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Top 10 Funding Rounds: Boring Co., Cognition Lead

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It was a monster week for U.S. startup funding, with four companies each raising $1 billion or more. Elon Musk’s tunnel-drilling company The Boring Co. led with a $3 billion Series D, followed by AI coding startup Cognition at $2 billion. Fleet management software provider Motive landed $1.3 billion, while reusable rocket developer Stoke Space raised $1 billion.

Big checks also flowed to U.S. solar manufacturing, defense tech, legal AI and companies building the chips and networking infrastructure needed for artificial intelligence.

1. The Boring Co., $3B, transportation and infrastructure: Musk’s Bastrop, Texas-based tunneling company raised a $3 billion Series D led by the United Arab Emirates, with participation from investors including Andreessen Horowitz, Sequoia Capital and Valor Equity Partners. The deal values it at $23 billion and brings total funding to nearly $3.9 billion.

2. Cognition, $2B, artificial intelligence: San Francisco-based Cognition raised a $2 billion Series E led by Accel, Andreessen Horowitz, Avenir, Founders Fund and General Catalyst. The company is best known for Devin, its autonomous software-engineering agent. It has raised nearly $3.9 billion to date and was valued at $48 billion.

3. Motive, $1.3B, fleet management and transportation: San Francisco-based Motive raised $1.3 billion in private equity funding led by General Catalyst. The former Keep Truckin has an AI-driven platform for fleet management. Total funding now just over $2 billion.

4. Stoke Space, $1B, aerospace: Kent, Washington-based Stoke Space raised a $1 billion Series E co-led by Point72 Ventures and Spark Capital, with Y Combinator among additional investors. The company is developing fully reusable rockets. The round values Stoke at $10 billion and brings total funding to roughly $2.4 billion.

5. Suniva, $835M, solar energy: Norcross, Georgia-based Suniva raised $835 million from investors including Electron Capital Partners, OIC and Rubric Capital Management. The longtime U.S. solar manufacturer plans to expand domestic production. It has raised nearly $1.2 billion to date.

6. Mach Industries, $600M, defense tech: Huntington Beach, California-based Mach Industries raised a $600 million Series C from investors including Ribbit Capital and Sequoia Capital. Founded in 2022, the defense manufacturer develops unmanned aircraft, long-range weapons, propulsion technology and infrastructure.