U.S. venture capital activity surged to a record $267.2 billion in Q1 2026, largely fueled by massive artificial intelligence deals.
OpenAI Group PBC raised $122 billion, followed by Anthropic PBC at $30 billion, xAI Inc. at $20 billion, and Waymo at $16 billion. Databricks Inc. added $7 billion, with these five deals accounting for 73% of total deal value.
Excluding these big AI plays, underlying investment activity held steady at $72.2 billion across 4,595 deals. AI represented 89% of total deal value, highlighting its central role in attracting capital.
Exit activity also hit a record of $347.3 billion, driven mostly by SpaceX Inc.’s $250 billion acquisition of xAI. Without that deal, exits totaled $97.3 billion, marking the strongest quarter since late 2021.
Notable exits included Google LLC’s $32 billion acquisition of Wiz Inc., Marvell Technology Inc.’s $6 billion purchase of Celestial AI Inc., and Palo Alto Networks Inc.’s $3.4 billion acquisition of Chronosphere Inc.
IPOs saw 15 venture-backed listings, putting 2026 on track for about 60, slightly above 2025 but below historical averages. Fundraising remains uneven, with $47.8 billion raised-mostly by established managers like Thrive Capital Management LLC’s $9 billion fund.
Europe’s VC landscape started strong but remained subdued, while Asia-Pacific continued flat in exits despite steady deal counts.