Artificial intelligence startups raised a record 61 billion dollars in the third quarter of 2026, new funding data shows, as investor appetite for AI infrastructure and applications shows no sign of cooling.

The quarterly total marks the strongest three months on record for AI venture funding. Mega-rounds for foundation model companies and AI infrastructure providers accounted for the bulk of the capital, though application-layer startups also drew significant investment.

Analysts say the funding boom is increasingly concentrated, with a small number of well-capitalised players absorbing most of the money. Seed and early-stage deal counts have grown more slowly, raising questions about the breadth of the AI startup ecosystem.

The data comes as enterprise adoption of AI accelerates, with companies deploying agents and copilots across customer service, software development and back-office operations. Investors are betting that this enterprise demand will translate into durable revenue growth.

Sceptics warn of echoes of past technology bubbles, pointing to high valuations and unproven unit economics at some AI firms. For now, though, capital continues to flow, and the fourth quarter is expected to remain strong.