49 US AI startups raised $100M+ in 2025 — matching 2024's record.

Key patterns for founders:

• Infrastructure plays dominate: 60% of mega-rounds went to AI infra vs applications
• Speed matters: Anysphere (Cursor) went from $900M to $2.3B in 5 months
• Multiple rounds common: 12 companies raised 2+ mega-rounds this year
• Vertical AI wins: Healthcare (8 companies), legal (4), and coding (6) led sectors
• Enterprise focus: B2B AI averaged 3x higher valuations than consumer
• Timing advantage: Companies that raised early (Q1-Q2) secured better terms

The playbook: Pick a vertical, build for enterprise, move fast on funding.

Brewed by Startup Beaker.