AI BriefingAnalysis of 1,016 VC rounds shows non-AI companies capture 60% of deals and 42% of capital
·2026.10.27 15:03
Key point
Analysis of $126.8B in funding reveals AI infrastructure holds 50% of capital but only 18% of rounds, while non-AI sectors dominate deal volume.
Details
- Analysis of 1,016 venture capital rounds totaling $126.8B (Sep-Oct 2026) shows non-AI companies account for 60% of rounds and 42% of capital, countering the narrative that AI dominates all funding.
- AI infrastructure captures 50% of total money ($63.6B) across just 18% of rounds, a concentration driven by five mega-rounds including OpenAI ($30B) and Anduril ($5B); excluding these, AI infrastructure share drops to 33%.
- Early-stage valuations are nearly identical across sectors, with Series A medians tied at $20M for AI infrastructure, applied AI, and non-AI companies, while the gap widens at Series B where AI infrastructure reaches a $111M median.
- Nvidia is the most active investor in Europe, participating in 22 rounds as part of a $10B regional investment commitment, leading 13 of those rounds in a single week.
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