The US venture capital (VC) market began 2026 with a pronounced divergence between deal activity and capital deployment, as deal volume contracted while funding value surged sharply. The total number of VC deals announced in January 2026 declined by around 15% year-on-year (YoY), yet total funding value jumped more than fourfold (4x) to $65 billion, reveals GlobalData, a leading intelligence and productivity platform.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The divergence underscores a market defined less by breadth of participation and more by intensified capital deployment towards fewer but significantly larger rounds.”

An analysis of GlobalData’s Financial Deals Database revealed that the standout drivers of this value surge were two mega VC deals involving AI firms announced during the month – Anthropic’s Series G round ($30 billion) and xAI’s Series E round ($ 20 billion).

Bose adds: “These two transactions meaningfully reshaped the month’s funding profile, propelling the funding value to more than four times. Excluding these two mega-rounds, the US VC deal value would have remained mostly at the same level. While investors continue to support innovation, capital is being allocated more selectively, with premium valuations and large checks reserved for companies active in areas perceived to be promising such as AI.”

The US accounted for 31% of the total number of VC deals announced globally during January 2026, up from 28% in January 2025. Meanwhile, its share of global value jumped from 58% to 82%.

Bose concludes: “While headline growth signals resilience, softer deal volume reflects sustained investor caution. Investors are prioritizing long-term scalability, governance maturity, and clear monetization pathways over rapid expansion. This evolving investment trend suggests 2026 will reward operational resilience and execution certainly as much as technological differentiation. Without mega-round activity, momentum remains measured. A durable recovery will depend on wider early- and mid-stage participation beyond AI-driven category leaders.”

Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.