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Monthly edition

December 2025

289 rounds and $16.4B raised. The biggest: Databricks, $4B.

No rounds on November 2025 to compare with

Rounds
289 new
Capital raised
$16.4B new
Median round
$12M new

The month in charts

AI took 56% of the capital this month.

Mega-rounds against the rest

36 of 289 rounds made 74% of the capital.

12% of the rounds were of $100M or more 12%of the rounds36 of 28974% of the capital came from rounds of $100M or more 74%of the capital$12.2B of $16.4B
Rounds of $100M or more, December 2025
RoundsCapital
$100M or more36$12.2B
The rest253$4.3B

Capital raised per day

The busiest day: Tue 16 Dec, $4.5B across 24 rounds.

Capital raised per day, December 2025 Mon 1 Dec: $730M, 15 rounds; Tue 2 Dec: $1.9B, 21 rounds; Wed 3 Dec: $532M, 30 rounds; Thu 4 Dec: $470M, 19 rounds; Fri 5 Dec: $590M, 7 rounds; Sat 6 Dec: $0K, 0 rounds; Sun 7 Dec: $0K, 0 rounds; Mon 8 Dec: $1B, 16 rounds; Tue 9 Dec: $1.7B, 25 rounds; Wed 10 Dec: $1.2B, 24 rounds; Thu 11 Dec: $950M, 23 rounds; Fri 12 Dec: $50.4M, 4 rounds; Sat 13 Dec: $0K, 0 rounds; Sun 14 Dec: $0K, 0 rounds; Mon 15 Dec: $337M, 12 rounds; Tue 16 Dec: $4.5B, 24 rounds; Wed 17 Dec: $765M, 20 rounds; Thu 18 Dec: $739M, 13 rounds; Fri 19 Dec: $412M, 12 rounds; Sat 20 Dec: $0K, 0 rounds; Sun 21 Dec: $0K, 0 rounds; Mon 22 Dec: $111M, 7 rounds; Tue 23 Dec: $134M, 9 rounds; Wed 24 Dec: $121M, 2 rounds; Thu 25 Dec: $0K, 0 rounds; Fri 26 Dec: $9M, 1 round; Sat 27 Dec: $0K, 0 rounds; Sun 28 Dec: $0K, 0 rounds; Mon 29 Dec: $8.5M, 2 rounds; Tue 30 Dec: $105M, 2 rounds; Wed 31 Dec: $23.5M, 1 round $2B$4B$6B 1 8 15 22 29 $4.5B W49$4.3B W50$4.9B W51$6.8B W52$374M
Capital raised per day, December 2025
DayRoundsCapitalBiggest round
Mon 1 Dec15$730MBlack Forest Labs, $300M
Tue 2 Dec21$1.9BKalshi, $1B
Wed 3 Dec30$532MAntithesis, $105M
Thu 4 Dec19$470MCurative, $150M
Fri 5 Dec7$590MCastelion, $350M
Sat 6 Dec0$0K
Sun 7 Dec0$0K
Mon 8 Dec16$1BUnconventional AI, $475M
Tue 9 Dec25$1.7BSaviynt, $700M
Wed 10 Dec24$1.2BFervo Energy, $462M
Thu 11 Dec23$950MK2 Space, $250M
Fri 12 Dec4$50.4MAlphyn Biologics, $25M
Sat 13 Dec0$0K
Sun 14 Dec0$0K
Mon 15 Dec12$337MChai Discovery, $130M
Tue 16 Dec24$4.5BDatabricks, $4B
Wed 17 Dec20$765MRadiant, $300M
Thu 18 Dec13$739MLovable, $330M
Fri 19 Dec12$412MGalbot, $300M
Sat 20 Dec0$0K
Sun 21 Dec0$0K
Mon 22 Dec7$111MKargo, $42M
Tue 23 Dec9$134MArchitect Financial Technologies, $35M
Wed 24 Dec2$121MDP Technology, $114M
Thu 25 Dec0$0K
Fri 26 Dec1$9MDUX, $9M
Sat 27 Dec0$0K
Sun 28 Dec0$0K
Mon 29 Dec2$8.5MTraini, $7.5M
Tue 30 Dec2$105MCHAMP Titles, $55M
Wed 31 Dec1$23.5MAidoptation, $23.5M

Where the capital went

AI raised $9.3B, 56% of the capital. Choose a sector to filter the rounds below.

Capital by sector, December 2025 56% AI AI $9.3B 143 rounds 56% Climate & Energy $1.5B 16 rounds 9% Robotics & Hardware $1.2B 18 rounds 7% Health $1.1B 29 rounds 7% Fintech $762M 19 rounds 5% Other sectors $2.6B 64 rounds 16%
Capital by sector, December 2025
SectorCapitalShareRounds
AI$9.3B56%143
Climate & Energy$1.5B9%16
Other$1.3B8%11
Robotics & Hardware$1.2B7%18
Health$1.1B7%29
Fintech$762M5%19
Cybersecurity$735M4%7
Enterprise software$366M2%18
Consumer$132M<1%20
Web3$90.7M<1%8

The 10 biggest rounds

The 10 biggest rounds raised $8.2B, 50% of the total.

The 10 biggest rounds, December 2025Databricks: $4B; Kalshi: $1B; Saviynt: $700M; Unconventional AI: $475M; Fervo Energy: $462M; Castelion: $350M; Lovable: $330M; Airwallex: $330M; Galbot: $300M; Radiant: $300M Databricks $4B · Series L Kalshi $1B · Series E Saviynt $700M · Growth Unconventional AI $475M · Seed Fervo Energy $462M · Series E Castelion $350M · Series B Lovable $330M · Series B Airwallex $330M · Series G Galbot $300M Radiant $300M · Series D

Everyone who raised

289 companies raised $16.4B. A bigger tile is a bigger round.

Every company that raised, December 2025AFEOBEEVDLISLTPBAKLMCFOHOMHCKLFGZGThe 66 biggest rounds, December 2025AFEOB

The 66 biggest of 289. Open on a wider screen for all of them, or see every round below.

Most active investors

General Catalyst joined 13 rounds, leading 3, more than any other investor.

Most active investors, December 2025General Catalyst: 13 rounds, 3 led; Y Combinator: 13 rounds, 2 led; Andreessen Horowitz: 11 rounds, 5 led; Sequoia Capital: 6 rounds, 3 led; Lightspeed Venture Partners: 6 rounds, 1 led; Salesforce Ventures: 5 rounds, 3 led; Khosla Ventures: 5 rounds, 2 led; Bessemer Venture Partners: 5 rounds, 1 led; Accel: 5 rounds, 1 led; NVentures: 5 rounds, 0 ledLedJoined General Catalyst 13 rounds · 3 led Y Combinator 13 rounds · 2 led Andreessen Horowitz 11 rounds · 5 led Sequoia Capital 6 rounds · 3 led Lightspeed Venture Partners 6 rounds · 1 led Salesforce Ventures 5 rounds · 3 led Khosla Ventures 5 rounds · 2 led Bessemer Venture Partners 5 rounds · 1 led Accel 5 rounds · 1 led NVentures 5 rounds

The investor race

Ranked by rounds joined so far. General Catalyst finished first with 13 rounds over December 2025.

The investor race, December 2025General Catalyst: ranks 1, 1, 1, 1, 1, 13 rounds; Y Combinator: ranks 5, 3, 2, 2, 2, 13 rounds; Andreessen Horowitz: ranks 2, 2, 3, 3, 3, 11 rounds; Sequoia Capital: ranks 3, 4, 4, 4, 4, 6 rounds; Lightspeed Venture Partners: ranks 4, 5, 5, 5, 5, 6 rounds W49W50W51W52W1 General Catalyst 13 rounds · 3 led Y Combinator 13 rounds · 2 led Andreessen Horowitz 11 rounds · 5 led Sequoia Capital 6 rounds · 3 led Lightspeed Venture Pa… 6 rounds · 1 led
Rounds joined so far, December 2025
InvestorWeek 49Week 50Week 51Week 52Week 1
General Catalyst48131313
Y Combinator26121313
Andreessen Horowitz46101111
Sequoia Capital35666
Lightspeed Venture Partners35666

Where the rounds were

United States raised $12.5B, 76% of the capital. Rounds in 28 countries, 1 with no country disclosed.

Capital by country, December 2025United States: $12.5B; China: $642M; United Kingdom: $574M; Singapore: $437M; India: $388M; Germany: $371M; Israel: $354M; Sweden: $331M; France: $190M; Finland: $175M; Switzerland: $135M; Japan: $133M United States $12.5B · 136 rounds China $642M · 5 rounds United Kingdom $574M · 27 rounds Singapore $437M · 5 rounds India $388M · 50 rounds Germany $371M · 8 rounds Israel $354M · 6 rounds Sweden $331M · 2 rounds

The cities that raised

San Francisco raised $5.1B, more than all of Europe ($2B). Rounds from 64 cities.

Capital by city, December 2025San Francisco: $5.1B; New York: $2B; Los Angeles: $759M; Torrance: $671M; Houston: $462M; Singapore: $437M; London: $433M; Beijing: $414M; Stockholm: $330M; Austin: $318M; Denver: $311M; El Segundo: $300M San Francisco $5.1B · 27 rounds New York $2B · 25 rounds Los Angeles $759M · 5 rounds Torrance $671M · 3 rounds Houston $462M · 1 round Singapore $437M · 5 rounds

Rounds by stage

Seed was the most common stage: 79 rounds, median $5M. The median round size is under each column.

Rounds by stage, December 2025 29 Pre $1.6M 79 Seed $5M 65 A $20M 46 B $40M 6 C $100M 8 D $137M 8 E+ $265M 7 Growth $55M 41 Other $7.1M
Rounds by stage, December 2025
StageRoundsMedian round
Pre-Seed29$1.6M
Seed79$5M
Series A65$20M
Series B46$40M
Series C6$100M
Series D8$137M
Series E+8$265M
Growth7$55M
Other or undisclosed41$7.1M

All rounds

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