Mega-seed climax and capital concentration

Massive seed rounds (Walden $300M, Elorian $55M, Enigma $71M) and concentration of VC capital into top funds and mega-rounds. Q2 2026 data shows 16 mega-rounds took 53% of capital; 73% of fundraising to 5 managers. Gulf sovereign funds increasingly influential. Index Ventures raises $3.5B across three funds, Menlo Ventures raises $3B AI fund. Index co-founder warns of wealth redistribution backlash.