North American Startup Funding Hit Record Highs in H1 2026 as AI Dominated Venture Capital

North American venture investment reached an all-time high in the first half of 2026, with U.S. and Canadian startups raising $392 billion, according to Crunchbase data. Q2 alone totaled $137.2 billion, making it the second-highest quarter on record behind Q1. The key takeaway: the funding boom was not broad-based deal growth, but a surge powered by exceptionally large rounds.

AI-focused startups dominated the quarter, accounting for about 80% of investment across stages in Q2, per Crunchbase data. Late-stage and technology growth funding totaled around $101 billion, with Anthropic alone raising $65 billion at a $965 billion post-money valuation. The report also cites major rounds for Anduril Industries and early-stage AI companies, underscoring how capital is clustering around a small set of high-profile AI bets.

Early-stage funding climbed to just over $31 billion in Q2, nearly double year-ago levels and up about 15% from Q1. But deal count fell to the lowest point in five quarters, reinforcing the concentration theme. Seed and angel investment moved in the opposite direction, totaling around $4.9 billion, down 15% from the prior quarter and 27% from a year earlier.

Funding was only part of the story: Q2 also brought major exits. SpaceX raised $75 billion in what Crunchbase News described as the largest IPO of all time, while Cerebras Systems raised $5.6 billion in its May IPO. On the M&A side, SpaceX’s $60 billion acquisition of Cursor and parent company Anysphere was reported as the largest startup acquisition of all time.

The report frames 2026 as uncharted territory for venture markets, with massive rounds, giant exits and AI-led valuations reshaping expectations. Anthropic and OpenAI are both described as signaling public-market ambitions at valuations close to or above $1 trillion. For founders, investors and operators, the practical read is clear: AI remains the center of gravity, but funding access appears increasingly tied to standout scale, category leadership and exit potential.