According to a recent LinkedIn post from Moonfare, venture capital activity in private markets appears increasingly concentrated around a small group of large technology and AI-focused companies. Citing Financial Times data for the first two months of 2026, the post notes that U.S. private companies reportedly raised more than $200 billion, with over half of that attributed to OpenAI and 10 deals representing more than 80% of total fundraising.
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The post highlights an emerging cohort of highly valued private firms—SpaceX, OpenAI, Anthropic, Stripe, Databricks and Waymo—each said to be valued above $100 billion, with Anduril Industries and Cursor vying for a comparable position through new funding rounds. The commentary characterizes this pattern less as a broad-based venture capital recovery and more as a narrow, AI-driven capital surge focused on perceived market leaders.
According to the post, this concentration suggests that many start-ups outside the top tier may continue to face constrained access to capital, with exits more likely to occur through acquisitions rather than public listings. For investors, such dynamics could imply a bifurcated private market in which large, late-stage AI and tech names absorb a disproportionate share of capital and potential upside, while risk and liquidity challenges persist across the broader early- and mid-stage venture landscape.