the surge in AI startup investments this year, many venture capital firms have depleted their funds faster than expected. According to public disclosures and sources, major VCs such as Thrive Capital, Andreessen Horowitz, and Tiger Global have begun raising new funds. In December, Lightspeed Venture Partners and Dragoneer also raised new multibillion-dollar funds, which FT explained signals that leading startups could secure even more VC funding in 2026.
Investors noted that founders of major startups are further strengthening their financial positions in anticipation of acquisition opportunities. FT reported that this is a move to prepare for the possibility that, if investment sentiment worsens next year, smaller competitors may struggle to raise new capital.
Jeremy Kranz, founder of Sentinel Global and former Singapore sovereign wealth fund executive, said, "You need to fasten your seatbelt," adding, "If even a minor risk emerges in the public market, acquisition battles will break out every week."
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