May delivered a blockbuster month for startup funding, with global venture capital reaching $92 billion—the second-highest monthly total ever recorded. Anthropic's $50 billion raise dominated the landscape, accounting for 54% of all funding and marking the second-largest startup deal in history.

The month signaled renewed momentum beyond just massive funding rounds. Cerebras Systems priced its IPO at the high end of its range ($185 per share) and opened at $350, giving the AI chip company a market valuation exceeding $49 billion. This successful debut suggests public markets are ready to reward promising AI companies.

Valuation dynamics shifted dramatically as Anthropic surged past OpenAI to become the second-most valuable private company at $965 billion, trailing only SpaceX's $1.25 trillion valuation. The AI sector commanded $72 billion of May's funding—nearly 80% of the total—as investors doubled down on artificial intelligence infrastructure.

With SpaceX preparing a potential $80 billion IPO and Anthropic having filed confidential paperwork, the stage is set for historic liquidity events. If these companies complete public offerings this year, hundreds of billions could flow back to venture investors, potentially catalyzing the next investment cycle. The convergence of mega-funding rounds and public market readiness represents a significant inflection point for the technology sector.