Weekly edition · Week 40

29 September to 5 October 2025

116 rounds and $4.6B raised. The biggest: Cerebras Systems, $1.1B.

Rounds: 116 -17%
Capital raised: $4.6B +52%
Median round: $7.9M +46%

vs the week of 22 to 28 Sept · 4-week average $8B-42%

The week in charts

AI took 72% of the capital this week, up from 57% the week of 22 to 28 Sept. $4.6B in all, up 52% on the week of 22 to 28 Sept.

The 10 biggest rounds

The 10 biggest rounds raised $3.1B, 67% of the total.

Mega-rounds against the rest

11 of 116 rounds made 69% of the capital.

Rounds of $100M or more, 29 September to 5 October 2025
	Rounds	Capital
$100M or more	11	$3.2B
The rest	105	$1.4B

Capital raised per day

The busiest day: Tue 30 Sept, $2.6B across 40 rounds.

Capital raised per day, 29 September to 5 October 2025
Day	Rounds	Capital	Biggest round
Mon 29 Sept	20	$438M	Star Therapeutics, $125M
Tue 30 Sept	40	$2.6B	Cerebras Systems, $1.1B
Wed 1 Oct	26	$905M	Nscale, $433M
Thu 2 Oct	22	$443M	DualEntry, $90M
Fri 3 Oct	7	$172M	Supabase, $100M
Sat 4 Oct	0	$0K
Sun 5 Oct	1	$821K	Komu (ex-Contestio), $821K

Where the capital went

AI raised $3.3B, 72% of the capital. Choose a sector to filter the rounds below.

Capital by sector, 29 September to 5 October 2025
Sector	Capital	Share	Rounds
AI	$3.3B	72%	54
Health	$563M	12%	16
Cybersecurity	$216M	5%	3
Enterprise software	$186M	4%	11
Climate & Energy	$139M	3%	5
Fintech	$63.3M	1%	9
Robotics & Hardware	$56.6M	1%	7
Consumer	$47.3M	1%	5
Other	$31.2M	<1%	5
Web3	$5.5M	<1%	1

Most active investors

Accel joined 5 rounds, leading 3, more than any other investor.

The investor race, last 8 weeks

Ranked by rounds joined so far. Y Combinator finished first with 33 rounds over the last 8 weeks. The lead changed hands once.

Rounds joined so far, the last 8 weeks
Investor	Week 33	Week 34	Week 35	Week 36	Week 37	Week 38	Week 39	Week 40
Y Combinator	3	11	13	20	21	24	29	33
General Catalyst	3	6	7	12	16	20	22	23
Lightspeed Venture Partners	0	1	2	6	9	11	13	17
Andreessen Horowitz	1	3	3	8	12	12	12	15
Accel	0	0	0	2	4	8	10	15

Where the rounds were

United States raised $3.1B, 68% of the capital. Rounds in 23 countries.

The cities that raised

Sunnyvale raised $1.1B, more than all of Asia ($324M). Rounds from 33 cities.

Rounds by stage

Series A was the most common stage: 34 rounds, median $13.5M. The median round size is under each column.

Rounds by stage, 29 September to 5 October 2025
Stage	Rounds	Median round
Pre-Seed	14	$1.2M
Seed	28	$4.3M
Series A	34	$13.5M
Series B	8	$42.5M
Series C	4	$32.7M
Series D	2	$76.5M
Series E+	3	$300M
Growth	2	$92.2M
Other or undisclosed	21	$4M

Sectors against the week of 22 to 28 Sept

Biggest gain: AI, +$1.6B. Biggest drop: Fintech, -$203M. Change in capital raised. Only where both periods have rounds.

Sectors against the week of 22 to 28 Sept
Sectors	29 September to 5 October 2025	the week of 22 to 28 Sept	Change
AI	$3.3B	$1.7B	+$1.6B
Cybersecurity	$216M	$11M	+$205M
Health	$563M	$361M	+$202M
Enterprise software	$186M	$103M	+$83.6M
Climate & Energy	$139M	$164M	-$24.7M
Consumer	$47.3M	$72.1M	-$24.8M
Other	$31.2M	$64M	-$32.8M
Robotics & Hardware	$56.6M	$96.5M	-$39.9M
Web3	$5.5M	$148M	-$143M
Fintech	$63.3M	$266M	-$203M

Countries against the week of 22 to 28 Sept

Biggest gain: United States, +$1.3B. Biggest drop: Netherlands, -$108M. Change in capital raised. Only where both periods have rounds.

Countries against the week of 22 to 28 Sept
Countries	29 September to 5 October 2025	the week of 22 to 28 Sept	Change
United States	$3.1B	$1.8B	+$1.3B
United Kingdom	$616M	$477M	+$139M
Sweden	$100M	$11.6M	+$88.4M
Germany	$58.8M	$59.1M	-$340K
Switzerland	$25.3M	$55.6M	-$30.3M
France	$139M	$182M	-$42.5M
India	$69.9M	$140M	-$70.6M
Netherlands	$72.3M	$181M	-$108M