US Startup Funding Overview – November 2025
Key Insights – November 2025
November 2025 demonstrated exceptional strength in US venture capital with $18.2B invested across 409 companies, showing a 49.2% increase from October 2025’s $12.2B and a robust 56.9% year-over-year increase from November 2024’s $11.6B. The month featured eight mega-rounds exceeding $500M, led by Anysphere’s record-breaking $2.3B late-stage round for its AI coding assistant Cursor.
Artificial Intelligence maintained its dominance with an estimated $11.8B across AI-related companies (65% of total funding).
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Top Funding Rounds
| Company | Location | Funding Amount | Round Type |
|---|---|---|---|
| Anysphere | San Francisco, CA | $2.3B | Late-Stage |
| Lambda | San Jose, CA | $1.5B | Late-Stage |
| Luma AI | Palo Alto, CA | $900M | Late-Stage |
| Kraken | San Francisco, CA | $800M | Late-Stage |
| X-energy | Rockville, MD | $700M | Late-Stage |
| Physical Intelligence | San Francisco, CA | $600M | Late-Stage |
| Chaos | Los Angeles, CA | $510M | Late-Stage |
| Ripple | San Francisco, CA | $500M | Late-Stage |
| Armis | San Francisco, CA | $435M | Late-Stage |
| Apptronik | Austin, TX | $331M | Late-Stage |
Funding by Round Type
| Round Type | Total Funding | Deal Count | Avg. Deal Size | Median Deal Size |
|---|---|---|---|---|
| Early-Stage | $919.6M | 211 | $4.4M | $2.5M |
| Series A | $1.92B | 99 | $19.4M | $13.0M |
| Series B | $2.52B | 49 | $51.5M | $30.5M |
| Late-Stage | $12.84B | 50 | $256.9M | $100.0M |
Overall median deal size: $7.5M across all 409 transactions
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Detailed Analysis
Market Context
Total US startup funding in November 2025 reached $18.2B across 409 companies, representing a 49.2% increase from October 2025’s $12.2B and a robust 56.9% surge compared to November 2024’s $11.6B. This exceptional month was driven by eight mega-rounds totaling $7.8B, with capital heavily concentrated in late-stage AI infrastructure, developer tools, and transformative technology platforms.
Key Metrics
- Average deal size: $44.5M (elevated by mega-round concentration)
- Median deal size: $7.5M (showing healthy mid-market activity)
- Largest deal: Anysphere at $2.3B
- Funded companies: 409 (all deals classified)
- AI funding share: 64.9% of total funding ($11.8B)
- Late-stage concentration: 70.6% of total funding
- Mega-rounds ($500M+): 8 deals totaling $7.8B (42.9%)
Sector Insights
AI Infrastructure and Developer Tools dominated November’s funding landscape with unprecedented capital concentration. Anysphere’s $2.3B round for its AI-powered coding assistant Cursor represented the largest US venture round of the month, while Lambda’s $1.5B raise for GPU cloud infrastructure and Luma AI’s $900M for 3D generative AI underscored massive continued investment in AI infrastructure. Physical Intelligence’s $600M round for AI-powered robotics highlighted investor enthusiasm for physical AI applications.
Cryptocurrency and Blockchain Infrastructure attracted significant capital with Kraken securing $800M for its cryptocurrency exchange platform and Ripple raising $500M for blockchain payment solutions. These mega-rounds reflected renewed investor confidence in digital asset infrastructure as the sector matured and regulatory clarity improved.
Clean Energy and Climate Tech remained a priority with X-energy securing $700M for advanced nuclear reactor technology. This represented one of the largest clean energy venture rounds of 2025, signaling sustained investor confidence in next-generation energy solutions addressing both climate challenges and surging AI-driven data center power demands.
Geographic Concentration intensified with San Francisco capturing 82 deals (20.0% of total) and $6.4B in funding. New York secured 41 deals and $1.1B, while Palo Alto’s 19 deals totaled $1.8B. The Bay Area’s continued dominance in AI infrastructure, developer tools, and enterprise software investments drove this geographic concentration.
Notable Trends
- Exceptional Mega-Round Activity: Eight deals over $500M totaled $7.8B (42.9% of all funding), showing extreme capital concentration in market leaders
- Stage Divergence Intensifies: Late-stage deals averaged $256.9M while Early-stage averaged just $4.4M—a 59x difference reflecting bifurcated market dynamics
- AI Dominance Persists: 183 AI-related companies secured funding, representing 45% of all deals but 65% of capital—demonstrating sustained investor conviction in AI’s transformative potential
- Robust Early-Stage Ecosystem: Despite mega-round dominance, 211 Early-stage deals (51.6% of all transactions) demonstrated healthy ecosystem fundamentals and continued seed-stage activity
- Developer-First Platforms: Anysphere’s record round highlighted the massive market opportunity for AI-powered developer productivity tools as coding becomes increasingly AI-assisted
- Cybersecurity Scale-Ups: Armis’s $435M late-stage round reflected strong demand for enterprise security platforms as organizations navigate expanding threat surfaces
- Robotics Investment Wave: Apptronik’s $331M round for humanoid robotics, alongside Physical Intelligence’s $600M raise, signaled growing investor confidence in commercial robotics applications
