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AI’s Rising Share of U.S. Venture Capital Investment
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Key Takeaways
- Companies in the AI industry are dominating venture capital investment, making up 71% of equity investments in Q1 2025.
- When breaking down by company type, in 2024 foundational model makers (like OpenAI and Anthropic) received the majority of investment at just over $40 billion.
- These were followed by AI operations and cloud providers like CoreWeave, which received just over $10 billion in investment in 2024.
In the last decade, U.S private investment in AI firms totaled $471 billion, the highest globally.
Going further, more than three dozen AI startups have raised over $100 million so far in 2025. As investor enthusiasm surges, AI firms are attracting the majority of venture capital—up from just 14% in 2020.
The graphic above shows venture capital investment trends in America, based on analysis from J.P. Morgan.
AI Draws Massive Venture Capital Investment
Below, we show the share of venture capital investment that went to AI-related firms in the past five years. Figures represent equity investment only.
| Year | AI Share of U.S. Venture Capital Investment |
|---|---|
| 2020 | 14% |
| 2021 | 16% |
| 2022 | 14% |
| 2023 | 26% |
| 2024 | 45% |
| Q1 2025 | 71% |
As we can see, a striking 71% of funding went to AI firms in Q1 2025, up from 45% in 2024.
Most notably, OpenAI secured a $40 billion megadeal, the highest private funding on record. Meanwhile, Anthropic raised $3.5 billion and Lambda, an AI infrastructure firm, secured $480 million.
In a similar fashion, companies building foundational models saw the highest investment last year, including major players like OpenAI and xAI. Both companies secured more than $6 billion in investment, more than any other firm in the industry.
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