U.S. startup funding hits record $157 billion in 2025, 70% in mega-rounds

U.S. startup funding surged to $157 billion year-to-date, with 70% of investments exceeding $100 million. AI-focused firms such as OpenAI’s $40 billion SoftBank-backed round led the boom. Analysts credit record dry powder from venture funds and sovereign wealth allocations to late-stage technology ventures. Despite valuations peaking, strong enterprise AI adoption continues to attract multi-billion-dollar follow-ons through Q4 2025.