Global venture funding for Q3 2025 rose 38% year over year to $97 billion, up from $92 billion in Q2. Nearly 46% of that — ~ $44.6B — flowed into AI firms, with foundation model startups claiming the lion’s share. The top raises included $13B to Anthropic, $5.3B to xAI, and $2B to Mistral AI. The boom signals continued investor appetite in AI infrastructure, models, and applications across sectors.