Eight rounds, ranked by size. Before the table, the caveat that most trackers bury: private funding figures are
not filings. The numbers below are blended estimates compiled from several outlets, several valuations were
undisclosed at the time, and none of it is audited. Treat the ordering as reliable and the precise figures as
approximate.
THE SHORT VERSION
● Largest round: OpenAI, roughly $122 billion, at an $852 billion valuation
● Highest valuation: Anthropic at $965 billion - above OpenAI despite a smaller raise
● Largest Series E: xAI at $20 billion
● Top two combined: roughly $187 billion, more than the other six together
● Data quality: blended estimates, not filings - see the note on every row
The eight largest AI rounds of 2026
| # | Company | Raise | Valuation | Lead investors | When |
|---|
| 1 | OpenAI | ~$122B | $852B | Amazon, Nvidia, SoftBank, Microsoft | Q1-Q2 2026 |
| 2 | Anthropic | $65B | $965B | Undisclosed consortium | Q2 2026 |
| 3 | xAI | $20B (Series E) | not stated | not stated | Q1 2026 |
| 4 | Waymo | $16B | $126B | Sequoia, DST Global, Dragoneer | Q1 2026 |
| 5 | Prometheus | $12B (Series B) | $41B | JPMorgan, BlackRock, Goldman Sachs, DST Global, Arch | Q2 2026 |
| 6 | DeepSeek | $7.4B | not stated | not stated | 2026 |
| 7 | Anduril | $5B (Series H) | $61B | Thrive Capital, Andreessen Horowitz | Q2 2026 |
| 8 | Baseten | $1.5B (Series F) | $13B | Altimeter, Conviction, Spark Capital | June 2026 |
Figures are estimates blended from multiple outlets. Several valuations and lead investors were
undisclosed at publication and are marked "not stated" rather than guessed.
The valuation inversion
The detail worth pausing on is that Anthropic carries the higher valuation despite the smaller raise
- $965 billion against OpenAI's $852 billion, on $65 billion raised against roughly $122 billion. That inverts the
ordering most people assume, and it is the figure that matters now that Anthropic has a draft S-1 in circulation.
That $965 billion is also the number the public markets will be asked to validate. Anthropic's draft prospectus
reports $16.3 billion of first-half 2026 revenue against an $80.7 billion net loss, so the listing prices a company
whose losses currently run about five times its revenue. Our
AI IPO tracker follows that filing.
Where the money is not going
Five of the eight are frontier model labs or their infrastructure. The other three are not: Waymo at $16 billion
is autonomous driving, Anduril at $5 billion is defence, and Baseten at $1.5 billion is model-serving
infrastructure. Baseten is the interesting one - at a $13 billion valuation on a $1.5 billion Series F, it is the
smallest raise here and the clearest bet that the money in AI moves to the deployment layer once the model layer
consolidates.
Frequently asked questions
What was the biggest AI funding round of 2026?
OpenAI's corporate round at roughly $122 billion, reported at an $852 billion valuation with Amazon, Nvidia, SoftBank and Microsoft among the investors.
What is Anthropic valued at?
Approximately $965 billion following its $65 billion round in Q2 2026 - higher than OpenAI's $852 billion despite raising roughly half as much.
How much did xAI raise in 2026?
$20 billion in a Series E during Q1 2026. The valuation was not stated.
How much did DeepSeek raise?
$7.4 billion during 2026. No valuation was disclosed and no specific quarter was given.
Are these figures confirmed?
No. Private funding rounds are not public filings. These are estimates blended from several outlets, and several valuations and lead investors were undisclosed at the time. The ordering is reliable; the precise figures are approximate.
Which AI companies are going public?
Cerebras already listed on Nasdaq in May 2026, and MiniMax and Zhipu AI listed in Hong Kong. Anthropic has a draft S-1. Our AI IPO tracker follows filing status.
Sources
Round sizes, valuations and investors compiled from ValueAdd VC, which states its figures are estimates blended from several outlets. Anthropic S-1 figures as reported by The Wall Street Journal via Bloomberg.
Last updated 26 October 2026. Dates and prices change - verify against the vendor before acting.