DeepΔ FROM 10-22
297
Rounds
$418B
Capital
$122B
Largest
297 rounds, $418B in the last 12M. Largest: OpenAI at $122B. 98 tracked companies grew headcount 20%+, the most of any vertical.
HOT: ROBOTICS & AUTONOMOUS SYSTEMS
Board
VENTURE ROUNDS · 12M · RULE-WRITTEN READCleanΔ FROM 10-22
115
Rounds
$11B
Capital
$2.9B
Largest
115 rounds, $11B in the last 12M. Largest: EU Innovation Fund (54 Selected Projects) at $2.9B. Hottest niche: Agtech & Precision Farming, 28 of 121 raised in 12 months.
HOT: AGTECH & PRECISION FARMING
EnergyΔ FROM 10-22
148
Rounds
$26B
Capital
$3.3B
Largest
148 rounds, $26B in the last 12M. Largest: Rolls-Royce SMR at $3.3B. Hottest niche: Energy Storage & Batteries, 32 of 95 raised in 12 months.
HOT: ENERGY STORAGE & BATTERIES
SpaceΔ FROM 10-22
87
Rounds
$116B
Capital
$75B
Largest
87 rounds, $116B in the last 12M. SpaceX alone is 65% of it. Hottest niche: Launch Vehicles & Propulsion, 17 of 81 raised in 12 months.
HOT: LAUNCH VEHICLES & PROPULSION
DefenseΔ FROM 10-22
55
Rounds
$15B
Capital
$5B
Largest
55 rounds, $15B in the last 12M. Largest: Anduril at $5B. 102 open federal solicitations ($511M), the most of any vertical.
HOT: AUTONOMOUS SYSTEMS & DRONES
IndustrialΔ FROM 10-22
39
Rounds
$17B
Capital
$3.2B
Largest
39 rounds, $17B in the last 12M. Largest: Verkor at $3.2B. Hottest niche: Critical Minerals, 5 of 59 raised in 12 months.
HOT: CRITICAL MINERALS
FUNDINGCONTRACTSM&AGOV CALLSNEWS
Tape · biggest rounds
12M- 01OpenAIDEEP · Series E · 04-16 · EDITORIAL$122B
- 02OpenAIDEEP · Series · 04-02 · EDITORIAL$122B
- 03SpaceXSPACE · IPO (confidential filing April 1, 2026) · 04-02 · EDITORIAL$75B
- 04AnthropicDEEP · Series G · 05-13 · EDITORIAL$65B
- 05xAIDEEP · Series E · 05-13 · EDITORIAL$20B
- 06SpaceXSPACE · Spectrum Acquisition · 05-14 · EDITORIAL$17B
- 07PrometheusDEEP · Series B · 07-08 · EDITORIAL$12B
- 08PrometheusDEEP · Growth · 06-21 · EDITORIAL$12B
M&A · contracts
12M- CTNASA Expands Lunar Delivery Network with CLPS 2 and New Moon Base Awards$10B
- MAShield AI acquires radar firm Echodyne in $5.3B deal$5.3B
- MAAnthropic joins AI’s natural gas frenzy, buys $3.4B worth of turbines$3.4B
- MANorwegian central bank buys US$300 million stake in Brookfield’s soon-to-be acquired BESS developer Aypa Power$300M
- MAOnodrim raises $300M Series A at $1.3B valuation to buy up Europe’s defence suppliers$300M
Momentum map
SHADED AGAINST THE OTHER VERTICALS · CLICK A CELL FOR THE LISTSub-sectors
LIGHT: TRACKED · DARK: RAISED IN 12M · [ ] TO STEPGov calls
OPEN SOLICITATIONS · 12M148
$1.3B posted · Grants.gov, DoD SBIR
SBIR awards
YEAR TO DATE357
Awards to companies in our verticals
Federal awards to tracked companies · 12M
New funds
SEC FORM D · THROUGH 2026-09-306,731
Venture and PE funds filed · $352B offered · SPVs excluded
- Coller International Partners IX - B, L.P.$11B
- Coller International Partners IX - A, L.P.$11B
- Coller International Partners IX - C, SLP$11B
- BLACKSUN PRIVATE EQUITY INC$7B
- EDIF IV Feeder Fund S.C.A. SICAV-RAIF$6.4B
- Blackstone Life Sciences VI - BL L.P.$6.3B