Crunchbase data shows U.S. venture capital has become highly concentrated. In 2025, 70% of funding—over $200 billion—went to 389 firms that raised rounds of $100 million or more. Six companies drew $90 billion each from rounds above $5 billion, leaving the remaining 30% spread across 6,000 smaller deals.

Despite the rise of mega‑rounds, sub‑$100 million funding did not shrink; it grew by roughly $8 billion last year. In 2021, 60% of capital went to firms raising $100 million or more, but most of that went to the $100 million–$500 million bracket. In 2025, the focus shifted to just 50 firms over $500 million.

Early 2026 already mirrors 2025 totals. U.S. venture capital raised so far equals last year's full haul, and 80% of investment targets rounds of $500 million and above, spread across 29 companies. The trend signals that the market continues to funnel resources into a shrinking cohort of high‑growth firms while still supporting a robust startup ecosystem.

VC leaders argue the boom around OpenAI and Anthropic expands the addressable market rather than starving smaller firms. Daniel Docter of Dell Technologies Capital notes that these giants will chase vast markets, creating “white space” for other innovators. Madison Faulkner of NEA Ventures urges bets on seed and Series A companies that can compete in domains.