OpenAI’s record-breaking fundraising and peers like Anthropic now anchor a market where $100 million deals are commonplace, per Crunchbase. Once dubbed “supergiant rounds,” these now represent the median U.S. late-stage financing in 2026, doubling since 2020. $100 million is no longer a benchmark for ambition—it’s the floor. Anthropic and OpenAI, valued near $1 trillion, exemplify the shift, while $200 million+ rounds now comprise half of this year’s 250+ late-stage deals. Valuations and capital concentration dominate, even as deal frequency lags prior peaks.