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At least a half-dozen multibillion‑dollar AI fundraises are happening simultaneously—and demand is outstripping supply. That was once unthinkable in traditional venture capital, which historically dominated backing moonshot ideas. Fast‑rising AI companies are rewriting the rules, tapping a broader mix of capital from mega VCs, sovereign wealth funds, crossover public investors and bespoke vehicles.

The numbers are eye‑popping. Databricks is raising over $1 billion at a $100 billion valuation. OpenAI is pursuing a roughly $6 billion tender offer at about a $500 billion valuation, up from $300 billion earlier this year. Anthropic just raised $13 billion, doubling its valuation to $183 billion. Where’s the money coming from? A few channels. Mega VC firms and their limited partners. Crossover public funds like Fidelity and T. Rowe Price that want exposure before IPO. Accredited individuals via special purpose vehicles (SPVs), which let fund managers bundle investors in exchange for fees and access. AI companies themselves are generally not fans of SPVs because they clutter the cap table and obscure who ultimately holds stakes.

And the money is increasingly coming from foreign capital—most notably Middle Eastern sovereign wealth funds.Anthropic’s $13 billion round included large checks from the region, and OpenAI has drawn backing from the UAE’s MGX.

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