Weekly edition · Week 41

6 to 12 October 2025

130 rounds and $8.1B raised. The biggest: Reflection AI, $2B.

Rounds: 130 +12%
Capital raised: $8.1B +77%
Median round: $5.6M -30%

vs the week of 29 Sept to 5 Oct · 4-week average $5B+63%

The week in charts

AI took 38% of the capital this week, down from 72% the week of 29 Sept to 5 Oct. $8.1B in all, up 77% on the week of 29 Sept to 5 Oct.

The 10 biggest rounds

The 10 biggest rounds raised $6.5B, 80% of the total.

Mega-rounds against the rest

10 of 130 rounds made 80% of the capital.

Rounds of $100M or more, 6 to 12 October 2025
	Rounds	Capital
$100M or more	10	$6.5B
The rest	120	$1.6B

Capital raised per day

The busiest day: Thu 9 Oct, $2.7B across 30 rounds.

Capital raised per day, 6 to 12 October 2025
Day	Rounds	Capital	Biggest round
Mon 6 Oct	22	$347M	NanoPhoria Bioscience, $97.5M
Tue 7 Oct	34	$2.6B	Polymarket, $2B
Wed 8 Oct	32	$2B	Base Power, $1B
Thu 9 Oct	30	$2.7B	Reflection AI, $2B
Fri 10 Oct	12	$484M	Kalshi, $300M
Sat 11 Oct	0	$0K
Sun 12 Oct	0	$0K

Where the capital went

AI raised $3.1B, 38% of the capital. Choose a sector to filter the rounds below.

Capital by sector, 6 to 12 October 2025
Sector	Capital	Share	Rounds
AI	$3.1B	38%	64
Other	$2.3B	29%	7
Climate & Energy	$1.1B	13%	7
Health	$657M	8%	13
Robotics & Hardware	$523M	6%	8
Enterprise software	$126M	2%	12
Web3	$108M	1%	4
Fintech	$92.4M	1%	6
Cybersecurity	$92M	1%	5
Consumer	$16.2M	<1%	4

Most active investors

Y Combinator joined 4 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.

Rounds joined so far, the last 8 weeks
Investor	Week 34	Week 35	Week 36	Week 37	Week 38	Week 39	Week 40	Week 41
Y Combinator	8	10	17	18	21	26	30	34
General Catalyst	3	4	9	13	17	19	20	22
Lightspeed Venture Partners	1	2	6	9	11	13	17	20
Accel	0	0	2	4	8	10	15	18
Andreessen Horowitz	2	2	7	11	11	11	14	17

Where the rounds were

United States raised $7B, 86% of the capital. Rounds in 28 countries, 1 with no country disclosed.

The cities that raised

New York raised $4.4B, more than all of Europe ($718M). Rounds from 39 cities.

Rounds by stage

Seed was the most common stage: 41 rounds, median $4M. The median round size is under each column.

Rounds by stage, 6 to 12 October 2025
Stage	Rounds	Median round
Pre-Seed	17	$1.4M
Seed	41	$4M
Series A	25	$20M
Series B	10	$35M
Series C	6	$77M
Series D	2	$405M
Series E+	1	$150M
Growth	3	$60M
Other or undisclosed	25	$3.7M

Sectors against the week of 29 Sept to 5 Oct

Biggest gain: Climate & Energy, +$947M. Biggest drop: AI, -$179M. Change in capital raised. Only where both periods have rounds.

Sectors against the week of 29 Sept to 5 Oct
Sectors	6 to 12 October 2025	the week of 29 Sept to 5 Oct	Change
Other	$2.3B	$31.2M	+$2.3B
Climate & Energy	$1.1B	$139M	+$947M
Robotics & Hardware	$523M	$56.6M	+$467M
Web3	$108M	$5.5M	+$103M
Health	$657M	$563M	+$93.5M
Fintech	$92.4M	$63.3M	+$29M
Consumer	$16.2M	$47.3M	-$31.2M
Enterprise software	$126M	$186M	-$60.5M
Cybersecurity	$92M	$216M	-$124M
AI	$3.1B	$3.3B	-$179M

Countries against the week of 29 Sept to 5 Oct

Biggest gain: United States, +$3.8B. Biggest drop: United Kingdom, -$487M. Change in capital raised. Only where both periods have rounds.

Countries against the week of 29 Sept to 5 Oct
Countries	6 to 12 October 2025	the week of 29 Sept to 5 Oct	Change
United States	$7B	$3.1B	+$3.8B
Germany	$197M	$58.8M	+$138M
Italy	$114M	$14.1M	+$100M
Australia	$89.3M	$20.7M	+$68.6M
India	$79.9M	$69.9M	+$10M
France	$124M	$139M	-$15.3M
Sweden	$24.6M	$100M	-$75.4M
United Kingdom	$129M	$616M	-$487M