What happened: A Crunchbase analysis, highlighted by TechCrunch, says global venture funding hit a record $189 billion in February, with AI startups taking $171 billion — about 90% of all dollars raised.

Why it matters: The distribution is extreme: OpenAI, Anthropic and Waymo alone accounted for 83% of February’s venture dollars, implying that “AI funding” is increasingly a small number of mega-rounds rather than broad-based startup momentum.

Wider context: The report says February spending was more than triple January’s, and notes the three companies’ combined raises are roughly one-third of total 2025 venture spend — a signal that capital is concentrating around perceived platform winners.

Just three companies dominated the $189B in VC investments last month — TechCrunch

Singularity Soup Take: When funding becomes a scoreboard of three “national-champion” bets, the real question isn’t who wins — it’s what the rest of the ecosystem looks like when everyone else is forced to build on, sell to, or depend on those few giants.

Key Takeaways:

• Record Month: Crunchbase data cited by TechCrunch puts February global VC at $189B, with AI startups raising $171B, or roughly 90% of all venture dollars for the month.
• Three Mega-Rounds: OpenAI’s $110B raise, Anthropic’s $30B Series G, and Waymo’s $16B financing dominated the month, together representing 83% of venture dollars raised in February.
• Scale vs. History: The report notes those three raises alone amount to about one-third of the total $425B venture spend in 2025, illustrating how quickly the market has shifted toward a handful of massive AI-linked financings.