Silicon Valley’s hottest start-ups have raised $150bn in funding this year as their financial backers advise them to build “fortress balance sheets” to protect them in case the artificial intelligence investment boom turns to bust in 2026.
PitchBook data showed that the biggest US private companies raised a record haul in 2025, smashing the previous high of $92bn raised in 2021, with investors rushing to back top AI groups such as OpenAI and Anthropic.
Venture capitalists and industry experts said the money would help insulate founders against an investment downturn as public markets begin to fret over heavy spending on AI infrastructure — as well as fuelling growth.
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