New PitchBook data illustrates how dramatically AI is dominating startup investment, with 2025 on-track to become the first year when AI accounts for more than half of all VC money invested.

PitchBook reports that VCs have poured $192.7 billion into the industry so far this year, out of a total $366.8 billion, according to Bloomberg . In the most recent quarter, AI accounted for 62.7% of the money invested by U.S. VCs, and for 53.2% of money invested by global firms.

Most of that money is going to marquee names like Anthropic, which announced a $13 billion Series F in September. Meanwhile, the number of startups and venture funds successfully raising money are at their lowest levels in years — PitchBook says that 823 funds have been raised globally so far in 2025, compared to 4,430 i

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