87.5% of venture dollars went to AI. The rest fought over scraps
Fortune 10 ● 2 sources
AI megadeals accounted for 87.5% of all U.S. venture dollars in the first half of 2026, with non-AI firms seeing smaller valuation step-ups. Non-AI companies at the median had 1.6x step-ups while AI reached 2.2x, and venture “velocity of value creation” at the Series D+ stage rose from $108.9 million in 2025 to over $1 billion in 2026. Liquidity and secondary pricing tightened for non-AI startups, while AI-focused deals continued to attract faster growth and stronger terms.