Capital concentrated in AI
Venture and growth capital flowing overwhelmingly into AI companies.
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Facts
- Lane
- Capital and talent
- Wave
- 1 of 12 (build order, not a date)
- Needs
- 0 boxes all the way back through hard links
- Unlocks
- 0 boxes downstream through hard links
- Leverage
- None: already built
- Cluster
- Around datacentre capex
- When
- Here since 2023
Evidence as of October 2026
PitchBook counts 86% of US venture funding going to AI in the first half of 2026, and OpenAI and Anthropic alone took 43% of global startup funding. PitchBook warns that a market this dependent on one theme faces a broad correction if returns disappoint.
Watch
AI share of venture funding: 86% of US venture dollars in the first half of 2026.
Timeline note
AI’s share of venture funding climbed from 2023 to 86% of US venture in the first half of 2026.
Detail boxes 2
A handful of labs that can fund frontier training.
State of AI 2026 finds “the frontier is now a three-lab race” between Anthropic, OpenAI and Google.
State-backed funds investing in AI labs and infrastructure.
Abu Dhabi’s MGX closed a $49bn first fund and co-led OpenAI’s $122bn and Anthropic’s $30bn rounds.
Around it
Nothing beyond the detail list. It can start at any time.