Weekly edition · Week 43

20 to 26 October 2025

111 rounds and $4.2B raised. The biggest: Crusoe, $1.4B.

Rounds: 111 -21%
Capital raised: $4.2B -34%
Median round: $10M -13%

vs the week of 13 to 19 Oct · 4-week average $5.5B-24%

The week in charts

AI took 67% of the capital this week, up from 21% the week of 13 to 19 Oct. Crusoe alone raised $1.4B, 33% of it.

The 10 biggest rounds

The 10 biggest rounds raised $2.9B, 70% of the total.

Mega-rounds against the rest

7 of 111 rounds made 65% of the capital.

Rounds of $100M or more, 20 to 26 October 2025
	Rounds	Capital
$100M or more	7	$2.7B
The rest	104	$1.5B

Capital raised per day

The busiest day: Thu 23 Oct, $2B across 24 rounds.

Capital raised per day, 20 to 26 October 2025
Day	Rounds	Capital	Biggest round
Mon 20 Oct	18	$540M	OpenEvidence, $200M
Tue 21 Oct	23	$712M	Sesame, $250M
Wed 22 Oct	36	$929M	Uniphore, $260M
Thu 23 Oct	24	$2B	Crusoe, $1.4B
Fri 24 Oct	9	$63.3M	Valthos, $30M
Sat 25 Oct	1	$130K	Draiven, $130K
Sun 26 Oct	0	$0K

Where the capital went

AI raised $2.8B, 67% of the capital. Choose a sector to filter the rounds below.

Capital by sector, 20 to 26 October 2025
Sector	Capital	Share	Rounds
AI	$2.8B	67%	50
Climate & Energy	$438M	10%	6
Health	$315M	7%	9
Enterprise software	$214M	5%	13
Other	$154M	4%	8
Consumer	$119M	3%	7
Robotics & Hardware	$75.3M	2%	8
Fintech	$74M	2%	9
Web3	$10M	<1%	1

Most active investors

Y Combinator joined 4 rounds, leading 2, 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 twice.

Rounds joined so far, the last 8 weeks
Investor	Week 36	Week 37	Week 38	Week 39	Week 40	Week 41	Week 42	Week 43
Y Combinator	7	8	11	16	20	24	29	33
General Catalyst	5	9	13	15	16	18	24	27
Accel	2	4	8	10	15	18	24	24
Lightspeed Venture Partners	4	7	9	11	15	18	20	20
Bpifrance	1	5	7	9	11	13	19	19

Where the rounds were

United States raised $3.5B, 82% of the capital. Rounds in 27 countries.

The cities that raised

Denver raised $1.4B, more than all of Europe ($564M). Rounds from 41 cities.

Rounds by stage

Seed was the most common stage: 46 rounds, median $4.6M. The median round size is under each column.

Rounds by stage, 20 to 26 October 2025
Stage	Rounds	Median round
Pre-Seed	8	$1.8M
Seed	46	$4.6M
Series A	26	$15.2M
Series B	7	$50M
Series C	3	$183M
Series E+	3	$350M
Growth	3	$20M
Other or undisclosed	15	$8M

Sectors against the week of 13 to 19 Oct

Biggest gain: AI, +$1.5B. Biggest drop: Health, -$2.4B. Change in capital raised. Only where both periods have rounds.

Sectors against the week of 13 to 19 Oct
Sectors	20 to 26 October 2025	the week of 13 to 19 Oct	Change
AI	$2.8B	$1.3B	+$1.5B
Other	$154M	$49.4M	+$104M
Climate & Energy	$438M	$371M	+$66.9M
Web3	$10M	$40.2M	-$30.2M
Robotics & Hardware	$75.3M	$199M	-$124M
Enterprise software	$214M	$477M	-$264M
Fintech	$74M	$391M	-$317M
Consumer	$119M	$664M	-$545M
Health	$315M	$2.7B	-$2.4B

Countries against the week of 13 to 19 Oct

Biggest gain: United States, +$75.8M. Biggest drop: Germany, -$398M. Change in capital raised. Only where both periods have rounds.

Countries against the week of 13 to 19 Oct
Countries	20 to 26 October 2025	the week of 13 to 19 Oct	Change
United States	$3.5B	$3.4B	+$75.8M
United Kingdom	$257M	$309M	-$51.5M
Israel	$16M	$77M	-$61M
Switzerland	$2.5M	$105M	-$103M
India	$68.4M	$218M	-$149M
France	$39.3M	$260M	-$221M
Netherlands	$27.1M	$350M	-$323M
Germany	$23.9M	$422M	-$398M