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Fortune
Fortune
Allie Garfinkle

87.5% of venture dollars went to AI. The rest fought over scraps

Dario Amodei, CEO of Anthropic, during the World Economic Forum in Davos, Switzerland in 2026. (Credit: Krisztian Bocsi/Bloomberg—Getty Images)

It’s an AI world and we’re all just living in it.

PitchBook released its Q2 2026 U.S. VC Valuations data this week, and the report aligns with the skewed venture market we’ve come to know: Investors are willing to pay up for a few anointed AI companies, and (almost) everything else is a pass or rounding error. For the first half of this year, AI megadeals were where 87.5% of all U.S. venture dollars went.

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