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AI start-ups amass record $150bn funding cushion as bubble fears mount

Mega funding rounds create ‘fortress balance sheets’ as investors advise top groups to brace for tougher markets

Silicon Valley’s hottest start-ups have raised $150bn in funding this year as their financial backers advise them to build “fortress balance sheets” to protect them in case the artificial intelligence investment boom turns to bust in 2026.

PitchBook data showed that the biggest US private companies raised a record haul in 2025, smashing the previous high of $92bn raised in 2021, with investors rushing to back top