Foundational AI startups raised $178 billion across 24 deals in Q1 2026, more than doubling the $88.9 billion raised across all of 2025. OpenAI led with $122 billion at an $852 billion valuation, followed by Anthropic's $30 billion Series G (GIC and Coatue-led, $380 billion valuation) and xAI's $20 billion Series E—together with Waymo's $16 billion round, these four deals alone accounted for 65% of global quarterly venture investment. The concentration is striking: 24 deals captured more capital than 2025's entire year across 66 deals.