US AI continues to pour money generously. 25 startups raised over $100 million in half a year: The top ten sectors are the hottest.

On July 4th, according to foreign media statistics, throughout 2024, a total of 49 AI startups in the United States completed financing rounds of $100 million or more. Among them, 3 companies completed multiple rounds of "mega-round" financing within the year, and another 7 companies raised over $1 billion in a single round.

What's the trend in 2025? Although only half of the year has passed, judging from the current pace, last year's financing boom is expected to continue. In the first quarter alone, the number of mega-round financings in the AI field in the United States has already exceeded that of the same period in 2024. And so far, there have been at least 25 financing deals exceeding $100 million.

In terms of sub - sectors, large models and general AI applications remain the main battleground for financing. Three companies, OpenAI, Anthropic, and xAI, have raised a total of $53.5 billion (approximately RMB 374.5 billion). Meanwhile, AI infrastructure has become a key area for capital investment, covering multiple critical aspects such as computing power, data, networks, and chips. Companies like Lambda, Together AI, and Celestial AI have joined the club of companies with over $100 million in financing.

AI programming tools have witnessed a concentrated explosion. Startups such as Anysphere and Reflection.AI have received over $100 million in support, becoming new entrances to the developer ecosystem.

In vertical industries, the medical and legal sectors are accelerating the implementation of AI applications. Companies like Harvey, Abridge, and Hippocratic AI have shown remarkable financing performance, proving that products that "can be sold" have become the core of the new investment logic.

According to foreign media statistics, as of now, a total of 25 AI companies in the United States have completed financing rounds of $100 million or more. The list is as follows:

1. Artificial Intelligence (Foundation Models + AI Applications)

(1) OpenAI: AI giant OpenAI completed a record - breaking $40 billion financing round (approximately RMB 291.2 billion) on March 31st, with a valuation reaching $300 billion (approximately RMB 2.184 trillion). This round was led by SoftBank, with participation from Thrive Capital, Microsoft, Coatue, etc.

(2) Anthropic: The large - language - model company Anthropic completed a $3.5 billion Series E financing round (approximately RMB 25.48 billion) on March 3rd, with a valuation of $61.5 billion (approximately RMB 447.82 billion). This round was led by Lightspeed, with participation from Salesforce Ventures, Menlo Ventures, General Catalyst, etc. The company has raised a total of $14.3 billion in 13 financing rounds (approximately RMB 104.1 billion).

(3) xAI: xAI, under Elon Musk, has completed $5 billion (approximately RMB 35.8 billion) in debt financing and another $5 billion (approximately RMB 35.8 billion) in strategic equity financing. In addition to the debt financing, xAI is also in negotiations for approximately $20 billion (approximately RMB 143.3 billion) in equity financing, which will make the company's valuation exceed $120 billion (approximately RMB 859.5 billion). Some investors have given a valuation as high as $200 billion (approximately RMB 1.4 trillion).

2. AI Search

(3) Glean: The enterprise search startup Glean, founded in 2019, announced on June 10th that it had completed a $150 million Series F financing round (approximately RMB 1.092 billion), led by Wellington Management, with participation from Sequoia Capital, Lightspeed Venture Partners, Kleiner Perkins, etc. Its latest valuation has reached $7.25 billion (approximately RMB 52.78 billion).

3. AI Programming

(4) Anysphere: The developer of the AI programming tool Cursor, the AI research laboratory Anysphere, completed a Series C financing round of up to $900 million (approximately RMB 6.552 billion), with a valuation close to $10 billion (approximately RMB 72.8 billion). This round was led by Thrive Capital, with participation from Andreessen Horowitz, Accel, DST Global, etc. Additionally, before acquiring Windsurf, OpenAI attempted to acquire Anysphere.

(5) Reflection.Ai: Reflection.Ai was founded in 2019 by former Google DeepMind researchers Misha Laskin and Ioannis Antonoglou. It is building a super - intelligent autonomous system and completed a $130 million Series A financing round (approximately RMB 946 million) in March, with a valuation of $580 million (approximately RMB 422.2 million). This round was co - led by Lightspeed and CRV.

4. AI Infra

(6) Lambda: The AI infrastructure company Lambda announced on February 19th that it had completed a $480 million Series D financing round (approximately RMB 3.494 billion), with a valuation close to $2.5 billion (approximately RMB 18.2 billion). This round was co - led by SGW and Andra Capital .

(7) Together AI: Together AI, focusing on open - source generative AI and model training infrastructure, completed a $305 million Series B financing round (approximately RMB 2.22 billion) on February 20th, with a valuation of $3.3 billion (approximately RMB 24.024 billion). This round was co - led by Prosperity7 and General Catalyst, with participation from Salesforce, Nvidia, Lux Capital, etc.

(8) Celestial AI: The AI infrastructure company Celestial AI completed a $250 million Series C financing round (approximately RMB 1.82 billion) on March 11th, with a valuation of $2.5 billion (approximately RMB 18.2 billion). This round was led by Fidelity, with participation from Tiger Global, BlackRock, and Intel CEO Lip - Bu Tan, etc.

(9) Turing: The AI data service company Turing, founded in Silicon Valley, completed a $111 million Series E financing round (approximately RMB 808 million) on March 7th, with a valuation of $2.2 billion (approximately RMB 16.016 billion). This round was led by Khazanah Nasional, with participation from WestBridge, Gaingels, Sozo Ventures, etc.

(10) Nexthop AI: The AI infrastructure company Nexthop AI announced on March 25th that it had completed a $110 million Series A financing round (approximately RMB 801 million), led by Lightspeed, with participation from Kleiner Perkins, Battery Ventures, Emergent Ventures, etc.

(11)  Snorkel AI: The AI data annotation company Snorkel AI was founded in 2019 and is a spin - off from the Stanford Artificial Intelligence Laboratory. It announced on May 29th that it had completed a $100 million Series D financing round (approximately RMB 728 million), with a valuation reaching $1.3 billion (approximately RMB 9.464 billion). This round was led by Addition, with participation from Prosperity7 Ventures, Lightspeed, Greylock, etc.

(12) TensorWave: The AI infrastructure company TensorWave announced on May 14th that it had completed a $100 million Series A financing round (approximately RMB 728 million), co - led by Magnetar Capital and AMD Ventures, with participation from Prosperity7, Nexus, Maverick Silicon, etc.

(13) EnCharge AI: The AI hardware startup EnCharge AI, focusing on the research and development of "analog memory computing AI chips", completed a $100 million Series B financing round (approximately RMB 728 million) on February 13th, led by Tiger Global, with participation from Scout Ventures, Samsung Ventures, RTX Ventures. The company was founded in 2022 and is at the forefront of advanced hardware and software development for artificial intelligence computing.

5. Model Evaluation

(14) LMArena: LMArena is a seed - stage company. As an online platform, it evaluates and ranks artificial intelligence models. It announced on May 21st that it had completed a $100 million seed - round financing (approximately RMB 728 million), with a valuation of $600 million (approximately RMB 436.8 million). This round was co - led by Andreessen Horowitz and UC Investments, with participation from Lightspeed, Kleiner Perkins, Felicis, etc.

6. Quantum AI

(15) SandboxAQ: The enterprise - level SaaS company SandboxAQ announced on April 4th that it had completed a $450 million Series E financing round (approximately RMB 3.276 billion), with a valuation of $5.7 billion (approximately RMB 41.496 billion). Investors include Nvidia, Google, and Bridgewater Associates founder Ray Dalio, etc.

7. AI Video

(16) Runway: The AI video - editing platform Runway completed a $308 million Series D financing round (approximately RMB 2.242 billion) on April 3rd, with a valuation of $3 billion (approximately RMB 21.84 billion). This round was led by General Atlantic, with participation from SoftBank, Nvidia, Fidelity.

8. AI Healthcare

(17) Abridge: Abridge, focusing on clinical conversation recording and transcription, completed a $300 million financing round (approximately RMB 2.1 billion) on June 24th, with a valuation of $5.3 billion (approximately RMB 37.1 billion). This round was led by Andreessen Horowitz, with participation from Khosla Ventures, etc.

(18) Hippocratic AI: Hippocratic AI, focusing on large models for the healthcare industry, announced on January 9th that it had completed a $141 million Series B financing round (approximately RMB 1.027 billion), with a valuation of over $1.6 billion (approximately RMB 11.648 billion). This round was led by Kleiner Perkins, with participation from A16Z, Nvidia, General Catalyst, etc. The company has raised a total of $278 million (approximately RMB 2.024 billion) in five financing rounds.

9. AI Legal

(19) Eudia: The AI legal - tech company Eudia completed a $105 million Series A financing round (approximately RMB 764 million) on February 13th, led by General Catalyst, with participation from Floodgate, Defy, Everywhere Ventures, etc., along with several angel investors.

(20) Harvey: The AI legal - tech company Harvey completed a $300 million Series E financing round (approximately RMB 2.184 billion) in late June, with a valuation of $5 billion (approximately RMB 21.84 billion). This round was co - led by Kleiner Perkins and Coatue, and existing investors include Conviction, Elad Gil, OpenAI Startup Fund, Sequoia Capital