Venture funding in the second quarter of 2026 reached $212.9 billion, marking the second-highest quarterly total on record and signaling continued strength in the tech investment landscape. However, a closer look from CB Insights reveals a highly concentrated market where a small number of outsized deals are driving the majority of activity.
According to CB Insights’ analysis, mega-rounds—defined as large financings typically exceeding $100 million—accounted for 81% of all venture dollars deployed in Q2.
This level of concentration nearly matches the previous quarter’s record but stands out because it relied heavily on a single player: Anthropic.
The AI company alone secured $65 billion in one round at a staggering $965 billion valuation, representing more than a third of total mega-round capital. In contrast, the prior quarter’s mega-round dominance was split between Anthropic and OpenAI.
This extreme skew leaves the rest of the ecosystem competing for just 19% of the funding pool.
Deal volume has plummeted to a decade-low, and exit activity has declined for the second consecutive quarter.
The data paints a picture of two distinct venture markets: one ultra-competitive tier for AI leaders capable of attracting massive checks, and another challenged environment for nearly everyone else.
Broader market intelligence from CB Insights underscores how this bifurcation could reshape innovation pipelines, with capital flowing disproportionately toward proven AI frontrunners.
In a notable European development, defense technology startup Helsing closed a $1.8 billion Series E at an $18 billion valuation.
This represents the largest private funding round in European defense tech history and brings the Munich-based firm’s total raised to $3.3 billion.
Just five years ago, such a deal would have been improbable due to ESG restrictions, limited partner policies, and cultural hesitancy around weapons-adjacent technologies among many European investors.
The shift is evident in broader trends: European defense tech companies raised $3.2 billion in 2025, a 37% increase year-over-year and roughly triple the amount from five years earlier.
The number of unique investors participating in these rounds has nearly tripled since 2020. Helsing’s success highlights growing geopolitical priorities and willingness to back AI-powered defense solutions.
Meanwhile, the healthcare sector is preparing for major gatherings.
The interactive dashboard leverages data on over 12,250 participants and offers tools like searchable company directories filtered by technology focus, detailed intelligence profiles (including Mosaic Scores, maturity metrics, headcount growth, and IPO/M&A probabilities), and live landscape overviews spanning behavioral health, women’s health, oncology, longevity, and more.
As the year reaches its midpoint, these developments illustrate a venture environment defined by AI concentration, sectoral resurgence in defense, and data-driven networking in health tech. CB Insights concluded that while headline funding numbers impress, the underlying dynamics suggest investors and founders must navigate increasing selectivity and specialization to excel.