Why Are Mega Rounds Dominating the AI Funding Scene

Startups focusing on AI raised $24.2 billion through 1,001 deals in the second quarter of 2024, more than doubling the amount raised in the same period last year. This brings the total for the first half of the year to $35.6 billion, a 24% increase over the previous year's first half. Despite the substantial funding, the number of deals reached a years-long low, offset by significant megadeals. Key fundraises included Elon Musk's xAI at $6 billion, CoreWeave at $1.1 billion, and Wayve at $1.05 billion. Additionally, there were 34 rounds of $100 million or more, marking a significant rise from previous quarters.

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