Funding benchmark · last 12 months

The typical Series D round in AI

From 49 Series D rounds announced in AI over the last twelve months, each read from a named source. Half of them raised between $70M and $400M.

See the roundsAll benchmarks

Series DAI
Median round$150M
$40M1 in 10 below$70M – $400Mmiddle half$840M1 in 10 above

49 rounds counted · recounted nightly

Rounds counted49Series D rounds in AI, last 12 months
Against worldwide-5%vs the $158M worldwide median
Since last round14 momedian gap, from 26 companies we saw raise before
Lead named86%of these rounds name the investor who led

The trend

Median Series D round, quarter by quarter

From $130M in 2024 Q4 to $115M in 2026 Q3. Quarters with fewer than five rounds are left blank.

$130M'24 Q410 rds
$143M'25 Q16 rds
$125M'25 Q211 rds
'25 Q34 rds
$140M'25 Q47 rds
$250M'26 Q112 rds
$180M'26 Q210 rds
$115M'26 Q313 rds

Who leads

The most active leads

The firms that led the most Series D rounds in AI this year.

  1. 1Sequoia Capital5 led
  2. 2Accel3 led
  3. 3Index Ventures2 led
  4. 4Coatue2 led
  5. 5Kleiner Perkins2 led
  6. 6TCV2 led

Recent examples

Series D rounds in AI, latest first

How to read these figures

They come from announced rounds. Large rounds are almost always announced and many small ones never are, so the true typical round is probably a little smaller than shown, most of all at pre-seed and seed. Every round behind them is in the record with its source. How we read rounds.

Other stages in AI

Pre-seed$2.1MSeed$7.0MSeries A$21MSeries B$55MSeries C$110MGrowth$150M

Series D elsewhere

United States$190M

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Q&A

How big is a typical Series D round in AI?

The median is $150M, from 49 Series D rounds announced in AI in the last twelve months. Half of them raised between $70M and $400M; one in ten raised more than $840M.

Which rounds are counted?

Rounds announced in the last twelve months with a stated amount and stage, each read from a named article or filing. A page is only published where at least 30 rounds stand behind it.

Are these figures biased?

Towards larger rounds, yes. Big rounds are announced; many small ones never are. So the true typical round is probably a little smaller than the figure here, especially at pre-seed and seed.

How often does it change?

The figures are recounted from the record every night, as new rounds are read.