Monthly edition

November 2025

468 rounds and $21.1B raised. The biggest: Anysphere (Cursor), $2.3B.

Rounds
468 -17%
Capital raised
$21.1B -11%
Median round
$7.5M -7%

vs October 2025

The month in charts

AI took 57% of the capital this month, up from 40% in October. $21.1B in all, down 11% on October.

The 10 biggest rounds

The 10 biggest rounds raised $8.8B, 42% of the total.

The 10 biggest rounds, November 2025Anysphere (Cursor): $2.3B; Lambda: $1.5B; Luma AI: $900M; Kraken: $800M; X-energy: $700M; Physical Intelligence: $600M; CHAOS Industries: $510M; Clio: $500M; Metropolis: $500M; Ripple: $500M Anysphere (Cursor) $2.3B · Series D Lambda $1.5B · Series E Luma AI $900M · Series C Kraken $800M · Growth X-energy $700M · Series D Physical Intelligence $600M C CHAOS Industries $510M · Series D Clio $500M · Series G Metropolis $500M · Series D Ripple $500M · Strategic

Mega-rounds against the rest

44 of 468 rounds made 72% of the capital.

9% of the rounds were of $100M or more 9%of the rounds44 of 46872% of the capital came from rounds of $100M or more 72%of the capital$15.2B of $21.1B
Rounds of $100M or more, November 2025
RoundsCapital
$100M or more44$15.2B
The rest424$6B

Capital raised per day

The busiest day: Thu 13 Nov, $3.9B across 34 rounds.

Capital raised per day, November 2025 Sat 1 Nov: $0K, 0 rounds; Sun 2 Nov: $0K, 0 rounds; Mon 3 Nov: $543M, 24 rounds; Tue 4 Nov: $767M, 30 rounds; Wed 5 Nov: $1.5B, 30 rounds; Thu 6 Nov: $867M, 27 rounds; Fri 7 Nov: $89.7M, 6 rounds; Sat 8 Nov: $0K, 0 rounds; Sun 9 Nov: $0K, 0 rounds; Mon 10 Nov: $1B, 13 rounds; Tue 11 Nov: $427M, 22 rounds; Wed 12 Nov: $1.3B, 38 rounds; Thu 13 Nov: $3.9B, 34 rounds; Fri 14 Nov: $443M, 12 rounds; Sat 15 Nov: $0K, 0 rounds; Sun 16 Nov: $0K, 0 rounds; Mon 17 Nov: $1.2B, 31 rounds; Tue 18 Nov: $3.3B, 37 rounds; Wed 19 Nov: $2.2B, 34 rounds; Thu 20 Nov: $1.4B, 28 rounds; Fri 21 Nov: $670M, 12 rounds; Sat 22 Nov: $0K, 0 rounds; Sun 23 Nov: $0K, 0 rounds; Mon 24 Nov: $876M, 18 rounds; Tue 25 Nov: $206M, 25 rounds; Wed 26 Nov: $154M, 23 rounds; Thu 27 Nov: $109M, 16 rounds; Fri 28 Nov: $98.4M, 7 rounds; Sat 29 Nov: $0K, 0 rounds; Sun 30 Nov: $1.7M, 1 round $2B$4B 1 3 10 17 24 $3.9B W45$3.7B W46$7.1B W47$8.8B W48$1.4B
Capital raised per day, November 2025
DayRoundsCapitalBiggest round
Sat 1 Nov0$0K
Sun 2 Nov0$0K
Mon 3 Nov24$543MAAVantgarde Bio, $141M
Tue 4 Nov30$767MBeacon Software, $250M
Wed 5 Nov30$1.5BRipple, $500M
Thu 6 Nov27$867MMetropolis, $500M
Fri 7 Nov6$89.7MUpway, $60M
Sat 8 Nov0$0K
Sun 9 Nov0$0K
Mon 10 Nov13$1BClio, $500M
Tue 11 Nov22$427MWonderful, $100M
Wed 12 Nov38$1.3Bd-Matrix, $275M
Thu 13 Nov34$3.9BAnysphere (Cursor), $2.3B
Fri 14 Nov12$443MFirmus Technologies, $326M
Sat 15 Nov0$0K
Sun 16 Nov0$0K
Mon 17 Nov31$1.2BRamp, $300M
Tue 18 Nov37$3.3BLambda, $1.5B
Wed 19 Nov34$2.2BLuma AI, $900M
Thu 20 Nov28$1.4BPhysical Intelligence, $600M
Fri 21 Nov12$670MPicnic, $495M
Sat 22 Nov0$0K
Sun 23 Nov0$0K
Mon 24 Nov18$876MX-energy, $700M
Tue 25 Nov25$206MOverstory, $43M
Wed 26 Nov23$154MEasycep, $45M
Thu 27 Nov16$109MSquare Yards, $35M
Fri 28 Nov7$98.4MRipplr, $45M
Sat 29 Nov0$0K
Sun 30 Nov1$1.7MNéosylva, $1.7M

Where the capital went

AI raised $12.1B, 57% of the capital. Choose a sector to filter the rounds below.

Capital by sector, November 2025 57% AI AI $12.1B 214 rounds 57% Health $1.7B 50 rounds 8% Robotics & Hardware $1.4B 34 rounds 7% Web3 $1.4B 10 rounds 7% Climate & Energy $1.2B 27 rounds 6% Other sectors $3.4B 133 rounds 16%
Capital by sector, November 2025
SectorCapitalShareRounds
AI$12.1B57%214
Health$1.7B8%50
Robotics & Hardware$1.4B7%34
Web3$1.4B7%10
Climate & Energy$1.2B6%27
Other$861M4%26
Fintech$844M4%27
Enterprise software$636M3%41
Cybersecurity$634M3%9
Consumer$403M2%30

Most active investors

Y Combinator joined 16 rounds, leading 1, more than any other investor.

Most active investors, November 2025Y Combinator: 16 rounds, 1 led; Andreessen Horowitz: 10 rounds, 5 led; General Catalyst: 10 rounds, 5 led; Sequoia Capital: 8 rounds, 3 led; Antler: 8 rounds, 2 led; Menlo Ventures: 6 rounds, 3 led; Khosla Ventures: 6 rounds, 2 led; Kima Ventures: 6 rounds, 1 led; Inflection Point Ventures: 5 rounds, 5 led; Lightspeed Venture Partners: 5 rounds, 3 ledLedJoined Y Combinator 16 rounds · 1 led Andreessen Horowitz 10 rounds · 5 led General Catalyst 10 rounds · 5 led Sequoia Capital 8 rounds · 3 led Antler 8 rounds · 2 led Menlo Ventures 6 rounds · 3 led Khosla Ventures 6 rounds · 2 led Kima Ventures 6 rounds · 1 led Inflection Point Ventures 5 rounds · 5 led Lightspeed Venture Partners 5 rounds · 3 led

The investor race, last 6 weeks

Ranked by rounds joined so far. Y Combinator finished first with 27 rounds over the last 6 weeks.

The investor race, the last 6 weeksY Combinator: ranks 1, 1, 1, 1, 1, 1, 27 rounds; General Catalyst: ranks 3, 2, 2, 2, 2, 2, 17 rounds; Sequoia Capital: ranks 2, 3, 3, 3, 3, 3, 14 rounds; Andreessen Horowitz: ranks 4, 4, 4, 4, 4, 4, 11 rounds; Antler: ranks 5, 5, 5, 5, 5, 5, 9 rounds W43W44W45W46W47W48 Y Combinator 27 rounds · 3 led General Catalyst 17 rounds · 6 led Sequoia Capital 14 rounds · 3 led Andreessen Horowitz 11 rounds · 5 led Antler 9 rounds · 2 led
Rounds joined so far, the last 6 weeks
InvestorWeek 43Week 44Week 45Week 46Week 47Week 48
Y Combinator41114162427
General Catalyst3711131517
Sequoia Capital368121414
Andreessen Horowitz01361111
Antler013379

Where the rounds were

United States raised $15.6B, 74% of the capital. Rounds in 42 countries, 1 with no country disclosed.

Capital by country, November 2025United States: $15.6B; Canada: $755M; Netherlands: $693M; India: $502M; Israel: $469M; Switzerland: $422M; Germany: $393M; Australia: $389M; France: $348M; United Kingdom: $338M; Denmark: $187M; Italy: $177M United States $15.6B · 149 rounds Canada $755M · 3 rounds Netherlands $693M · 18 rounds India $502M · 74 rounds Israel $469M · 11 rounds Switzerland $422M · 19 rounds Germany $393M · 24 rounds Australia $389M · 13 rounds

The cities that raised

San Francisco raised $7.2B, more than all of Europe ($3B). Rounds from 85 cities.

Capital by city, November 2025San Francisco: $7.2B; Palo Alto: $1.6B; New York: $1B; Amsterdam: $632M; Seattle: $540M; Vancouver: $500M; Tel Aviv: $444M; San Diego: $385M; Santa Clara: $298M; Cambridge: $250M; Philadelphia: $250M; Toronto: $250M San Francisco $7.2B · 33 rounds Palo Alto $1.6B · 8 rounds New York $1B · 22 rounds Amsterdam $632M · 10 rounds Seattle $540M · 3 rounds Vancouver $500M · 1 round

Rounds by stage

Seed was the most common stage: 165 rounds, median $3.5M. The median round size is under each column.

Rounds by stage, November 2025 51 Pre $1.2M 165 Seed $3.5M 89 A $18M 40 B $43M 11 C $126M 8 D $350M 4 E+ $325M 23 Growth $34M 77 Other $5.9M
Rounds by stage, November 2025
StageRoundsMedian round
Pre-Seed51$1.2M
Seed165$3.5M
Series A89$18M
Series B40$43M
Series C11$126M
Series D8$350M
Series E+4$325M
Growth23$34.1M
Other or undisclosed77$5.9M

Sectors against October 2025

Biggest gain: AI, +$2.5B. Biggest drop: Health, -$2.5B. Change in capital raised. Only where both periods have rounds.

Change in capital by sectors, November 2025 against October 2025AI: +$2.5B; Web3: +$1.2B; Robotics & Hardware: +$292M; Cybersecurity: +$196M; Fintech: -$230M; Enterprise software: -$682M; Climate & Energy: -$834M; Consumer: -$905M; Other: -$1.8B; Health: -$2.5B AI +$2.5B +26% Web3 +$1.2B ×6.5 Robotics & Hardware +$292M +26% Cybersecurity +$196M +45% Fintech -$230M -21% Enterprise software -$682M -52% Climate & Energy -$834M -41% Consumer -$905M -69% Other -$1.8B -67% Health -$2.5B -60%
Sectors against October 2025
SectorsNovember 2025October 2025Change
AI$12.1B$9.5B+$2.5B
Web3$1.4B$214M+$1.2B
Robotics & Hardware$1.4B$1.1B+$292M
Cybersecurity$634M$438M+$196M
Fintech$844M$1.1B-$230M
Enterprise software$636M$1.3B-$682M
Climate & Energy$1.2B$2.1B-$834M
Consumer$403M$1.3B-$905M
Other$861M$2.6B-$1.8B
Health$1.7B$4.1B-$2.5B

Countries against October 2025

Biggest gain: Canada, +$639M. Biggest drop: United States, -$1.1B. Change in capital raised. Only where both periods have rounds.

Change in capital by countries, November 2025 against October 2025Canada: +$639M; Netherlands: +$257M; India: -$135M; France: -$220M; Germany: -$287M; Finland: -$761M; United Kingdom: -$941M; United States: -$1.1B Canada +$639M ×6.5 Netherlands +$257M +59% India -$135M -21% France -$220M -39% Germany -$287M -42% Finland -$761M -85% United Kingdom -$941M -74% United States -$1.1B -7%
Countries against October 2025
CountriesNovember 2025October 2025Change
Canada$755M$116M+$639M
Netherlands$693M$436M+$257M
India$502M$637M-$135M
France$348M$568M-$220M
Germany$393M$680M-$287M
Finland$139M$900M-$761M
United Kingdom$338M$1.3B-$941M
United States$15.6B$16.7B-$1.1B
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