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The Week’s 10 Biggest Funding Rounds: Investors Get Back To Writing Large Checks
Want to keep track of the largest startup funding deals in 2025 with our curated list of $100 million-plus venture deals to U.S.-based companies? Check out The Crunchbase Megadeals Board. This is a weekly feature that runs down the week’s top 10 announced funding rounds in the U.S. Check out our last biggest funding deal roundup here. We took a break from covering the largest U.S. startup investments over Thanksgiving week, which was just as well, given that it was a predictably slow period for big deal announcements. Now, with just a few weeks left in 2025, things are picking up again. Predictions market Kalshi led the list after confirming its already widely reported $1 billion fresh financing. Other big rounds came from sectors including defense tech, AI infrastructure, cybersecurity and biotech. 1. Kalshi, $1B, predictions market: A couple weeks ago, we included Kalshi in our Top 10 after the company reportedly secured $1 billion in fresh funding. Well, now it’s official, with confirmation from the fast-growing New York-based predictions marketplace. Crypto-focused investor Paradigm led the financing, with participation from a long list of venture firms. 2. Castelion, $350M, defense tech: Castelion, a developer of hypersonic munitions, says it raised $350 million in Series B financing led by Altimeter Capital and Lightspeed Venture Partners. The Torrance, California-based company was founded by SpaceX alum in 2022. 3. Eon, $300M, cloud data: New York-based Eon, a provider of cloud data backup technology for enterprise AI, landed $300 million in a Series D led by Elad Gil of Gil Capital. The round brings Eon’s total funding to $500 million since its founding less than two years ago and increases its valuation to $4 billion. 4. Curative, $150M, health insurance: Curative, a startup that markets a free out-of-pocket health plan, picked up $150 million in a Series B round led by Upside Vision Fund. The financing values the Austin-based company at $1.27 billion. 5. Angle Health, $134M, health insurance: San Francisco-based Angle Health, an AI platform for healthcare benefits, closed on $134 million in Series B funding led by Portage Ventures. The round included a combination of debt and equity, bringing total funding to nearly $200 million, according to the company. 6. (tied) 7AI, $130M, cybersecurity: 7AI, a developer of tools for scaling AI agents to do security work, pulled in $130 million in a Series A led by Index Ventures. The funding round comes just 10 months after the Boston-based company launched out of stealth mode. 6. (tied) Protego Biopharma, $130M, biotech: Protego Biopharma, a startup therapeutics that aims to reprogram protein folding to address multiple diseases and disorders, raised $130 million in Series B funding. Novartis Venture Fund and Forbion led the financing for the San Diego-based company. 8. Triana Biomedicines, $120M, biotech: Lexington, Massachusetts-based Triana Biomedicines, developer of a molecular glue discovery platform, secured $120 million in Series B financing. Ascenta Capital and Bessemer Venture Partners co-led the round. 9. Antithesis, $105M, simulation testing: Antithesis, a developer of simulation testing tools for software systems, raised $105 million in Series A funding. Jane Street Capital led the financing for the Tysons Corner, Virginia-based startup. 10. Axiado, $100M, AI server chips: Axiado, developer of a chip designed to save space and power in artificial intelligence servers, secured $100 million in a Series C+ round. Maverick Silicon led the investment for the San Jose, California-based company. Methodology We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the period of Nov. 28-Dec. 5. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week. Illustration: Dom Guzman
Yes, I’m Biased. But Still, Leading Unicorns Like Anthropic Should Be Prepping For IPOs
Everyone has their biases, and I might as well reveal mine up front: I want startups to go public. It’s what reporters like to see. Finally, a chance to peek under the hood of the buzziest unicorns to see their revenue, growth rates and largest shareholder stakes. And while most of those companies lose money, an IPO filing provides a glimpse of gross margins and a sense of when a company might reach profitability. All this is to say that the mere possibility of a public offering — as was teased for Anthropic in a Financial Times article late Tuesday — is an exciting development for those of us lamenting the paucity of unicorn IPOs in recent months. Of course, no company goes public just to satiate the curiosity of that negligible portion of the population that lives for S-1 filings. The primary reasons are far more pragmatic: To raise money, benefit from a higher profile and potential valuation boost that comes with a public listing, and offer a path to liquidity for founders, employees and early investors. The draws are big enough that it behooves the most high-profile private companies to have preparations in place for a public listing, even if they do end up delaying or scrapping it. In a similar vein, Reuters reported a few weeks ago that OpenAI is laying the groundwork for a potential IPO of its own. The valuations are enormous The valuations the generative AI giants are seeking would sound fantastical were they not backed up by both private markets and ever-climbing stocks of already public AI behemoths. OpenAI is reportedly eyeing an initial public valuation of up to $1 trillion — double its last reported private valuation of $500 billion in a secondary share sale last month. It is reportedly eyeing a public filing as early as the second half of 2026. Anthropic is currently said to be pursuing fresh funding at a private valuation of more than $300 billion. So, it would presumably seek an even higher market cap in a public offering, although it’s yet unclear how high. I won’t opine on what valuations seem sensible for these iconic yet still deeply unprofitable companies. However, for context, it’s worth pointing out that no American venture-backed company that’s ever gone public has notched an initial valuation even close to these levels. Meta, which went public on Nasdaq as Facebook in 2012, is still the record-holder, per Crunchbase data. It went public at an initial valuation of $104 billion — barely over one-tenth what OpenAI is said to be seeking. Next on this list is Coinbase, at $86 billion, followed by Uber at $82.4 billion. Only six VC-funded companies have debuted at $40 billion or more, per Crunchbase, listed below. Significantly, these numbers reflect the valuations at which companies priced shares, not how much they were worth in first-day trading. When Figma went public this summer, for instance, shares more than tripled in first-day trading, which took it to well over the $40 billion mark even though it priced below that. Could 2026 finally be the IPO year? If public investors are ready and willing to buy into OpenAI at its talked-about valuation, it sounds like an effort worth undertaking for the company. Ditto for Anthropic, particularly if it manages to get to market first, thus diminishing some of the spotlight perpetually shined on its rival. Ever since the startup IPO boom period of 2020-2022 came to a conclusion, market watchers keep trying to predict when we’ll see another. Hopes that 2025 would be the year are now fading. Although we’ve seen a few big, well-received startup IPOs, activity has remained muted. Maybe 2026 will be the year. Record-setting offerings from the biggest GenAI names certainly wouldn’t hurt in turning up the volume. Related Crunchbase queries: Related reading: Illustration: Dom Guzman
Pets Are Getting More Pampered, And VCs Are Funding This
If pet startups have their way, our furry friends’ futures could soon be longer, healthier, and, yes, even more pampered than they already are. Is your dog stressed? Try a calming CBD chew. Is kitty or puppy acting up at the vet? How about a telehealth consultation or a home visit? Fussy eater? Order up personalized dog food delivery. Those are some of the offerings startups funded in the past few quarters are working to scale. A sizable cohort is also raising capital for treatment of serious pet ailments, including regenerative therapies, cancer immunotherapies and drugs for feline neurodegeneration. Overall, an analysis of Crunchbase data for pet-related startup funding shows that the space remains a lively area. So far in 2025, venture and strategic investors have poured more than $660 million into pet- and veterinary-related startup categories globally, which is roughly flat with last year. Even so, investment remains well below peaks hit a few years ago. People are spending more on pets Recent funding activity coincides with the rise of what Felix Capital, an occasional investor in the space, describes as the ”growing humanisation of pets.” Per Felix (and your author’s observation), pet owners are increasingly treating their pets as kids. Today, there are almost twice as many U.S. households with pets than those with children, the firm reports. And among them, more than half say they would give up buying something for themselves in order to buy something for their pets. All this adds up to considerable and rising pet-related expenditures. In the U.S. alone, consumers are projected to spend $157 billion on their pets in 2025, per the American Pet Products Association, up from $152 billion last year. The trade group points to several categories as increasingly in-demand: calming products for dogs and cats, backyard chicken supplies, and offerings that help boost affordability and accessibility of veterinary care. Where venture capital is clustering Startup capital, meanwhile, is going to a broad array of pet-related business models, including both consumer products and offerings targeted for veterinary practices and landlords of pet-friendly properties. This year’s largest reported pet-related round — an $80 million Series B — went to PetScreening, a provider of pet policy management software for property managers. The Mooresville, North Carolina-based company offers tools for landlords to assess pet risks and help set fees. Membership-based care plans are also popular with VCs. This includes Modern Animal, which offers care plans for pet parents to access in-person vet visits, telehealth consultations and prescriptions. The Los Angeles-based startup closed on $46 million in a September round and announced it has reached $100 million in annual revenue. In a similar vein, New York-based Small Door Veterinary, which also provides membership plans and services like dental care, checkups and emergency care, closed on $55 million in debt and equity financing in July. Pet longevity is another recurrent funding theme, with VC favorite Loyal, a developer of lifespan-extending drugs for dogs, securing $22 million in a B-2 round early this year. For a sense of where else capital is clustering, we used Crunchbase data to put together a list of 15 standout pet startups funded this year. Prediction: This will continue It’s difficult to come up with a sound argument for why pet spending might go down. Are pet parents who can afford to spoil their dogs with gourmet meals suddenly going to switch to low-end brands? Not likely. Are people who consider their pets members of the family suddenly going to skimp on cancer care or essential surgery? Again, tough to envision. On the flip side, it’s easy to see how current spending levels could sustain themselves or rise further as more sophisticated medical treatments, tastier treats and over-the-top spa experiences come to market. Obese pets are also likely poised, for better or worse, to see more humanization of their weight-loss trajectory. San Francisco startup Okava Pharmaceuticals is working to bring GLP-1 weight loss drugs to both dogs and cats, in the form of small injectable implants. Of course, it’s unlikely many cats and dogs would be in the predicament of needing such drugs if their humans didn’t indulge their every craving in the first place. But in a world full of pet treat advent calendars and artisanal dog ice cream, it’s not exactly surprising. Related Crunchbase queries: Related reading: Illustration: Dom Guzman
Startup Funding Continued On A Tear In November As Megarounds Hit 3-Year High
November was another outsized month for venture funding as investors poured $39.6 billion into startups globally. The funding total was on par with October and up 28% year over year from $31 billion, according to Crunchbase data. Capital continued to concentrate into the largest companies. A stunning 43% of venture funding last month went to just 14 companies that raised rounds of $500 million or more each. That marked the largest number of such megarounds raised in a single month in the past three years. The largest round of all went to Jeff Bezos’ Project Prometheus, which is tackling physical intelligence. It raised $6.2 billion in its first funding. Other billion-dollar rounds last month went to: US dominated again The U.S. raised just over 70% of global venture capital in November, up from 60% in October. China was the next-largest market with $2.4 billion in total funding. The U.K. and Canada were the third- and fourth-largest, respectively, with $1 billion or more raised by startups in each country last month. AI, hardware and fintech sectors lead AI-related startups accounted for 53% of global venture funding last month, with over $20 billion invested in the sector. Hardware was another leading sector with funding going to startups working on data centers, computer vision, robotics and defense technologies, among others. Financial services was the third-largest sector for venture funding in November, with large rounds in crypto, financial operations, compliance and payments. The major themes in venture funding played out again last month: AI led funding totals and spurred further concentration in megarounds; hardware and deep tech continued to attract strong investor attention; and the U.S. dominated as the top market for venture investment. As we approach the end of 2025, we will be reporting more deeply into each of these trends. Methodology The data contained in this report comes directly from Crunchbase, and is based on reported data. Data reported is as of Dec. 2, 2025. Note that data lags are most pronounced at the earliest stages of venture activity, with seed funding amounts increasing significantly after the end of a quarter/year. Please note that all funding values are given in U.S. dollars unless otherwise noted. Crunchbase converts foreign currencies to U.S. dollars at the prevailing spot rate from the date funding rounds, acquisitions, IPOs and other financial events are reported. Even if those events were added to Crunchbase long after the event was announced, foreign currency transactions are converted at the historic spot price. Glossary of funding terms Seed and angel consists of seed, pre-seed and angel rounds. Crunchbase also includes venture rounds of unknown series, equity crowdfunding and convertible notes at $3 million (USD or as-converted USD equivalent) or less. Early-stage consists of Series A and Series B rounds, as well as other round types. Crunchbase includes venture rounds of unknown series, corporate venture and other rounds above $3 million, and those less than or equal to $15 million. Late-stage consists of Series C, Series D, Series E and later-lettered venture rounds following the “Series [Letter]” naming convention. Also included are venture rounds of unknown series, corporate venture and other rounds above $15 million. Corporate rounds are only included if a company has raised an equity funding at seed through a venture series funding round. Technology growth is a private-equity round raised by a company that has previously raised a “venture” round. (So basically, any round from the previously defined stages.) Related reading: Illustration: Dom Guzman
Kalshi Secures $1B To Expand Predictions Market Platform
Another day, another giant round for a predictions marketplace. Who could’ve predicted that? Well, apparently anybody who’s been watching this space in recent months. The two leading names — Kalshi and Polymarket — have been busily scooping up billions in fresh commitments as they expand platforms that let users wager on events ranging from the Stanley Cup to the Epstein Files release. Today, New York-based Kalshi announced it raised $1 billion in Series E funding at an $11 billion valuation. Crypto-focused investment firm Paradigm led the financing, with participation from Sequoia Capital, Andreessen Horowitz, Meritech Capital Partners, IVP, ARK Invest, Anthos Capital, CapitalG and Y Combinator. Notably, Kalshi’s latest raise comes barely a month after its prior round, a $300 million financing at a reported $5 billion valuation. In hindsight, a quick up round seemed, well, predictable. That’s because Kalshi’s chief rival, Polymarket, has been on an even more capital-intensive trajectory. Just last month, New York-based Polymarket secured up to $2 billion in strategic investment from stock and futures exchange giant Intercontinental Exchange, parent company of the New York Stock Exchange. The deal set an $8 billion pre-money valuation for the startup. Kalshi calls itself the world’s largest prediction market. It’s seen hyper-charged growth, with trading volumes now surpassing $1 billion every week, up more than 1,000% from 2024, per the funding announcement. To date, the 7-year-old company has raised $1.6 billion in known funding, per Crunchbase data. In its early days, it was a participant in Y Combinator’s 2019 winter batch of startups. Beyond being places to make or lose money, predictions marketplaces are also growing a cultural phenomenon, providing insights into how people envision future events unfolding, be they elections or interest rate moves. Illustration: Dom Guzman
Sales And Use Tax: What Every High-Growth Startup Should Know About Compliance
By Heather Ake For companies in rapid growth mode, sales and use tax compliance tends to sit low on the priority list. And then, it suddenly matters. But as companies scale across states and/or add new revenue streams, tax exposure also can quietly expand in the background. The U.S. has more than 12,000 distinct sales tax jurisdictions, and each has its own rules and rates. So, even a small misstep can snowball into significant penalties or create challenges during due diligence. Heather Ake At the most basic level, sales tax is what a business collects from customers on taxable goods or services. Use tax applies when a company purchases taxable items and no sales tax was charged (which commonly occurs from an out-of-state vendor). For example, if a startup based in California orders $10,000 of equipment from an Oregon supplier, the business likely owes use tax to California. The point of the system is to keep local and remote sellers on equal footing. However, complexity arises because rules differ dramatically by state and industry. For founders, that complexity becomes more than a compliance nuisance — it’s a business risk. Noncompliance can delay funding, lower valuation and, in some cases, create personal liability. Legally, nexus is the connection that requires a company to collect and remit sales tax in a state. And historically, this required physical presence such as an office, a warehouse, or an employee. But after the Supreme Court’s 2018 decision in South Dakota v. Wayfair, Inc., states have imposed obligations based solely on economic nexus, meaning a certain level of sales or transactions within the state. Most states set the threshold at $100,000 in annual sales. So, even fully remote SaaS or e-commerce companies may trigger nexus without realizing it. And today, more than 45 states enforce economic nexus standards, making it critical for startups to regularly review where their activity might create obligations. Mapping your tax liability A quarterly “nexus map” can help track thresholds and avoid surprises. But it gets tricky because not everything a company sells is taxable. Tangible goods are almost always taxable. However, digital products like software as a service vary: some states tax them fully, others exempt them, and a few tax only certain components and may do so at varying rates. Services are often exempt, but are also increasingly being taxed as states broaden their bases to capture digital and professional offerings. Understanding the nuance isn’t just an accounting detail. It’s critical to ensure accurate pricing and revenue forecasting. Further, marketplace facilitator laws mean that platforms such as Amazon or Apple often collect and remit sales tax on behalf of third-party sellers. Startups selling directly through their own website or issuing invoices must manage those obligations themselves — even marketplace sales could require a business to register and file in a state. Keeping marketplace and direct sales segmented in your accounting system avoids double taxation or missed remittances. It’s worth noting that a big area that can trigger an audit is tax due on nontaxed purchases. Another is bundling a nontaxable service with a taxable product/service, which is an area Burkland sees come up frequently with our clients. Additional detail on overlooked areas, which can create exposure: Do your diligence before due diligence Sales and use tax issues don’t just surface in audits. They also appear in diligence. Buyers and investors frequently uncover unpaid liabilities, and this can lead to escrow holds or valuation adjustments. By contrast, clean compliance records demonstrate operational maturity and readiness to scale. Penalties, back taxes and interest are painful enough, but once a state initiates an audit, it’s often too late to access Voluntary Disclosure Agreements. Proactive compliance is the only safe route. So, sales and use tax may feel like a back-office issue. But for high-growth companies, it’s much more than that. It’s strategic. Founders and finance teams can stay ahead by engaging with a tax expert. In addition, consider: A thoughtful sales and use tax strategy preserves your runway, builds investor trust and prevents costly distractions down the road. Heather Ake is Burkland‘s indirect tax and compliance director. She has 25 years of industry and tax consulting experience. Since joining Burkland, she has significantly developed and expanded this practice area. Her substantial tax expertise spans sales/use/gross receipts, excise, and property tax, gained through various roles in public and private industry, and consulting — progressing from tax accountant to director. Her knowledge of tax law across diverse industries has positively influenced the key financial performance of the businesses she has served. Illustration: Dom Guzman
Germany’s AI Image Generator Black Forest Labs Raises $300M At $3.25B Valuation As European AI Fundings Scale Up
Black Forest Labs, a German AI image-generating startup, says it has raised $300 million at a $3.25 billion valuation, marking one of the largest investments in a Europe-based AI startup this year. Its funding comes as investment in the continent’s AI sector overall, while still lagging far behind the U.S., has risen this year. New backers Salesforce Ventures 1 and Anjney Midha (AMP) co-led the financing, which included participation from a slew of other investors, including Andreessen Horowitz, Nvidia, Temasek Holdings, Bain Capital Ventures, Air Street Capital, Visionaries Club, Canva and Figma Ventures. Founded in 2024, Black Forest has raised a total of $450 million in funding, per Crunchbase data. Its headquarters are in Freiburg, Germany, but it also has a lab in San Francisco. The company is known for its Flux foundation models of AI generation. It touts that its open models are “the most popular image models” on Hugging Face, and that companies such as Adobe, Canva, Meta and Microsoft are “building” on its models. The startup has received attention not only for the fact that its models help generate images, but also for the fact that they help edit them, too. Europe’s AI scene slowly gains traction Europe as a whole has lagged the U.S. and China in the race for global AI dominance. However, a number of players such as Black Forest Labs are making it increasingly competitive. The continent saw $5.2 billion invested in its AI startups in Q3, up from $2 billion in the same quarter last year, per Crunchbase data. (Still, that remains a fraction of the $35.7 billion that went to North American AI startups in Q3.) Largest fundings for European AI startups In early September, Paris-based generative AI startup Mistral AI announced a roughly $2 billion Series C round. Per Crunchbase data, Mistral’s Series C marked the largest-ever venture round raised by a European AI company. Black Forest Labs’ massive raise is notable in that it means that Mistral AI is no longer the only GenAI play near the top of the rankings of the largest European AI rounds. After Mistral, here are the four next-largest AI equity funding deals for Europe-based startups, per Crunchbase data: (For additional context, here is a list of all European AI-related financings of $200 million or more from the past five years.) Despite the impressive fundraises, Europe’s largest generative AI startups are still valued quite a bit lower than their U.S. counterparts. San Francisco-based Anthropic is now valued at $183 billion, and OpenAI in October completed a secondary share sale amounting to $6.6 billion, giving it a $500 billion valuation. Related Crunchbase query: Related reading: Illustration: Dom Guzman
Sector Snapshot: Defense Tech Funding Hits Record High
Global defense spending is on the rise, and startups are vying for a larger share of the outlays. Looks like there’s plenty of capital to go around too. Last year, world military expenditures rose 9% to top $2.7 trillion, per think tank Sipri’s estimate. It was the sharpest rise in more than 30 years. Meanwhile, in startup-land, defense tech is also sizzling. This applies to virtually every metric, including total spending, round counts, large deals and unicorn creation. In fact, global investment in defense tech has already hit a record high this year. The numbers: Funding to VC-backed startups in defense — defined here as the industries of military, national security and law enforcement — hit $7.7 billion across close to 100 deals in 2025, per Crunchbase data. That’s already well over double last year’s investment tally, as charted below, and marks an all-time high for investment in the space. Noteworthy recent rounds: Ultra-large rounds were key in boosting the totals. So far this year, at least 10 rounds of $200 million or more have gone to companies in defense categories, per Crunchbase data. Anduril Industries, probably the most famous defense tech startup, was also this year’s top fundraiser. The Costa Mesa, California-based company closed a $2.5 billion Series G round this summer. Founders Fund led the financing, which more than doubled 8-year-old Anduril’s valuation to $30.5 billion. Defense and critical infrastructure tech startup Chaos Industries, was another investor favorite. The Los Angeles-based startup locked up a $500 million Series D this month, just six months after closing a $275 million Series C. Founded in 2022, Chaos specializes in advanced detection, monitoring and communication for the defense and commercial sectors. The company develops a radar system that provides early warning and tracking capabilities against drones, missiles and aircraft. Meanwhile, Austin-based Saronic has closed on considerable capital to develop autonomous surface vessels for naval and maritime use. The 3-year-old startup picked up $600 million in Series C funding early this year. Europe is also upping its defense spending considerably, with EU expenditures reaching record levels in the wake of Russia’s attack on Ukraine. In tandem, defense-related startups in the region are attracting big checks. The frontrunner here is Munich-based Helsing, a startup focused on applying software to modernize and improve defense capabilities, which raised $694 million in Series D funding this summer. Software is eating the military: Defense-focused investors are optimistic that the recent spike in startup funding to the space is an indicator of much more to come. In an overview this year, Point72 Ventures, a venture investor with defense among its core focus areas, opined that in coming years “AI, autonomy, and software-first systems will redefine modern conflict with their prioritization of agility over mass and scale.” Per Point72, much of the defense sector’s industrial base was designed for a different era, in which six- to eight-year timelines and “hardware-first thinking” were the norm. Today, it says, “that’s not going to cut it.” Recent conflicts have shown there’s an urgent need for new technologies including autonomous systems, electronic warfare and advanced manufacturing. While we at Crunchbase News lack the expertise to opine on the demands of a modern military, we can say something about what venture checkbooks indicate about the space’s momentum. In this area, it’s clear that investors’ interest is on the rise. Given the relative youth of much of the defense startup pipeline, there’s also a high likelihood of bigger checks to come. Related Crunchbase queries: Related reading: Illustration: Dom Guzman