Global venture capital investors deployed $91 billion in the second quarter of 2025, up from $82 billion a year earlier but below the first quarter’s $114 billion, according to new Crunchbase data. The period marks the third consecutive year-on-year increase and the strongest second quarter since 2022. Artificial-intelligence companies drew the lion’s share of cash, securing about $40 billion—or 45 percent—of all capital. A $14.3 billion round for Scale AI accounted for more than one-third of that amount, underscoring a funding environment increasingly dominated by mega-deals: 17 companies each raised at least $500 million, together absorbing one-third of total investment. Late-stage rounds drove growth, surging 53 percent year on year to $55 billion, while early-stage activity held steady and seed activity reached $10.3 billion, buoyed by a record-setting $2 billion seed round for Thinking Machines. U.S. startups remained the focal point, attracting roughly $60 billion—or two-thirds—of all venture dollars in the quarter. Exit channels also improved. Disclosed merger-and-acquisition value hit $50 billion, the second-highest tally since 2021. Eighteen deals topped the billion-dollar mark, led by OpenAI, which bought four companies including io for $6 billion and Windsurf for $3 billion. The appetite for AI dovetails with a wider shift toward intangible assets. A separate United Nations–backed study found spending on software, data and AI across 27 economies rose to $7.6 trillion in 2024—growing three times faster than investment in physical assets—highlighting how digital technologies are reshaping capital allocation globally.