United States vs China: startup funding compared

The United States. Since 2 June 2025, startups in the United States raised $487.4B across 2,833 rounds, against $28.3B across 64 rounds in China, 17.3 times more. That is 70% and 4.0% of all the capital FundraiseBase tracked worldwide over the period.

2,833 rounds in the United States and 64 rounds in China since 2 June 2025, about 157 and 4 a month.

The median round is $20M in the United States and $112M in China, and the average round $172M and $441M. The median shows the typical round; the average is pulled up by a few very large ones.

The biggest startup rounds in the United States since 2 June 2025 are OpenAI ($122B, 31 Mar 2026), Anthropic ($65B, Series H, 28 May 2026) and Anthropic ($30B, Series G, 12 Feb 2026).

The biggest startup rounds in China since 2 June 2025 are DeepSeek ($15B, 22 Oct 2026), Moonshot AI ($3.5B, Series F, 30 Jul 2026) and StepFun ($717M, 26 Jan 2026).

In the United States, AI ($381.8B, 78% of the capital), Robotics & Hardware ($25.4B, 5%) and Health ($21.5B, 4%) lead. In China, AI ($23.8B, 84% of the capital), Robotics & Hardware ($2.1B, 8%) and Health ($765M, 3%) lead.

Early-stage rounds (Pre-Seed, Seed and Series A) make up 57% of rounds in the United States and 27% in China. The United States recorded 883 Pre-Seed or Seed rounds and China 6 Pre-Seed or Seed rounds, with a median of $6M and $41.9M.

Startups in the United States raised $232.3B in 711 Series B or later rounds, 48% of the country's capital. In China, $6.1B in 19 rounds, 22% of the capital.

Y Combinator (178 rounds, 16 led), Andreessen Horowitz (130 rounds, 65 led) and General Catalyst (110 rounds, 39 led) are the most active investors in the United States.

Qiming Venture Partners (7 rounds, 2 led), IDG Capital (6 rounds, 5 led) and 5Y Capital (5 rounds) are the most active investors in China.

34 investors joined rounds in both countries. The most active: OrbiMed (12 in the United States, 3 in China), Temasek (10 in the United States, 2 in China), Matrix Partners (9 in the United States, 1 in China), Prosperity7 Ventures (9 in the United States, 1 in China) and HSG (6 in the United States, 3 in China).

San Francisco leads the United States with $133.5B across 529 rounds, ahead of New York ($26.1B). Beijing leads China with $6.8B across 19 rounds, ahead of Shanghai ($1.2B).

In the United States, March 2026 ($133.9B). In China, October 2026 ($15.5B).

In the 90 days to 12 Nov 2026, startups in the United States raised $49.4B across 397 rounds and in China $17.2B across 13 rounds.

FundraiseBase lists startup funding rounds from public announcements: press releases, company posts and news coverage, checked and updated every day. Amounts are in US dollars. Some rounds are never announced, so the figures show what was made public, not every round. Corrections are welcome.