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Crunchbase Predicts: IPOs Picked Up In 2025 And The Outlook For 2026 Is Even More Optimistic
The IPO market for new technology listings picked up in 2025. So far this year, at least 23 U.S.-based companies have listed above $1 billion in value, compared to nine in 2024, per an analysis of Crunchbase data. Total valuations at the IPO price for these billion-dollar listings have reached $125 billion so far — more than doubling year over year. “Coming into 2025, folks were optimistic about the IPO market,” said Aman Singh, a corporate partner at legal advisory firm Fenwick & West who worked on the CoreWeave and Figma IPOs on the issuer side and on Navan as counsel for the underwriters. There were a number of high-profile IPOs in 2025 before the government shutdown chilled the market, said Singh, who expects Q1 to be busier due to the hold up. If interest rates continue to come down, he predicts a pretty good IPO market in 2026. “It is a fairly conducive macroeconomic environment,” Singh said. In this market, “a profitable company — particularly one that either is an AI play or has a good story of how AI will be a tailwind for their business — are good candidates for a 2026 IPO,” he said. 2025 listings Among the larger and most high-profile companies to list this year were New Jersey-based AI data center CoreWeave, San Francisco-based design platform Figma, San Francisco-based digital bank Chime, and Sweden-based buy now, pay later fintech giant Klarna. Among these four leading companies, CoreWeave was the best performing stock as of Dec. 16, 2025, having gained over 60% from its listing price. Crypto valuations up Leading sectors for the 23 U.S.-based billion-dollar listings were biotech and healthcare with six companies, blockchain and crypto with four companies, fintech with three companies, and insurance and aerospace each with two companies. The sectors overall that performed well were cryptocurrency and blockchain companies with New York-based stablecoin provider Circle, San Francisco-based cryptocurrency exchange Bullish, and San Francisco-based blockchain lending firm Figure all up from their listing prices, while New York-based crypto exchange platform Gemini lagged behind. These 23 companies’ listing prices totaled $125 billion. That was well above the past three years, but below values seen in 2019 and 2020 before the IPO market took off in 2021. Singh predicts in the back half of 2026 we will see some bigger listings. While there is this trend of staying private for longer, “you can’t match public market liquidity.” “There’s still some uncertainty on valuations. As we see more of the tech IPOs go out, I think the valuations will stabilize, people will get a better sense of investor demand, and so hopefully we’ll see a more certain valuation environment,” he said. Related Crunchbase queries: Related reading: Illustration: Dom Guzman
The Week’s 10 Biggest Funding Rounds: Security And Energy Deals Top The List
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 last week’s biggest funding deal roundup here. With the winter holiday season nearly upon us, this was likely the last busy week of 2025 for big funding announcements. And as weeks go, it was certainly an active one. Perennial megaround raiser Databricks was the top funding recipient by far, securing a fresh $4 billion in Series L funding (yes, that is a thing) at a $134 billion valuation. Next on the list were data security platform Cyera and nuclear microreactor company Radiant, followed by startups in healthcare, biotech, fintech and AI. 1. Databricks, $4B, data and AI: Databricks announced that it is raising over $4 billion in a Series L financing at a $134 billion valuation, led by Insight Partners, Fidelity and J.P. Morgan Asset Management. The 12-year-old, San Francisco-headquartered company also said it crossed the $4.8 billion revenue run-rate in its third quarter, growing over 55% year over year. 2. Cyera, $400M, cybersecurity: New York-based Cyera, provider of an AI-enabled data security platform, reportedly secured $400 million in a funding round led by Blackstone Group at a $9 billion valuation. The financing brings total funding to date for the 4-year-old company to $1.7 billion. 3. Radiant, $300M, nuclear power: Radiant, a maker of portable nuclear microreactors, says it closed on over $300 million in Series D funding led by Draper Associates and Boost VC. The El Segundo, California-based company said it plans to break ground early next year on a factory in Oak Ridge, Tennessee. 4. Tebra, $250M, healthcare software: Tebra, a provider of patient record software for healthcare private practices, says it raised $250 million in equity and debt financing to invest in AI and automation. Hildred Capital Management led the equity financing, which constituted most of the round, while JP Morgan provided the debt funding for the Corona del Mar, California-based company. 5. (tied) Imprint, $150M, fintech: New York-based Imprint, a provider of credit cards affiliated with consumer brands, raised $150 million in Series D funding at a $1.2 billion valuation. Khosla Ventures led the round, with participation from Thrive Capital, Ribbit Capital, Kleiner Perkins, Hedosophia and Timeless. 5. (tied) HawkEye 360, $150M, satellite intelligence: HawkEye 360, a provider of technology to detect, geolocate and characterize radio-frequency emissions, says it landed $150 million in Series E equity and debt financing. NightDragon and Center15 Capital co-led the equity funding, while Silicon Valley Bank provided the debt. The Herndon, Virginia company says it also completed its acquisition of Innovative Signal Analysis. 7. Chai Discovery, $130M, biotech and AI: Chai Discovery, a startup that uses AI to predict and reprogram interactions between biochemical molecules, landed $130 million in a Series B round. Oak HC/FT and General Catalyst led the financing, which set a $1.3 billion valuation for the San Francisco-based company. 8. (tied) Ambros Therapeutics, $125M, biotech: Irvine, California-based Ambros Therapeutics launched publicly with a $125 million Series A financing co-led by RA Capital Management and Patient Square Capital‘s strategic health care investment arm Enavate Sciences. The company licensed the rights to neridronate, which is used to treat Complex Regional Pain Syndrome. 8. (tied) Mythic, $125M, microprocessors: Mythic, an Austin-based startup developing semiconductor architecture to make AI computing more energy efficient, raised $125 million in a funding round led by DCVC and joined by a long list of venture investors. 10. Atavistik Bio, $120M, biotech: Cambridge, Massachusetts-based Atavistik Bio, a developer of allosteric small molecule therapeutics, raised $120 million in Series B funding led by The Column Group and Nextech Invest. Founded in 2021, Atavistik has raised $220 million in known funding to date, per Crunchbase data. Methodology We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the period of Dec. 13-19. 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
These Startups Went From Zero To Unicorn In Under 3 Years
Every year, some young startups manage to secure ultra-high valuations. Still others quickly raise multiple big funding rounds. And a few manage to do both. It looks like this year was a boom period for the latter category. Forty-six companies founded in the past three years both held or obtained unicorn status in 2025 and raised fresh funding, per Crunchbase data. (See full list here.) Collectively, they pulled in nearly $39 billion in new investment this year. Predictably, it’s an AI-centric group. The three most highly valued among recently funded unicorns 1 founded in the past three years — xAI, Mistral AI and Safe Superintelligence — are all generative AI companies. Overall, a whopping 36 out of the 46 companies on the list are in AI industry categories. The heady sums the most sought-after startups are raising these days can lead one to forget just how young many of these businesses really are. But really, even by startup standards, these are fresh-faced newbies. Take xAI. Founder Elon Musk made the first public announcement about it in July 2023 — less than two-and-half years ago. Since then it’s raised more than $12 billion in venture funding as well as billions more in combined debt and equity financings. Or consider Mistral, founded in April 2023. In that short time, the Paris-based generative AI unicorn has raised over $3 billion and secured a $14 billion valuation. Safe Superintelligence, the startup founded by former OpenAI chief scientist Ilya Sutskever is an even faster climber. Founded just 18 months ago, it’s already raised at least $3 billion in known funding. On a similar note, Thinking Machines Lab, co-founded by onetime OpenAI CTO Mira Murati, launched just 10 months ago and has already picked up $2 billion. Young companies raised record sums in megarounds this year The numbers illustrate a rising trend in the AI startup era: An increasing share of venture funding is going to young companies raising megarounds. To quantify this, we used Crunchbase data to tally the number and total value of rounds of $100 million or more to companies less than three years old at the time. The results, charted below, show that 2025 is a record-setting year for total funding to this category. Strikingly, more than $115 billion has gone to these megarounds for younger companies this year — exceeding the prior high mark during the 2021 market peak. The largesse is being spread across fewer rounds, however, with concentration among the hottest AI upstarts. Not just GenAI (although that is where the most funding is going) Still, it would be inaccurate to walk away with the impression that giant rounds for nascent startups are solely a GenAI thing. In sectors including robotics, energy tech and storage, we’re seeing capital pile up. Robotics was a particularly active area, with Skild AI, Physical Intelligence and Field AI all scoring large rounds. Base Power — provider of residential battery backup systems — is another fast-scaling newcomer. And cloud backup provider Eon, founded less than two years ago, has already raised $300 million. Pick early, invest generously Young startups securing more giant rounds signals that venture investors are looking to bet early and big. Having identified who they perceive as the most promising founders and what they see as the leading areas for scalable innovation, they’re not waiting around or taking incremental steps. Of course, it’s to be expected that not all these wagers will work out. But it’s also likely that at least a few will grow into something remarkable, if they haven’t already. Related Crunchbase list: Related reading: Illustration: Dom Guzman
Exclusive: AI Insurance Startup Nirvana Nearly Doubles Valuation To $1.5B with $100M Series D
Nirvana Insurance, an AI-based commercial insurance platform for the trucking industry, has raised a $100 million Series D round at a $1.5 billion valuation, it tells Crunchbase News exclusively. The raise comes just over nine months after the startup raised $80 million in a Series C round of funding at an $830 million valuation. Valor Equity Partners led the latest financing, which the company described as “preemptive.” Previous lead backers Lightspeed Venture Partners and General Catalyst also doubled down “significantly.” Put simply, Nirvana’s goal is to build “the world’s first AI-powered operating system for insurance.” The startup uses real-time driving telematics and 30 billion miles of truck-driving data to build and manage insurance policies for truckers. CEO Rushil Goel started Nirvana in 2021 after spending years running product at Samsara, an AI-powered fleet management and safety platform. There, he said, he saw firsthand how heavily safe and responsible trucking fleets “were penalized by the rising costs of one-size-fits-all insurance rates based on old industry data.” “It was survival stakes,” he recalled. “Expensive policies literally drove some fleets out of business.” His goal with Nirvana is to use the telematics data those fleets already generate “to build a more fair and transparent model.” Nirvana has trained its models on more than 30 billion driving miles and vehicles’ telematics that show details such as speed, selected routes and driver behavior. “This allows us to reward safe fleets with more accurate and often lower premiums, helping them save money and making roads safe,” Goel told Crunchbase News. He also claims the company is able to underwrite “with speed and precision” and “price risk in real time.” On top of providing insurance, Nirvana claims it gives fleets the tools to reduce accidents before they happen. The raise comes at a time when insurtech funding overall is down, and deal counts are at a multiyear record low. So far in 2025, global insurance-related startups have pulled in about $4 billion in seed-through growth-stage financing, per Crunchbase data — less than one-fourth of the 2021 peak dollars raised — with deal counts also on the decline. VCs bet Nirvana can transform ‘trillion-dollar industry stuck in the past’ Nirvana raised its $3.2 million seed round in January 2021, co-led by General Catalyst and Lightspeed. In total, it has raised more than $260 million in funding. While Goel declined to reveal hard revenue figures, he said that Nirvana has doubled its year-over-year premium growth. It has also doubled its staff to around 200 compared to a year ago. Nirvana says it serves “thousands” of motor carriers. Its customers range from single-owner and -operator carriers to fleets with more than 500 trucks. The startup’s revenue model is to charge an annual insurance term with upfront discounts based on the historical telematics data it analyzes with its proprietary models. Interestingly, Nirvana is not Goel’s first startup venture. Besides serving as the VP/GM of fleet at Samsara, he also co-founded AirCare, a digital health startup. Vivek Pattipati, partner at Valor Equity Partners, said in a release that this round isn’t just about reinforcing Nirvana’s approach to proprietary telematics data, deep machine learning expertise, and execution in underwriting and claims. “It’s an opportunity for us to stake a claim in redefining an industry and exploring how Nirvana will apply its “N of 1” AI capabilities to benefit customers beyond market-leading insurance products,” he said. Lightspeed partner Raviraj Jain believes that Nirvana has “executed flawlessly” since the firm first invested in its seed round. He said: “Commercial insurance is a trillion-dollar industry stuck in the past, and it’s been incredible to see how quickly Nirvana’s AI models have been able to deliver material benefits to customers.” Related Crunchbase query: Related reading: Illustration: Dom Guzman
Cleantech’s Rough Year Ends On An Up Note
By many measures, both positive and negative, this looks like the kind of investment climate that would favor cleantech startups. For starters, global investment in clean technologies is running high. Spending on the category, which includes renewables, grids, low-emissions power sources, and energy efficiency, is on course to hit $2.2 trillion this year, per The International Energy Agency. That’s twice what is invested in fossil fuels. Venture capital is pretty flush as well. Global venture funding in the first three quarters of the year topped $300 billion, the highest level in years. Moreover, a record share of this funding is going to companies focused on AI, a technology whose immense power demands will require massive new energy infrastructure. The environmental case for cleantech is also only getting more urgent. Concentrations of greenhouse gases and ocean heat content both reached record levels this year, per the World Meteorological Organization, with the past three years being the warmest on record. All this is to say that the macro picture, a bullish one for cleantech investment, contrasts sharply with the actual numbers, which show this was an unusually weak year for the space. Lowest funding in years How weak? This year, investors put just over $24 billion across all stages into startups in Crunchbase’s cleantech-, electric vehicle- and sustainability-related categories. That’s by far the lowest annual total in five years. Quarter over quarter, the picture looks sunnier. Cleantech investment actually hit a low in Q1 and has since been moving higher. One interpretation is that U.S. investors paused on some dealmaking around Q1. With the incoming Trump administration taking a hostile stance to the Biden administration’s cleantech- and climate-friendly subsidies and policies, startups and their backers needed to recalibrate strategy for an altered political environment. Once that happened, the pace picked up some. Some of the year’s largest rounds, meanwhile, are for companies in sectors with fairly broad support across the political spectrum. In this category is nuclear — both fusion and fission 1 — which was a particularly popular investment theme. We also saw good-sized deals around geothermal power, energy storage and electric aircraft. Largest rounds For a broader sense of where big-ticket investment was going, we put together a list of 12 of the largest cleantech-, EV- and sustainability-related funding rounds of 2025. Clearly, investors were still enthused about backing jumbo-sized rounds in some cases. Case in point: The leading funding recipient this year was Austin’s Base Power, which provides battery backup power for residential properties. The 3-year-old company landed $1.2 billion across two rounds this year, with Addition as a repeat lead backer. The next three biggest rounds, notably, were all for startups focused on nuclear power. Among them, the standout for funding was Commonwealth Fusion, which raised $863 million in an August Series B2 round. The Devens, Massachusetts-based company also said it is moving closer to being the first in the world to commercialize fusion power. Nuclear fission is also a popular category for venture investors of late. In this cohort, X-energy, which develops small modular nuclear reactors and nuclear fuels, was another power fundraiser. The Rockville, Maryland, company secured a $700 million Series D in late November led by Jane Street Capital. And nuclear startup TerraPower also landed a huge follow-on financing this summer, picking up $650 million, with Nvidia’s NVentures as a backer. Battery investment, on the other hand, has been less robust. Investors braced for a heavy loss last year when Swedish EV battery maker Northvolt, one of the most heavily funded companies in the space, initially filed for bankruptcy. Still, deals were getting done. Besides Base Power, there were three other battery-related companies on our top rounds list for 2025. These were Dutch battery storage startup Return, Woodinville, Washington-based silicon battery material producer Group14 Technologies, and battery recycling company Redwood Materials. Perking up at year’s end Probably the most encouraging signal for cleantech investment is it closed 2025 in a much stronger position than when it began the year. Given that drivers of demand are only strengthening, it looks reasonable to be optimistic about a continued rise. Related Crunchbase queries: Related reading: Illustration: Dom Guzman
6 Charts That Show The Big AI Funding Trends Of 2025
AI was the leading sector for startup funding globally from 2023 through 2025. In each year, funding amounts to this sector have gone up dramatically and proportions have increased. At the close of 2025, OpenAI is the most valuable private company of all time, valued at $500 billion. Not far down the list is rival Anthropic, the fourth-most valuable at $183 billion. Together, those two companies alone make up close to 10% of the value on The Crunchbase Unicorn Board. As AI reshapes the venture industry, here are six charts to visualize the transformation via Crunchbase data. AI funding surges in 2025 AI captured close to 50% of all global funding in 2025, up from 34% in 2024, Crunchbase data shows. A total of $202.3 billion has been invested in the AI sector in 2025 so far, which includes the whole stack — AI infrastructure, foundation labs and applications. All told, funding to AI increased more than 75% year over year from the $114 billion invested in 2024. Foundation labs raise a greater share The foundation model companies have raised $80 billion in 2025 to date, representing 40% of global AI funding, per Crunchbase data. Model company funding this year has more than doubled from $31 billion in 2024, when that investment totaled about 27% of all AI funding. The two largest foundation companies, OpenAI and Anthropic, alone captured 14% of global venture investment this year. One trend to watch in 2026: Will the leading model developers continue to raise tens of billions through equity investment to address their voracious appetite for compute in 2026, or will partnerships meet that gap? The hyperscalers have committed an estimated $300 billion-plus to capex in 2025 and have increased that investment commitment for 2026. US sets a high bar The U.S. has dominated AI funding. A total of $159 billion — or 79% of funding — to the sector has gone to U.S-based companies in 2025. The San Francisco Bay Area alone raised $122 billion of that, or more than three quarters of AI funding in the U.S. For sole lead investors, PE dominated A list of corporate investors — Meta, SpaceX, Nvidia, Intercontinental Exchange, ASML, The Walt Disney Co. and Google — have led billion-dollar rounds into AI companies this year, Crunchbase data shows. Meta notably led a $14.3 billion investment into Scale AI, with around 10 key team members leaving the startup to join Meta, including CEO Alexandr Wang. However, despite leading the largest number of billion-dollar AI funding deals this year, it was not that class of corporate investors that led the largest amounts in AI-related companies in 2025. Rather, private equity and alternative investors dominated, with SoftBank leading the biggest deal in 2025 with its $40 billion investment into OpenAI. PE-led deals with a single lead investor in rounds of $1 million or more in 2025 totaled $63 billion across around 300 rounds. By contrast, venture capital firms led rounds totaling $38 billion in deals with a sole lead investor across 1,600 fundings of $1 million or more. While VC led fewer billion-dollar rounds, it was the most active, the driver of this asset class, leading 75% of the deals analyzed. The three venture firms to lead billion dollar deals in AI in 2025 were Lightspeed Venture Partners, Founders Fund and Andreessen Horowitz. Large rounds concentrate at the top The bulk of larger startup funding rounds in 2025 were invested in AI-related companies. In AI, 58% of funding was in megarounds of $500 million or more. According to Menlo Ventures‘ recently published generative AI report, enterprise AI revenue reached $37 billion in 2025, up more than 3x year over year with $19 billion in user-facing products and $18 billion in AI infrastructure. Global venture capital grew in 2025 after a slower funding year in 2024 and 2023. Our data illustrates the extent to which AI dominated the venture capital landscape in 2025, with capital concentrating into the biggest startups. Related Crunchbase query: Related reading: Illustration: Dom Guzman
Exclusive: Octane Lands $100M Series F At $1.3B Valuation To Help People Finance Large Lifestyle And Recreational Purchases
Octane, a startup that offers “instant” financing for large recreational and lifestyle purchases, has raised $100 million in a Series F round with a post-money valuation of $1.3 billion, it tells Crunchbase News exclusively. Repeat backer Valar Ventures led the raise, which included participation from Upper90, Huntington National Bank, Camping World, Holler-Classic Family and others. Half of the raise was primary financing, and the other half went toward a secondary share sale to provide existing shareholders, including current and former employees, liquidity, according to CEO and co-founder Jason Guss. Prior to this round, New York-based Octane had raised $242 million in funding — not including debt financing — since it was founded in 2014, according to Guss. The company says it has also completed $4.7 billion in asset-backed securitizations since 2019. Octane’s latest round comes amid a busy period for fintech investment overall: Global venture funding to financial technology startups in 2025 has, as of Dec. 11, reached $49.4 billion across 3,545 deals, per Crunchbase data. That’s a 30% increase in dollars raised compared to the $38 billion raised across 4,630 deals during the same time period in 2024. Octane started as a secured point-of-sale lender to give consumers more financing options for powersports items such as motorcycles, ATVs and snowmobiles. It has since expanded into the RV, marine, mower, tractor, trailer and auto markets. And it has also evolved its model to include a white-label captive lending platform, dubbed “Captive-as-a-Service,” that allows retailers and manufacturers to offer financing to their customers under the brand of their choice. Jason Guss, CEO and co-founder of Octane. Courtesy photo. “Captive-as-a-Service brings together technology, underwriting, loan processing and servicing, and capital markets execution in a single platform under the partner’s chosen brand,” Guss told Crunchbase News. The advantage for the retailer, he said, is to give them a way to diversify their revenue streams, build long-term enterprise value, and strengthen their customer retention. The company has various partnerships with OEMs, or original equipment manufacturers, and dealer partners in the markets it serves. It also offers a variety of products, such as Octane Prequal and Prequal Flex, designed to help retailers land customers. “A lot of VCs believe SaaS companies should just focus on pure tech and lenders should just do lending,” Guss said. “We believe that the best companies need to do both. … By offering various services typically not offered by lenders integrated with a lending product, we are able to add value beyond simply selling money cheaper.” Growing reach Refreshingly, Octane is open to providing some details on its financials. The startup says it was GAAP net income profitable in 2021, 2023 and 2024. Guss projects the company will have about $80 million in adjusted EBITDA for 2025. Since its inception, Octane has generated over $7.5 billion in loans. In 2024, it originated over $1.6 billion in loans and is on pace to originate over $2.1 billion this year, according to Guss. It has over 4,000 dealer partners, and works with over 60 original equipment manufacturing brand partners. Presently, it has over 600 employees. The company makes money through platform fees, paid by either merchants or OEM partners primarily for promotional financing. It also makes money by selling loans, through servicing income and performance fees. For loans it holds it earns interest income. Guss believes that some fintechs are “afraid” to admit they are a lender or “avoid it entirely because some VCs believe lending is bad.” “Lending isn’t bad, bad lending is bad,” he said. “Good lending is one of the oldest and most robust business models in the world.” Looking ahead, Guss believes Octane can provide value to any market where consumers make a large-ticket purchase and where retailers and manufacturers can benefit from owning and integrating their own financial products. For his part, Valar founding partner James Fitzgerald described Octane’s offering, which combines software and financing products, as “unique.” “We expect Octane to continue to take market share — both in its existing markets and in those it’s only begun to enter — for a very long time,” he said in a release. “One of the investing lessons of the past two decades is that the best tech companies can compound for far longer than expected.” Related Crunchbase query: Related reading: Illustration: Dom Guzman
The Week’s 10 Biggest Funding Rounds: Security And Energy Deals Top The List
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 last week’s biggest funding deal roundup here. Startup investors this week demonstrated continued willingness to write big checks for promising companies in sought-after areas. Leading the pack was Saviynt, an AI identity security platform that picked up a fresh $700 million. The next three largest rounds — Unconventional AI, Fervo Energy and Boom Supersonic — all shared some focus on energy. The rest of the list included companies in AI, biotech and space tech. 1. Saviynt, $700M, AI identity security: Saviynt, a provider of AI-optimized identity security tools, announced that it secured $700 million in Series B financing. KKR led the round, which set a $3 billion valuation for the 15-year-old, El Segundo, California-based company. 2. Unconventional AI, $475M, AI energy efficiency: Unconventional AI, a startup designing a computer to optimize energy efficiency for AI, raised $475 million in seed funding. Andreessen Horowitz and Lightspeed Venture Partners led the financing for the San Francisco Bay Area company. 3. Fervo Energy, $462M, geothermal energy: Houston-based Fervo Energy, a developer and operator of geothermal energy projects with a focus on technologies to scale this power source, picked up $462 million in Series E funding led by B Capital. The funding will go toward a geothermal project in Western Utah as well as other projects in its pipeline. 4. Boom Supersonic, $300M, fast airplanes, turbines: Boom Supersonic, a Denver company working to build what it says will be the world’s fastest airliner, closed on $300 million led by Darsana Capital Partners. In addition to its planes, Boom is also attracting investor interest for its Superpower natural gas turbine that can also have applications in delivering energy to AI data centers. 5. K2 Space, $250M, space tech: Torrance, California-based K2 Space, developer of a platform for building large, high-power satellites, landed $250 million in Series C funding. Redpoint led the round, which set a $3 billion valuation for the company, which was founded in 2022. 6. Harness, $240M, software development: Harness, a developer of tools to automate and simplify software delivery processes, raised $200 million in Series E funding and $40 million in a planned tender to provide liquidity to long-term employees. Goldman Sachs led the Series E, which set a $5.5 billion valuation for the 8-year-old company. 7. Impulse Dynamics, $158M, medical devices: Marlton, New Jersey-based Impulse Dynamics, a medical device company focused on patients with heart failure, secured over $158 million in a funding round led by Sands Capital Ventures and Braidwell. The financing follows an announcement from the Centers for Medicare and Medicaid Services extending coverage for its device. 8. Fal, $140M, generative AI: Fal, developer of a real-time generative AI platform for video, images, 3D and audio, picked up $140 million in a Series D financing Led by Sequoia Capital. The round was the third this year for San Francisco-based Fal, which closed a Series C in July and a Series B in February. 9. Sanegene Bio, $110M, biotech: Sanegene Bio, a biotech startup focused on developing RNAi-based therapeutics, said it raised over $110 million in Series B funding from a long list of venture investors. Founded in 2021, the startup is headquartered in Boston with significant operations in China. 10. BlossomHill Therapeutics, $84M, biotech: San Diego-based BlossomHill Therapeutics, a developer of medicines to treat cancer, pulled in $84 million in Series B extension funding. Janus Henderson Investors, Brahma Capital and BioTrack Capital led the financing for the 5-year-old company. Methodology We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the period of Dec. 6-12. 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