Weekly edition · Week 27

30 June to 6 July 2025

102 rounds and $7.4B raised. The biggest: xAI, $5B.

Rounds: 102 -14%
Capital raised: $7.4B +115%
Median round: $7.4M -28%

vs the week of 23 to 29 Jun · 4-week average $4.3B+70%

The week in charts

AI took 75% of the capital this week, up from 48% the week of 23 to 29 Jun. xAI alone raised $5B, 68% of it.

The 10 biggest rounds

The 10 biggest rounds raised $6.3B, 85% of the total.

Mega-rounds against the rest

8 of 102 rounds made 84% of the capital.

Rounds of $100M or more, 30 June to 6 July 2025
	Rounds	Capital
$100M or more	8	$6.2B
The rest	94	$1.2B

Capital raised per day

The busiest day: Tue 1 Jul, $5.5B across 29 rounds.

Capital raised per day, 30 June to 6 July 2025
Day	Rounds	Capital	Biggest round
Mon 30 Jun	24	$863M	Cato Networks, $359M
Tue 1 Jul	29	$5.5B	xAI, $5B
Wed 2 Jul	23	$650M	Climeworks, $162M
Thu 3 Jul	20	$258M	HIVED, $42M
Fri 4 Jul	6	$69.9M	SkyDrive, $57.5M
Sat 5 Jul	0	$0K
Sun 6 Jul	0	$0K

Where the capital went

AI raised $5.6B, 75% of the capital. Choose a sector to filter the rounds below.

Capital by sector, 30 June to 6 July 2025
Sector	Capital	Share	Rounds
AI	$5.6B	75%	38
Climate & Energy	$419M	6%	12
Fintech	$368M	5%	9
Cybersecurity	$364M	5%	3
Enterprise software	$219M	3%	7
Consumer	$179M	2%	5
Health	$138M	2%	16
Robotics & Hardware	$62.7M	<1%	6
Other	$42.1M	<1%	5
Web3	$33.9M	<1%	1

Most active investors

Kima Ventures joined 4 rounds, more than any other investor.

The investor race, last 5 weeks

Ranked by rounds joined so far. Sequoia Capital finished first with 14 rounds over the last 5 weeks. The lead changed hands twice.

Rounds joined so far, the last 5 weeks
Investor	Week 23	Week 24	Week 25	Week 26	Week 27
Sequoia Capital	2	6	9	14	14
Y Combinator	2	8	9	10	13
General Catalyst	0	2	8	12	12
Khosla Ventures	1	3	8	9	11
Accel	1	3	5	9	10

Where the rounds were

United States raised $5.5B, 74% of the capital. Rounds in 25 countries.

The cities that raised

Palo Alto raised $5B, more than all of Europe ($950M). Rounds from 31 cities.

Rounds by stage

Seed was the most common stage: 35 rounds, median $3.8M. The median round size is under each column.

Rounds by stage, 30 June to 6 July 2025
Stage	Rounds	Median round
Pre-Seed	7	$2.4M
Seed	35	$3.8M
Series A	22	$11.3M
Series B	12	$30.5M
Series C	4	$23.7M
Series D	1	$120M
Series E+	1	$359M
Growth	3	$50M
Other or undisclosed	17	$4.7M

Sectors against the week of 23 to 29 Jun

Biggest gain: AI, +$3.9B. Biggest drop: Health, -$188M. Change in capital raised. Only where both periods have rounds.

Sectors against the week of 23 to 29 Jun
Sectors	30 June to 6 July 2025	the week of 23 to 29 Jun	Change
AI	$5.6B	$1.6B	+$3.9B
Cybersecurity	$364M	$61.9M	+$302M
Climate & Energy	$419M	$251M	+$168M
Enterprise software	$219M	$75.1M	+$144M
Consumer	$179M	$104M	+$75M
Other	$42.1M	$77.8M	-$35.7M
Fintech	$368M	$480M	-$112M
Robotics & Hardware	$62.7M	$214M	-$151M
Web3	$33.9M	$197M	-$163M
Health	$138M	$326M	-$188M

Countries against the week of 23 to 29 Jun

Biggest gain: United States, +$3.4B. Biggest drop: Netherlands, -$93.9M. Change in capital raised. Only where both periods have rounds.

Countries against the week of 23 to 29 Jun
Countries	30 June to 6 July 2025	the week of 23 to 29 Jun	Change
United States	$5.5B	$2B	+$3.4B
Israel	$419M	$136M	+$283M
Switzerland	$214M	$30.7M	+$183M
France	$257M	$182M	+$75.2M
Germany	$179M	$125M	+$54.1M
India	$210M	$232M	-$21.4M
United Kingdom	$120M	$204M	-$84M
Netherlands	$46.7M	$141M	-$93.9M