and each launched multibillion-dollar deployment ventures staffed with forward-deployed engineers, while a long list of startups building AI infrastructure, autonomous software and robotics also reached unicorn status. Together, the new entrants point to where investors increasingly see value creation: turning AI advances into real-world applications and pairing software intelligence with physical automation.

Beyond AI, new unicorns were minted across many sectors including healthcare, quantum, aerospace, financial services, manufacturing, e-commerce and energy.听

China dominated in the robotics sector, while Canada did so in quantum. The single new legaltech unicorn last month was from Brazil. also joined the board this past month, as the adult creator content company raised its first external financing.听

Of the new unicorns, 17 are U.S-based, while four each are based in China and the UK. Two new unicorns joined the board from Canada, as one each from India and Brazil.听

Unicorn IPOs

The board鈥檚 total value is undergoing rapid fluctuations amid lofty new valuations for some of the largest new unicorns, as well as high-profile exits to the public markets.

The Unicorn Board reached $9.9 trillion in value in May, as Anthropic moved ahead of OpenAI to become the second most valued private company after . On the heels of the funding, Anthropic privately filed for an IPO, followed shortly thereafter by OpenAI’s .听

SpaceX is expected to list this Friday, in what would be the largest-ever IPO. Its listing will erase more than one-tenth of value from the board as the the -led company exits the private markets.听

Chip company went public in May in a blockbuster IPO that valued the company at $56.4 billion,听well above its last private valuation of $23 billion just three months earlier in February.听

New unicorns in May

Here are May鈥檚 new unicorn companies, including 10 companies that are less than 3-years old:听

AI deployment

• San Francisco-based raised a $4 billion private equity round led by with co-leads , and . The new company is majority owned by with partnerships with 19 investment firms and consultancies. OpenAI acquired , with its 150 forward-deployed engineers to support enterprises in this effort. The less than 1-year-old-based company was valued at $14 billion in the new funding, which it said will be used to scale operations and acquire companies.听
• raised a $1.5 billion private equity funding to build an AI services company to work with companies to bring Claude into their operations. Each of the co-leads 鈥� , private equity investor and legal firm 鈥斕齣nvested $300 million into the round. and also invested in the joint venture. The less than 1-year-old-based, San Francisco-based company鈥檚 valuation was not disclosed.
• , a company building search for AI agents, raised a $250 million Series C led by . The 5-year-old San Francisco-based company was valued at $2.2 billion and is used by coding agents, go-to-market agents and chat agents.听
• Boston-based autonomous AI software developer raised a $200 million Series A led by . Blitzy鈥檚 platform reverse engineers existing code bases to build a knowledge graph and thereby enable autonomous development of software projects over days or weeks that can re-engineer and test complicated systems and deal with technical debt. The 2-year-old company was valued at $1.4 billion and is said to be used by dozens of global 2,000 companies.听
• , a routing technology for applications to select from 400-plus models, raised a $113 million Series B led by Alphabet鈥檚 . Investors in the round included a host of corporate venture firms including , , , and . The 3-year-old New York-based company was valued at $1.3 billion.

搁辞产辞迟颈肠蝉听

• raised a $700 million Series A led by . The company plans to build personalized robotics developing its own models, training and hardware. The 1-year-old San Jose, California-based company was valued at $6 billion. It was founded by CEO , founder of humanoid robotics unicorn .
• Guangdong, China-based , a dual arm robotics developer, raised a $147 million Series B led by and . It said its new funding will be used for R&D, production and a global sales network. The 10-year-old company was valued at $1.5 billion.听

• Shanghai-based has raised four funding rounds since it was spun out of in January, and reached a valuation of $1 billion. Agilink is focused on dexterous hand technology. The funding will be used for model development, data and hardware with the spinout able to license to the broader robotics market.听
• , a robot leasing and rental platform, raised a Series A funding. The less than 1-year-old Pudong, China-based company was valued at $1 billion. It is looking to expand from event rentals to warehousing, logistics and park operations.听

贬别补濒迟丑肠补谤别听

• , a treatment provider for cardiovascular and orthopedic disease, raised a $1.5 billion corporate round led by . Boston Scientific has an option to acquire its heart valve technology. The 10-year-old Georgia, U.S.-based company was valued at $4.4 billion.听
• , a longevity biotech company, seeking to extend human life by a decade, with therapeutics targeting age related disease raised the initial close of funding round led by . The 5-year-old Redwood City, California-based company was valued at a pre-money valuation of $1.8 billion.听
• , launched a suite of AI agents for healthcare built from its clinical data, raised $146 million in equity and secondary funding led by . The 15-year-old New York-based company was valued at $1.6 billion.

Quantum computing

• Vancouver-based , a quantum computing company that combines silicon-based qubits with native photonic interconnects, raised a $70 million extension funding led by Luxembourg-based . Photonic raised $130 million in January. The 9-year-old company was valued at $2 billion.
• Quebec-based , which says it addresses quantum error correction in each qubit, raised a $30 million funding. The company has raised a mix of government grants and venture capital. The 6-year-old company was valued at $1.4 billion.

础别谤辞蝉辫补肠别听

• , a builder of rockets to deploy data centers in space, raised a $305 million Series B led by . The 2-year-old San Carlos, California-based company, formerly called Aetherflux, was valued at $2 billion. The company plans to launch its first satellite later this year. Its technology entails using the upper stage of the rocket as a low-earth orbit satellite that uses solar energy to create 1-megawatt data centers in space.听
• Hyderabad, India-based , a rocket company that delivers satellites into space, raised a $60 million funding led by Singapore-based and Menlo Park, California-based . Skyroot is planning the maiden voyage of Vikram-1 in June. The 7-year-old company was valued at $1.2 billion.

Financial services听

• , an AI insurance provider for startups, raised a $160 million Series B led by . The 2-year-old San Francisco-based company was valued at $1.3 billion and plans to go after the trucking industry next.听
• Intelligent wealth management platform raised a $150 million Series D led by . With in recruited assets, it is built to create an all in one system for advisors. The 7-year-old San Francisco-based company was valued at $1 billion.

惭补苍耻蹿补肠迟耻谤颈苍驳听

• , a manufacturer of aerospace and defense components, raised a $300 million Series B led by . The 1-year-old El Segundo, California-based company, which aims to strengthen America鈥檚 industrial base, operates six factories across the U.S. and was valued at $1 billion.
• , likewise says it is building out American manufacturing with a rapid custom manufacturing software to production platform. It raised its first institutional funding of $110 million led by , and founders and . The 7-year-old Reno, Nevada-based company supports small-scale inventors to large-scale enterprises and has shipped 30 million parts to 300,000 customers. The company was valued at $1 billion.

E-commerce

• , a real-time inventory management platform, raised a $170 million Series B led by and . Its sensor technology tracks items and its precise location and movement in the store. Retail customers include and . The 13-year-old New York-based company was valued at $1 billion.

• London-based , a booking service for hair salons, beauty experts and wellness salons raised a $80 million Series C led by . The 11-year-old London-based company was valued at $1 billion.

贰苍别谤驳测听

• , a nuclear fusion startup spun out of Tsinghua University, raised a $74 million Series A funding. The 4-year-old China-based company was valued at $1 billion.
• , a provider of fast charging batteries, raised a $60 million Series C led by strategic investor . The batteries are used in data centers, robotics, electric vehicles and grid infrastructure. The 7-year-old Cambridge, UK-based company was valued at $1 billion.

Social media听

• Creator platform raised its first external funding, a $535 million private equity round led by , which now owns around 16% of the company. The 10-year-old London-based adult content platform was valued at $3.2 billion. Its CEO noted the company has paid out since 2016.

Data center听

• Modular data center builder raised a $230 million Series B led by , and. In partnership with the company plans to build capacity for secure data centers useful for military and remote manufacturing environments. The 3-year-old San Francisco-based company was valued at $2.2 billion. Customer booking for fiscal year 2026 was up 540% from 2025.听

尝别驳补濒迟别肠丑听

• S茫o Paulo-based , a Brazilian AI legal platform to manage company litigation, raised a $100 million Series B led by that valued the 2-year-old company at $1.2 billion. Enter counts , and among its customers, who use its technology along with law firms to handle litigation paperwork and settlements. Around have been managed through the platform. led the Series A.

颁谤测辫迟辞肠耻谤谤别苍肠测听

• , a digital asset trader, raised a $150 million funding led by , UK bank Standard Charter鈥檚 fintech arm. The deal brings digital assets into banking and represents GSRs first strategic external investor. The 12-year-old London-based company was valued at $1 billion.听

厂别肠耻谤颈迟测听

• , a security platform built for an open-source automated coding environment, raised a $60 million Series C led by . The platform is adopted by companies including Anthropic, , , , and and supports 27,000 organizations. Its socket firewall product is free to block malicious packages. The 6-year-old Stanford, California-based company was valued at $1 billion.

Related 小蓝视频色情网页版 unicorn lists:听

• (1,785)
• (619)
• (160)
• (189)
• (118)
• (102)
• (921)
• (525)
• (241)
• (39)
• (486)

Related reading:

• Anthropic Files Confidentially For IPO听
• Active Startup Investors Didn鈥檛 Hold Back In May
• Anthropic Funding Pushed Startup Investment To Near-Record Levels In May As Exit Market Reopened听听

Methodology

The 小蓝视频色情网页版 Unicorn Board is a curated list that includes private unicorn companies with post-money valuations of $1 billion or more and is based on 小蓝视频色情网页版 data. New companies are as they reach the $1 billion valuation mark as part of a funding round.听

The unicorn board does not reflect internal company valuations 鈥� such as those set via a 409a process for employee stock options 鈥� as these differ from, and are more likely to be lower than, a priced funding round. We also do not adjust valuations based on investor writedowns, which change quarterly, as different investors will not value the same company consistently within the same quarter.听

Funding to unicorn companies includes all private financings to companies that are tagged as unicorns, as well as those that have since graduated to .听

Exits analyzed here only include the first time a company exits.听

Please note that all funding values are given in U.S. dollars unless otherwise noted. 小蓝视频色情网页版 converts foreign currencies to U.S. dollars at the prevailing spot rate from the date funding rounds, acquisitions, IPOs and other financial events are reported. Even if those events were added to 小蓝视频色情网页版 long after the event was announced, foreign currency transactions are converted at the historic spot price.

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A grab bag of funded startups caught our attention this past month, from a previously bootstrapped custom metal manufacturer that got its first outside funding from big-name Silicon Valley backers, to a startup that aims to provide geothermal energy from underwater volcanoes to small island nations. Let鈥檚 take a look.

$110M for on-demand custom manufacturing

First, let鈥檚 start with a refreshingly non-AI round, and a sizable one at that.

Reno, Nevada-based said last month that it has raised $110 million in funding led by brothers and founders and , along with and , at a $1 billion valuation.

The company operates an on-demand manufacturing platform specializing in custom-cut metal and fabrication. The round is its first venture investment, and apparently came only after Sequoia’s flew to Reno to woo SendCutSend CEO into accepting Silicon Valley backing. Previously, Belosic had bootstrapped the company, founded in 2018, with personal savings, bank loans and credit cards, he told .

He held little interest in taking cash from startup investors until SendCutSend started to be flooded earlier this year with orders from AI-driven industries including robotics and data centers, and Belosic said he realized the business needed outside investment to grow.

Investor of Paradigm told WSJ that underlying SendCutSend鈥檚 booming business is intense demand for rapid, on-demand sheet metal and custom parts. 鈥淚f you think about the entire frontier of robots, defense companies, rocket companies, electric-car companies, they all need very fast turn prototyping,鈥� he said.

The investment is Paradigm鈥檚 first into the manufacturing sector, he noted.

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$100M for insurance-covered metabolic health counseling

GLP-1 weight-loss drugs may be booming, but a well-funded startup is betting that medication alone isn鈥檛 enough to solve the chronic disease crisis.

, a New York-based metabolic health startup that combines dietitians, AI tools and GLP-1 medication management, last month said that it raised a $100 million Series C round led by . , , and a long list of other investors also backed the round, which brings the company鈥檚 total funding to date to just over $213 million, .

Founded in 2021, Nourish operates what it describes as the country鈥檚 largest dietitian-led metabolic health clinic, pairing more than 10,000 registered dietitians with AI coaching, lab testing and virtual care. The company has increasingly expanded into GLP-1 prescribing and medication management as demand for drugs such as Ozempic and Wegovy continues to surge.

Nourish said it has partnered with hundreds of health insurers in the U.S. and that its service is covered by most plans.

Its pitch is that the next phase of the GLP-1 boom will require more than prescriptions. While the drugs have transformed obesity treatment, many patients struggle to stay on them long term or maintain results after stopping, according to the company. Nourish is positioning itself as a broader metabolic health platform focused on nutrition, behavior change and ongoing clinical support alongside medication.

鈥淐hronic disease is the central failure of U.S. healthcare 鈥� nearly 200 million Americans affected, trillions spent, and outcomes that still don’t move,鈥� Menlo Ventures partner said in a statement. 鈥淲hat Nourish has built in four years is remarkable: a care model that actually bends the cost curve, with 10,000 dietitians, deep payer relationships, and clinical outcomes patients stick with.鈥�

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$58M for Gen Z group travel adventures

Group travel startups are having a moment as younger travelers increasingly look for ways to meet people while exploring new destinations.

, a Milan-based startup that organizes group travel experiences for millennials and Gen Z travelers, raised a 鈧�50 million (roughly $58 million) Series C funding round as it looks to expand further across Europe and enter the U.S. market. The round was led by .

Founded in 2017, WeRoad operates a platform that connects solo travelers and small groups through curated multiday trips led by coordinators. The company says it has served more than 300,000 travelers across over 1,000 itineraries, with offerings ranging from adventure travel and cultural experiences to outdoor excursions. Participants are typically grouped with strangers in similar age ranges, turning the trips into a hybrid of travel booking and social networking.

鈥淲e live in a time when artificial intelligence and social media are reshaping the way we connect with each other. And amid all this digital connection, real human connection has become increasingly rare. Around 30% of young adults say they feel lonely every day. In the United States, this phenomenon is especially significant,鈥� the company said in a statement. 鈥淲e believe we have an answer. Not the only one, not a perfect one, but a real one: putting people in a room together (or on a quad bike in Morocco, in a canoe in Vietnam, or in front of a sunset in Patagonia) and letting whatever is meant to happen, happen.鈥�

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$26M to keep AI data centers cooler

AI may be driving the data center boom, but keeping those facilities cool is becoming a business opportunity in its own right.

, a U.K.-based startup developing precision liquid cooling systems for AI infrastructure, said last month that it raised a $26 million Series B as demand surges for technologies that can manage the growing heat and power requirements of next-generation AI data centers. The round was led by and and brings Iceotope鈥檚 total funding to date to just under $100 million, .

Founded in 2005, Iceotope has developed a chassis-based liquid cooling approach designed to replace traditional air cooling and cool entire systems rather than individual chips. The company says it now holds 219 granted and pending patents. It said it will use the new funding to expand product and engineering development, grow its patent portfolio and accelerate partnerships that bring its cooling technology to market.

The raise comes as AI workloads create mounting challenges for conventional cooling systems. Iceotope argues its technology can reduce energy consumption and water use while supporting high-density AI and high-performance computing deployments in both data centers and edge environments.

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$25M for geothermal energy from subsea volcanoes

As AI companies scramble for more electricity, investors are increasingly willing to fund some unconventional ideas for generating it. One of those is , a Seattle-based startup developing subsea geothermal power systems designed to tap into heat generated by subsea volcanic activity.

The company recently raised between $25 million and $30 million in a seed round led by , sources familiar with the matter .

Founded just last year, Endurance Energy is targeting island nations 鈥� where it says electricity can cost almost 7x as much as in the U.S. 鈥� industrial sites and eventually hyperscale data centers that need large amounts of reliable power.

Unlike solar and wind, geothermal energy carries the promise of round-the-clock, renewable baseload electricity, a feature that has become increasingly attractive as AI infrastructure drives soaring power demand.

Endurance says its seafloor geothermal generators could deliver gigawatts of power from hydrothermal systems along tectonic plate boundaries and volcanic regions. It is , where about 80% of electricity generation still relies on imported diesel fuel.

Earlier this year, the company signed an agreement with the Tongan government and launched a pilot project aimed at harnessing geothermal heat generated by subsea volcanic activity around the island nation.

鈥淐lean geothermal power will enable us to substitute most of our diesel base load power and further insulate ourselves from future external shocks caused by geopolitical conflicts and global economic impacts,鈥� Tongan Prime Minister Lord Fakaf膩nua said in a statement.

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The share of U.S. venture funding going to companies with Black founders in 2025 remained low, even as overall startup investment ticked slightly higher, 小蓝视频色情网页版 data shows.

Only around $942 million 鈥� or just 0.32% of total U.S. venture funding 鈥� went to startups with a Black founder or co-founder last year, per 小蓝视频色情网页版 data. That鈥檚 one of the lowest shares in years, and down more than two-thirds from just three years prior.

This year has started off on a slightly rosier note, with $643 million raised by U.S.-based startups with a Black founder or co-founder as of May 20. The majority of that was raised in the first quarter, marking the most raised in a single quarter since Q2 2022, when $653 million was raised by a Black founder or co-founder.

It鈥檚 important to note that the relatively robust quarter was in large part due to an outsized round 鈥� a February $350 million Series E raise by Palo Alto, California-based . Co-founded in 2017 by chief technologist , the AI chip startup has raised a total of $1.5 billion in known funding. and co-led its latest raise.

As such, it鈥檚 not surprising that the $643 million raised so far this year was secured across just 34 deals, signaling larger deal sizes overall.

It鈥檚 important to note that the total funding raised by startups with a Black founder or co-founder so far this year is still a small percentage of the $252 billion raised by U.S.-based startups in 2026.

Last year鈥檚 total also represents a sharp decline from the record venture funding year of 2021, when investment in Black startup founders hit a high of $5.2 billion in the wake of the 2020 racial justice movement. Still, even during the peak year, investment in Black founders represented just 1.5% of U.S. venture funding, per 小蓝视频色情网页版 data.

, managing partner at said the decline in venture funding to Black entrepreneurs coincides with a marked shift in the political environment. 鈥淭here are fewer conversations on the topic as many are afraid to speak on it directly, which is concerning,鈥� he told 小蓝视频色情网页版 News via email.

Overall, Pierre-Jacques believes venture capital is about finding outliers. 鈥淭hat isn’t going to change for any group,鈥� he said. 鈥淚 focus on what we can do as a firm and then advocate for underserved founders.鈥�

Notable rounds

Similar to 2025, much of the funding tally for Black-founded startups in 2026 came from a few larger rounds. Standouts include:

• SambaNova, the AI hardware and software company mentioned above. It specializes in providing infrastructure for AI and machine learning applications. Notably, tech giant reportedly in SambaNova to 8.2% following its investment in the Series E round.
• , a New York sweepstakes-based sports prediction market, picked up $75 million in a February Series B round led by at a $500 million post-money valuation. The platform has users participate in peer-to-peer wagering on sporting events.
• San Francisco-based , which is building an AI-native insurance brokerage for SMBs, also raised in February, a $47 million Series A led by . It is an alumnus of the prestigious startup accelerator .
• Live events platform in March raised a $37 million Series B led by .
• , which sells AI-driven government contracting software, raised $30 million in a January Series B round co-led by and.

Relationships and networking

Investors and founders who spoke with 小蓝视频色情网页版 News on the topic said that in the current AI-centric funding environment, relationships and networking have only become more important for startup founders, particularly Black and other historically overlooked entrepreneurs.

鈥淚n an age of AI, who you know matters more than ever,鈥� Pierre-Jacques said. 鈥淭here are fewer deals getting done by firms and partners. You have to build personal relationships in order to make it to the top of the stack. It isn’t just about KPI comparisons.鈥�

is a two-time startup founder currently raising capital for his fintech startup, . He agrees with Pierre-Jacques on the importance of Black founders widening their networks as much as possible.

Spearman urged younger or Black founders who are building and raising for the first time to gain as much insight and inside knowledge as possible from other founders.

鈥淭his can save significant headaches, time and limited resources, especially during the early stages,鈥� he said. 鈥淏lack people in America have defined, and continue to shape, what it means to be in community, and I’m thankful to play a small role in that ecosystem.鈥�

Having worked at , an Austin analytics software company, Spearman said that he built a network over time that included exited founders whom he was able to turn to as 鈥渁dviser-investors.鈥�

鈥淭hese advisers can write checks, make intros and think like operators, which is sometimes better than seeking advice from VCs who haven’t been operators during the zero-to-one stages,鈥� he said. He also recommends that new founders, particularly those in focused sectors such as fintech or insurance tech, consider attending industry-specific conferences like Money 20/20 or ITC to make connections with VCs 鈥渕onths and sometimes years before you’re ready to raise.鈥�

Spearman also said Black founders should be open to sources of funding other than traditional venture capital, particularly when first starting out. Many are steered toward accelerators at the early stages, he noted.

鈥淚 don’t think this is bad counsel,鈥� he told 小蓝视频色情网页版 News via email, 鈥渆specially if it involves an accelerator like the one offers annually.鈥� TenYour participated in that accelerator in 2025, which resulted in both an investment and industry connections, he said.

Looking forward, not back

The startup funding landscape has drastically changed in the span of just five years. In 2021, the aftermath of the COVID pandemic, a heated 2020 presidential election, and the high-profile killings of Black Americans including George Floyd, Breonna Taylor and Ahmaud Arbery spurred many of the largest startup investors to make high-profile pledges to back more Black and other underrepresented founders.

Now, 鈥渨e are so far from 2020, not only in the pledges made but also in the social and venture landscape,鈥� Spearman said.

Still, 鈥渞ather than looking back,鈥� he said, 鈥淚’d recommend we collectively continue to push forward to envision and co-create the world we want. For founders, that often starts with their ventures and the choice to solve a meaningful problem that other founders (and investors) may overlook.鈥�

, co-founder of and an investor with , is frustrated that funding to Black-founded startups relative to overall venture investment funding has fallen in the past few years. That鈥檚 especially disheartening, she said, given research indicating that Black Americans are more active consumers of AI tools than the general population, with a reported 53% using such tools daily or weekly, versus 39% of people overall.

鈥淭o me, this shows early signals that the investment cycle creating wealth from AI is not flowing back to the communities using AI the most,鈥� she said.

In 2021, Lal and started VC Unleashed, a nonprofit, to increase access to the venture capital world for both founders and aspiring investors. While the organization is open to all, Lal said, Unleashed uses its platform 鈥渢o uplift underrepresented founders as much as we can to help them access capital and build their network,鈥� including through its upcoming conference.

When asked if she could change one structural aspect about how venture capital operates to improve outcomes for Black founders, Lal said it would be moving the conversation upstream from general partners at VC firms to those firms鈥� limited partners.

鈥淕Ps deploy capital that LPs give them, and if a pension fund or endowment isn’t asking its VC managers about founder portfolio composition with the same rigor it applies to sector concentration or stage exposure, that absence gets transmitted all the way down to the founder level,鈥� she wrote via email. 鈥淨uestions on founder demographics, asked consistently and at scale, would do more to shift behavior than anything else.鈥�

Related 小蓝视频色情网页版 queries:

Related reading:

• Share Of Startup Funding For Black Founders Hits Multiyear Low
• Funding To Black Startup Founders Quadrupled In Past Year, But Remains Elusive

Methodology

The data contained in this report comes directly from 小蓝视频色情网页版, and is based on reported data provided by our partners, venture partners, our community network and news sources. The data in this report is focused on the U.S. market for underrepresented minorities, namely Black-/African-American-founded companies.

小蓝视频色情网页版鈥檚 dataset is constantly expanding, but there are gaps. A company may not have founders listed, or the Diversity Spotlight data may not be updated on its 小蓝视频色情网页版 profile.

We do believe we are missing companies, especially at the early stages of funding.

If you notice missing data, please reach out to spotlight@crunchbase.com or verify with your company email to update your company鈥檚 Diversity Spotlight tags directly onsite.

小蓝视频色情网页版, like all databases of private-market transactions, experiences some reporting delays. The data for 2025 and 2026 will increase over time relative to previous years. As data is added to 小蓝视频色情网页版 over time, some of the numbers in this report may shift.

Illustration:

At least not these days. The space and AI pioneer posted a net loss of $4.28 billion in the first quarter of 2026, up more than 700% from a year ago. Revenue, meanwhile, totaled $4.69 billion in Q1, up 15% from a year ago.

As a public company, SpaceX is reportedly seeking a valuation of around $1.5 trillion or more, . It鈥檚 aiming to raise up to $80 billion or more in the offering, which would make it the largest IPO in history.

At its target valuation, SpaceX would join a rarified club of just seven U.S. public technology companies with market caps of $1.5 trillion or more. Of those, just five have crossed the $2 trillion mark.

Of course, those companies took time to grow into their 13-digit valuations. But at some point, they too made their first public IPO filings. And they too had revenue.

The similarities end there. For a sense of how SpaceX compares at IPO time to other members of the trillion-plus-club, we took a look at their original S-1s from the 1980s and onward. Here鈥檚 what their numbers looked like just before their public market debuts:

: Today, the Silicon Valley chip designer is a $5.3 trillion market cap company. Anyone who invested in its 1999 IPO, needless to say, has done extraordinarily well.

At the time of its market debut, of course, such a trajectory was not obvious. Still, it looked like a solid bet. The company, which then focused on designing 3D graphics processors for the PC market, had $93 million in revenue for the three reported quarters prior to its IPO, growing severalfold year over year. Over the same period, it posted a modest $3.5 million loss.

: Google was already the dominant player in online search when it went public in 2004, with impressive financials to boot. Revenue for the first half of that year totaled $1.35 billion, more than doubling in a year, paired with a $326 million profit.

While that was impressive, so is Google鈥檚 ongoing growth. Currently, its market cap is $4.7 trillion and it posts more than $400 billion in annual revenue, with massive profits as well.

: The iconic smartphone and computing giant knows a thing or two about longevity. Apple turned 50 last month, and it went public over 45 years ago, in 1980.

It was an impressive and attention-getting offering for the time, with $118 million in sales and nearly $12 million in profit. It helped that Apple was already a prominent consumer brand at the time due to its popular home computers. These days, its market cap hovers around $4.5 trillion.

: Microsoft went public in 1986, so it鈥檚 had some 40 years to grow into its current $3.1 trillion valuation. But even back in the era of big hair and floppy disks, the software giant鈥檚 IPO prospectus showed clear signs this would be no ordinary market entrant.

In the year before its IPO, Microsoft had revenue of $140 million and net income of $24 million. That income figure, however, includes stepped-up spending on marketing and R&D. Without those expenses, profit margins looked astoundingly high for a time before software business models were status quo.

: At the time of its public offering in 1997, Amazon was known as an online bookseller, branding itself as “Earth’s Biggest Bookstore.” All the other stuff came later.

Still, it was a compelling offering at the time, with Amazon growing annual sales from zilch to around $16 million in just two-and-half years after its inception. It pitched losses as part of its growth strategy, which called for investing heavily in marketing and promotion, site development and operating infrastructure.

Needless to say, things worked out well, with Amazon currently valued at more than $2.8 trillion.

SpaceX is not like the others

If we look at the most valuable public tech companies, a few commonalities about their earlier days stand out. All went public relatively early in their operating histories and debuted with sharply growing revenue and either profits or losses in the single-digit millions.

SpaceX, founded in 2002, looks by comparison like an oldster for a company on the cusp of a public market debut. It鈥檚 also worth pointing out that Google, founded in 1998, is only four years older than SpaceX. That means, it鈥檚 had 28 years to grow into becoming a company with over $400 billion in revenue over the past 12 months and $138 billion in operating income.

SpaceX, by contrast, has had 24 years to grow into becoming a company that loses $4.3 billion in a single quarter.

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On the startup front, however, the scene has been slower to heat up this year. While deal counts remain robust, and big rounds are still getting done, overall funding is on track to decline some from last year鈥檚 peaks, despite some large rounds in recent weeks.听

The numbers: So far this year, companies in 小蓝视频色情网页版鈥檚 quantum computing category have pulled in $1.2 billion in seed- through growth-stage funding. That puts investment on track to come in below last year鈥檚 record-setting $4.1 billion haul, even with some large rounds announced in recent weeks.

Overall, however, it鈥檚 a strong showing relative to other recent years, for both deal count and total investment, as charted below.

Standout deals

This month has been the busiest of the year for large quantum financings, 小蓝视频色情网页版 data shows.

The biggest round for 2026 鈥� a $200 million financing for Vancouver-based 鈥� closed just last week. The 9-year-old company, which develops commercial-scale quantum computers and quantum networks, secured a valuation of $2 billion.

Another large funding recipient this month was , a Dutch startup building what it says will be the world鈥檚 largest dedicated quantum open architecture fab. It secured $178 million in a Series B.

Around the same time, , a London-based startup focused on silicon transistor-based quantum computing, announced a $160 million Series C co-led by and . The startup says its technology can deliver utility-scale computing with a fraction of the cost, space and energy consumption of competing options.

For a broader picture of where capital is concentration, we used 小蓝视频色情网页版 data to put together a list of the 10 largest quantum funding recipients of this year.

Public investors favor quantum

Quantum computing startups haven鈥檛 produced much in the way of profits yet. However, several higher-profile players have made it to public markets over the years, and lately investors seem to like what they see.

The four most prominent pure-play public quantum computing companies 鈥� , , 听and 鈥� are collectively valued around $36 billion by market cap today. That鈥檚 down from the peak late last year but still many multiples ahead of where these companies were a couple years ago.

Meanwhile, this spring another quantum newcomer made its debut. Toronto-based , developer of a photonic quantum computing platform, went public via a SPAC merger on and the . Its recent market cap was around $5 billion.

Public quantum computing companies have been acquiring private startups as well, often for big sums. The largest deal this past year was IonQ鈥檚 $1.08 billion purchase of , a startup known for its research prowess in quantum performance.听

D-Wave Quantum another sizable acquisition early this year, snapping up , a developer of quantum computing systems, for $550 million in stock and cash.

All eyes on Quantinuum

The most closely-watched exit in the quantum space, meanwhile, is expected in coming weeks. This month, , provider of a full-stack platform for quantum computing that is majority owned by , filed to go public on the Nasdaq.

Broomfield, Colorado-based Quantinuum a $10 billion pre-money valuation for its last private fundraise in September. While it鈥檚 not yet clear what valuation the company anticipates for its public offering, the expectation is that it will be substantially above that level.

Wherever it lands, one thing is clear: Quantum computing has a plenty of fans in the investor class who are increasingly convinced early movers can deliver in transforming technological breakthroughs into impressive earnings.

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Shares of the company, which develops AI computing chips and large-scale AI systems, now trade under the ticker symbol CBRS. Earlier, Cerebras had priced its shares听well above the projected range of $150 to $160, raising at least $5.55 billion for the company, according to a .听

The IPO has been a long time coming for Sunnyvale, California-based Cerebras, which initially filed publicly for an IPO in September 2024. It withdrew the planned offering a year later, opting to continue raising capital in private markets.

Cerebras was a prodigious fundraiser as a private company. It secured $2.85 billion in equity funding and $1.85 billion in debt financing over the years, per 小蓝视频色情网页版 data, securing most of that total in the past year.

The company’s largest venture stakeholders include (11.3% of Class B common stock), (9.5%), (8.3%), (7.3%) and (6.5%). Benchmark, Foundation and Eclipse were lead investors in Cerebras鈥� $27 million Series A in 2016, so they appear poised to see the largest percentage gains on their holdings.

Investors in the Cerebras IPO, meanwhile, are banking on even more growth and valuation gains ahead. That said, growth of late has been impressive. Revenue increased to $510.0 million in 2025, representing year-over-year growth of 76%, and up more than sixfold over two years.

The company has an impressive list of partners and customers as well. Earlier this year, Cerebras signed a to partner with in integrating its technology into OpenAI鈥檚 compute systems. Other customers on its website include , and .

Looking ahead, Cerebras said in its IPO filing that it expects to invest more in research and development as well as sales and marketing. As for a marketing strategy, the company seems to have settled on speed, pitching itself as the builder of 鈥渢he fastest AI infrastructure in the world.鈥澨�

In coming quarters, we鈥檒l see if it succeeds in delivering on that promise at scale.

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• 听

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We鈥檙e not talking about confidential filings either. Sure, they signal serious intent and contain valuable information for regulators. But for the rest of us, it鈥檚 the public S-1 filing that signifies an IPO is actually imminent.

By this latter measure, the past few weeks have been pretty busy for venture-backed startups. , the designer of speedy AI inference chips, filed publicly last week for an offering expected to raise around $2 billion. The Silicon Valley company, which withdrew plans for an IPO last fall, is reportedly seeking a valuation upwards of $35 billion this time around.

That alone would be enough to set IPO market watchers abuzz. Per 小蓝视频色情网页版 data, it stands to be the largest initial share offering of a U.S. semiconductor company to date.

However, Cerebras wasn鈥檛 the only venture-backed company seeking a multibillion-dollar IPO valuation.

Power players

Another, albeit smaller, contender is nuclear power startup , which is making its debut today. The Rockville, Maryland-based company priced shares at $23 each late Thursday, above the projected range, raising around $1 billion. Shares closed up 27% in first-day trading Friday.

Meanwhile, on the geothermal power front, is also looking to take its clean energy ambitions to the public market. The Houston-based company filed last week for a offering that could bring in around $250 million.

Biotech IPOs heating up

Biotech is also heating up. Last week delivered a big debut from , a Waltham, Massachusetts-based developer of oral and injectable treatments for obesity and metabolic disease that $718 million in its Nasdaq offering. , a Fremont, California-based startup applying proteomics to early disease detection, made its market entry as well, securing a current market cap around $1.6 billion.

More biotech debuts are on deck too. Austin-based , a venture-backed developer of a nerve stimulation device for stroke survivors, filed last week for an offering. The prior week brought S-1 filings from Boston鈥檚 , a developer of medicines for depression, anxiety and other neuropsychiatric disorders, and , a Denmark-based biotech which focuses on treatment of blood coagulation disorders.

Space and defense on the rise

Of course, everyone knows the Texas-based company on deck to publicly file for a space tech offering of unprecedented magnitude. for an IPO a few weeks ago, with media reports pegging its target valuation around $1.75 trillion. If the company forges ahead with reported plans for a June market debut, a public filing should follow in the next few weeks.

In the interim, another, much, much smaller offering in the defense tech space is on track to hit the market much sooner. , a Herndon, Virginia-based developer of radio frequency intelligence for military customers, filed earlier this month for a offering. It comes amid a period of heightened investor appetite for defense tech, with an expectation of more debuts in the space likely in coming months.

Now we just need some software

Of course, it鈥檚 not an IPO market that is welcoming to all venture-backed startup sectors. One area noticeably absent from the impending offering list is enterprise software. While SaaS has long been a mainstay of the IPO pipeline, the sector has taken a hit of late amid investors’ concerns of AI disruption.

That said, it鈥檚 still encouraging to see a swathe of other sectors dipping a toe in IPO waters.

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This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding deal roundup here.

Transportation and biotech were leading themes among this week鈥檚 largest U.S. funding recipients. This includes the week鈥檚 largest round, a $650 million financing for electric pickup truck maker . Other sizable investments went to spaces including drug development, autonomous public transit and software engineering.

1. , $650M, electric vehicles: Troy, Michigan-based Slate Auto, a developer of lower-cost electric pickup trucks that can be customized as SUVs, raised $650 million in Series C funding led by . The -backed company said it plans to deliver its first vehicles to customers later this year.

2. , $300M, biotech: Beeline Medicines, a Boston-based developer of precision therapies for autoimmune and inflammatory diseases, emerged from stealth with $300 million in Series A funding led by . The company鈥檚 initial portfolio includes five programs licensed from .

3. , $170M, autonomous transportation: Glydways, a developer of personal autonomous pods designed to operate on dedicated lanes, closed on $170 million in Series C funding. , ACS Group听and led the financing for the San Francisco-based company, which is launching operational pilots in three cities this year.

4. , $150M, AI software development: Factory, a startup focused on bringing autonomy to software engineering, secured $150 million in a Series C round led by . The financing set a $1.5 billion valuation for the 3-year-old, San Francisco-based company.

5. , $108M, biotech: South San Francisco, California-based Terremoto Biosciences, a developer of small molecule medicines for cancer and rare diseases, raised $108 million in Series C funding from backers including , , and .

6. (tied) , $100M, student transportation: Zum, a provider of a platform for optimizing K-12 student transportation, secured $100 million in new funding from . Founded in 2015, Redwood City, California-based Zum has raised about $500 million in known funding to date, per .

6. (tied) , $100M, biotech: Neomorph, a developer of cancer therapeutics, closed on $100 million in Series B funding to support clinical trials. led the financing for the San Diego-based company.

6. (tied) , $100M, fintech: San Francisco-based Slash, a business banking platform, picked up $100 million in a Series C round led by , and . The financing set a $1.4 billion valuation for the company, which said it surpassed $250 million in annualized revenue in 2025.

9. , $80M, semiconductors: nEye, a developer of integrated optical interconnects for data center connectivity, raised $80 million in Series C financing led by . Founded in 2020, Silicon Valley-based nEye has raised $152 million in funding to date.

10. , $75M, space tech: Irvine, California-based Turion Space, a provider of an orbital intelligence and operations platform, over $75 million in a Series B round led by .

Methodology

We tracked the largest announced rounds in the 小蓝视频色情网页版 database that were raised by U.S.-based companies for the period of April 11-17. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration:

This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding deal roundup here.

While no billion-dollar rounds led this week鈥檚 list, we nonetheless saw a variety of startups in industries ranging from semiconductors to aerospace to biotech raise sizable rounds. The week鈥檚 biggest deal was $400 million for SiFive, a semiconductor startup challenging incumbent with chip designs built on an open rather than proprietary standard.

1. , $400M, semiconductors: San Mateo, California-based semiconductor startup SiFive raised a $400 million Series G round led by . SiFive makes the blueprints used by companies such as to develop their own internal chip designs, on an open standard called RISC-V. CEO Reuters he expects the raise to be SiFive鈥檚 last funding round before an IPO, though didn鈥檛 say when an offering would take place.

2. , $200M, aviation: Hermeus, an El Segundo, California-based startup developing autonomous military aircraft, raised $200 million in equity in a -led round. The company, which is developing what it says will be the fastest unmanned defense aircraft, also raised $150 million in debt as part of the round, which pushes its valuation to $1 billion. Other investors in the deal include , and

3. $137M, biotechnology: San Diego-based Sidewinder, a biotech startup developing cancer drugs to target difficult-to-treat tumors, raised a $137 million Series B led by and . The company is developing听next-generation cancer drugs called antibody-drug conjugates, or ADCs, which are designed to act like 鈥済uided missiles鈥� by using engineered antibodies to deliver toxic payloads directly into tumor cells. The company said its new funding will be used to push its lead drug candidates into clinical trials.

4. , $125M, AI infrastructure: Palo Alto, California-based Aria Networks raised $125 million in a -led Series A funding round. The company develops an AI-driven networking platform that monitors, analyzes and optimizes data center performance.

5. , $111.7M, aerospace: Starfish Space, a Seattle-based startup developing and manufacturing autonomous space vehicles that perform in-orbit, satellite servicing missions, raised $111.7 million. The Series B round was led by , and . Starfish鈥檚 spacecraft dock to satellites already in orbit to service and reposition them. They can also remove defunct satellites and debris from space.

6. (tied) , $100M, biotechnology: Cambridge, Massachusetts-based Stipple Bio raised a $100 million Series A round to advance its precision cancer therapies. The round was led by , and . Stipple aims to develop highly targeted cancer treatments that selectively attack cancer cells while minimizing damage to healthy tissue.

6. (tied) , $100M, health insurance: led the $100 million Series E for Chapter, a New York-based startup offering a Medicare navigation platform that provides advisory services for seniors seeking health coverage. Other investors include 鈥嬧��, and 1.

8. , $85M, fintech: Modus, a Philadelphia-based startup, raised $85 million in a -led seed and Series A round. The startup describes itself as a tech鈥慹nabled audit platform that acquires CPA firms and equips them with AI鈥慸riven audit tools to deliver higher鈥憅uality audits. and also participated in the deal.

9. , $80M, medical devices: and led the $80 million Series C for Menlo Park, California-based Endovascular Engineering, also called E2, which has developed a device called H膿lo for the treatment of venous thromboembolism, or VTE. The company secured clearance for H膿lo in December.

10. , $80M, biotechnology: Boston-based Life Sciences, which aims to develop drugs to promote longevity and find treatments for age-related diseases, says it raised $80 million in Series D funding. The company says it will use the funding to advance human trials of its cellular rejuvenation therapy, called ER-100, which aims to make older, damaged cells act younger again. Investors in the round were not disclosed. The company has previously been backed by , , , and.

Methodology

We tracked the largest announced rounds in the 小蓝视频色情网页版 database that were raised by U.S.-based companies for the period of April 4-10. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

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U.S. and Canadian companies secured a staggering $252.6 billion in seed- through growth-stage funding rounds per 小蓝视频色情网页版 data. That鈥檚 more than 3x the total raised in the prior quarter, and the largest quarterly total of all time.

Predictably, artificial intelligence was the driver. More than 87% of Q1 investment went to companies in 小蓝视频色情网页版 AI-related categories.

To say these are record funding tallies is somewhat of an understatement. It鈥檚 more like Q1 smashed the prior quarterly record 鈥� $95.7 billion 鈥� set in Q3 2021.

Just a single financing for was bigger than the prior quarterly record for all startup funding rounds put together. And the four next-largest financings totaled almost as much as the prior quarter, which at the time we considered a very strong period for startup funding.

So, in summary, it was a lot of money. For a more detailed picture, we drill down more deeply into how that largesse was distributed across stages and sectors. We also take a look at exits for the quarter, including both IPOs and acquisitions.

Table of contents

• AI
• Later stage and technology growth
• Early stage
• Seed
• Exits
• Big picture: A paradigm shift
• Methodology
• Glossary of funding terms

AI

We鈥檒l start with AI, since that鈥檚 where the overwhelming majority of the money went.

A staggering $221 billion went to North American companies in 小蓝视频色情网页版 AI-related categories in the first quarter. That鈥檚 about 6x the AI investment total from the prior quarter, which was itself no slacker on this front.

For perspective, we charted out AI-related funding over the past 13 quarters to compare.

A few megarounds for high-profile companies accounted for most of the quarter鈥檚 AI funding, led by OpenAI, , and .

Later stage and technology growth

These same names factor heavily in tallies for late-stage and technology-growth funding, which comprised the vast majority of total startup investment.

Per 小蓝视频色情网页版 data, $222.4 billion 鈥� or 88% of all North America startup investment 鈥� went to rounds at these stages. That鈥檚 more than 5x the prior quarter鈥檚 tally, and more than triple year-ago levels.

The gains were driven by bigger deals, not more of them. Later- and growth-stage round counts were actually down a smidge sequentially in Q1. For perspective, below we chart round counts and investment totals at this stage for the past five quarters.

Enormous rounds for AI companies accounted for a majority of the late- and growth-stage totals. The biggest of these was OpenAI鈥檚 record-setting $110 billion February financing led by , and . The generative AI giant topped it off with a raise in March.

Anthropic secured the quarter鈥檚 next-biggest late-stage financing 鈥� a $30 billion February Series G 鈥� followed by xAI, which announced a $20 billion Series E in January. landed another of the quarter鈥檚 very big deals, with a $16 billion February Series D.

Early stage

Early-stage investment was also running high in Q1, albeit not setting records.

Overall, investors put $25.1 billion into deals around Series A and Series B stage in the first quarter. That鈥檚 up 17% from the prior quarter and 56% from year-ago levels. It鈥檚 also the highest quarterly total in over three years, though still below peaks scaled in 2021.

Early-stage round counts, meanwhile, were down a bit, indicating investors鈥� increasingly concentrating their bets among perceived star performers.

As usual, a few jumbo-sized deals significantly boosted the early-stage totals. For Q1, this included four rounds of $500 million or more.

Of these, Austin-based humanoid robotics startup was the biggest fundraiser, pulling in $520 million in a February Series A. Three other companies secured $500 million financings: AI infrastructure developer , semiconductor startup , and industrial robotics-focused .

Seed

Seed-stage investment, meanwhile, did not show an upswing but remained at historically robust levels.

Per 小蓝视频色情网页版 data, an estimated $5.1 billion went to seed and pre-seed investments in Q1. That鈥檚 roughly flat with the prior quarter and up a bit from year-ago levels.

Seed round counts declined in Q1, both sequentially and year over year. However, we expect these tallies to rise some over time, along with investment totals, as seed deals commonly get added to the data set weeks after they close.

Exits

Exit activity was fairly staid in comparison to the high-rolling startup fundraising environment.

That said, the IPO market did boast a few sizable startup debuts. Of these, the largest was the January IPO of construction equipment rental marketplace , followed by space tech company , and crypto platform .

Below, we aggregated a list of 12 private, venture-backed companies that carried out IPOs on U.S. exchanges.

Acquirers also announced several large deals to purchase venture-backed private companies.

The priciest planned M&A deal was 鈥檚 agreement to purchase business credit card provider for $5.15 billion. Biotech also delivered some large outcomes, including 鈥檚 planned acquisition of RNA therapeutics startup , and 鈥� purchase of allergy treatment startup .

Below, we put together a list of five of the quarter鈥檚 biggest M&A deals.1

Big picture: A paradigm shift

Having written many of these funding reports over the years, it鈥檚 common for one quarter to quietly blur into another. Not so for Q1 of 2026.

The just-ended quarter cemented a notion that startup insiders have been circling for some time: Private markets now have the capital stores and appetite for ultra-high valuations to rival public markets. For evidence, look no further than OpenAI鈥檚 $122 billion raise at a valuation higher than all but a handful of the largest large-cap technology companies.

IPO enthusiasts may pine for a future period when these most sought-after foundational AI names finally do make it to public markets. But for now, they鈥檝e demonstrated there are plenty of investors willing to shell out billions in private offerings as well.

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Methodology

The data contained in this report comes directly from 小蓝视频色情网页版, and is based on reported data. Data is as of March 31, 2026.

Note that data lags are most pronounced at the earliest stages of venture activity, with seed funding amounts increasing significantly after the end of a quarter/year.

Please note that all funding values are given in U.S. dollars unless otherwise noted. 小蓝视频色情网页版 converts foreign currencies to U.S. dollars at the prevailing spot rate from the date funding rounds, acquisitions, IPOs and other financial events are reported. Even if those events were added to 小蓝视频色情网页版 long after the event was announced, foreign currency transactions are converted at the historic spot price.

Glossary of funding terms

Seed and angel consists of seed, pre-seed and angel rounds. 小蓝视频色情网页版 also includes venture rounds of unknown series, equity crowdfunding and convertible notes at $3 million (USD or as-converted USD equivalent) or less.

Early-stage consists of Series A and Series B rounds, as well as other round types. 小蓝视频色情网页版 includes venture rounds of unknown series, corporate venture and other rounds above $3 million, and those less than or equal to $15 million.

Late-stage consists of Series C, Series D, Series E and later-lettered venture rounds following the 鈥淪eries [Letter]鈥� naming convention. Also included are venture rounds of unknown series, corporate venture and other rounds above $15 million. Corporate rounds are only included if a company has raised an equity funding at seed through a venture series funding round.

Technology growth is a private-equity round raised by a company that has previously raised a 鈥渧enture鈥� round. (So basically, any round from the previously defined stages.)

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