United States

AI remained the leading theme in United States venture investment, but the focus continued to broaden beyond models and consumer applications. Investors increasingly targeted the infrastructure and capabilities required to support AI at scale, including compute, semiconductors, data centers, energy generation, advanced manufacturing, robotics and defense. This wider ecosystem approach reflects both demand for capacity and a search for durable, differentiated opportunities. Outside AI-related areas, investment remained more selective, with greater emphasis on revenue traction, defensibility and a credible path to scale.

The United States exit environment remained relatively stable, even as some anticipated listings moved later. Public-market activity continued to improve compared with recent years, while acquisitions and secondary transactions provided additional liquidity pathways. Secondaries are increasingly viewed as a core part of the venture market rather than a fallback option, particularly for investors seeking positions in companies that remain private longer. Fundraising also improved, but capital continued to favor established managers and larger vehicles, while first-time funds faced a much more challenging environment.

Investor attention is moving toward technologies that connect AI with the physical world. Robotics, autonomous systems, logistics and advanced manufacturing are attracting interest because they can address practical industrial needs and support broader productivity gains. Defense technology is also drawing more capital amid geopolitical uncertainty, cybersecurity concerns and greater focus on government demand. Together, these themes reinforce a shift toward capital-intensive technologies with clear strategic relevance, specialized capabilities and potential barriers to entry.