Weekly edition · Week 36

1 to 7 September 2025

121 rounds and $16.5B raised. The biggest: Anthropic, $13B.

Rounds: 121 +36%
Capital raised: $16.5B ×8.3
Median round: $10M +49%

vs the week of 25 to 31 Aug · 4-week average $2.4B×6.8

The week in charts

AI took 90% of the capital this week, up from 16% the week of 25 to 31 Aug. Anthropic alone raised $13B, 79% of it.

The 10 biggest rounds

The 10 biggest rounds raised $14.5B, 88% of the total.

Mega-rounds against the rest

11 of 121 rounds made 88% of the capital.

Rounds of $100M or more, 1 to 7 September 2025
	Rounds	Capital
$100M or more	11	$14.6B
The rest	110	$1.9B

Capital raised per day

The busiest day: Tue 2 Sept, $13.6B across 28 rounds.

Capital raised per day, 1 to 7 September 2025
Day	Rounds	Capital	Biggest round
Mon 1 Sept	11	$152M	LayerX, $100M
Tue 2 Sept	28	$13.6B	Anthropic, $13B
Wed 3 Sept	24	$1.1B	IQM Quantum Computers, $300M
Thu 4 Sept	44	$1.3B	Sierra, $350M
Fri 5 Sept	11	$284M	Baseten, $150M
Sat 6 Sept	1	$453K	Dectrocel, $453K
Sun 7 Sept	2	$10.4M	Indrajaal, $5.4M

Where the capital went

AI raised $14.8B, 90% of the capital. Choose a sector to filter the rounds below.

Capital by sector, 1 to 7 September 2025
Sector	Capital	Share	Rounds
AI	$14.8B	90%	58
Robotics & Hardware	$388M	2%	6
Health	$323M	2%	13
Enterprise software	$258M	2%	9
Other	$233M	1%	7
Web3	$157M	<1%	6
Fintech	$144M	<1%	6
Climate & Energy	$89.2M	<1%	7
Cybersecurity	$85M	<1%	2
Consumer	$45.8M	<1%	7

Most active investors

Y Combinator joined 7 rounds, more than any other investor.

The investor race, last 8 weeks

Ranked by rounds joined so far. Y Combinator finished first with 34 rounds over the last 8 weeks. The lead changed hands once.

Rounds joined so far, the last 8 weeks
Investor	Week 29	Week 30	Week 31	Week 32	Week 33	Week 34	Week 35	Week 36
Y Combinator	2	7	13	14	17	25	27	34
Andreessen Horowitz	4	6	12	13	14	16	16	21
General Catalyst	3	4	6	9	12	15	16	21
Insight Partners	1	5	8	10	11	12	13	14
Sequoia Capital	1	3	3	6	8	11	11	12

Where the rounds were

United States raised $15B, 91% of the capital. Rounds in 28 countries.

The cities that raised

San Francisco raised $13.7B, more than all of Europe ($948M). Rounds from 43 cities.

Rounds by stage

Seed was the most common stage: 33 rounds, median $5M. The median round size is under each column.

Rounds by stage, 1 to 7 September 2025
Stage	Rounds	Median round
Pre-Seed	12	$1.5M
Seed	33	$5M
Series A	25	$14M
Series B	20	$39.5M
Series C	4	$100M
Series D	6	$92.5M
Series E+	2	$6.5B
Growth	2	$20.4M
Other or undisclosed	17	$6.4M

Sectors against the week of 25 to 31 Aug

Biggest gain: AI, +$14.5B. Biggest drop: Climate & Energy, -$795M. Change in capital raised. Only where both periods have rounds.

Sectors against the week of 25 to 31 Aug
Sectors	1 to 7 September 2025	the week of 25 to 31 Aug	Change
AI	$14.8B	$313M	+$14.5B
Enterprise software	$258M	$21M	+$237M
Other	$233M	$30.8M	+$202M
Robotics & Hardware	$388M	$202M	+$186M
Health	$323M	$169M	+$154M
Cybersecurity	$85M	$5.5M	+$79.5M
Consumer	$45.8M	$11.8M	+$34M
Web3	$157M	$185M	-$28.4M
Fintech	$144M	$174M	-$30.5M
Climate & Energy	$89.2M	$884M	-$795M

Countries against the week of 25 to 31 Aug

Biggest gain: United States, +$13.5B. Biggest drop: Spain, -$14.6M. Change in capital raised. Only where both periods have rounds.

Countries against the week of 25 to 31 Aug
Countries	1 to 7 September 2025	the week of 25 to 31 Aug	Change
United States	$15B	$1.5B	+$13.5B
Finland	$315M	$2.9M	+$312M
Netherlands	$209M	$14.6M	+$194M
India	$181M	$111M	+$70.5M
Switzerland	$26.3M	$4.5M	+$21.8M
Belgium	$97M	$76.9M	+$20.1M
United Kingdom	$140M	$135M	+$4.5M
Spain	$10.4M	$25M	-$14.6M