PitchBook: the biggest US private startups raised $150B in 2025, surpassing the previous high of $92B in 2021, boosted by large funding rounds by AI startups (George Hammond/Financial Times)

George Hammond / Financial Times:
PitchBook: the biggest US private startups raised $150B in 2025, surpassing the previous high of $92B in 2021, boosted by large funding rounds by AI startups  —  Mega funding rounds create ‘fortress balance sheets’ as investors advise top groups to brace for tougher markets