Capital concentration and mega-seed frenzy

Mega-seed rounds continue to dominate early-stage AI, with River AI $1.1B, Walden Robotics $300M, and Pathway $30M at $500M val. Q2 2026 saw 16 mega-rounds taking 53% of capital. PitchBook reports 87.5% of US VC dollars went to AI in Q2 2026 — extreme concentration. Non-AI startups struggle. This trend is still developing as more mega-rounds emerge.