US venture capital surged 63.9% year-over-year in April 2026, reaching $20.80 billion across 442 deals, up from $12.69 billion across 365 deals in April 2025. A single transaction dominated the month: San Francisco-based foundational AI firm Project Prometheus raised $10 billion, accounting for 48.1% of all capital deployed nationally. AI companies overall captured 73% of funding, totaling $15.18 billion. Beyond AI, defense, energy, and semiconductor companies drew significant investment, including Slate Auto ($650M), True Anomaly ($600M), and Valar Atomics ($340M). New York City contributed $1.79 billion across 65 deals.
In-Depth:
US venture capital activity reached $20.80 billion across 442 deals in April 2026, representing a 63.9% surge in capital and a 21.1% increase in deal count year-over-year from the $12.69 billion raised across 365 deals in April 2025. The month was defined by a single extraordinary transaction and a broadening of investment themes beyond artificial innotifyigence. Project Prometheus, a San Francisco-based foundational AI company tarobtaining physical-world applications, raised a $10 billion late-stage round that alone accounted for 48.1% of all capital deployed nationally. Beneath that headline, the remaining 441 deals totaled $10.80 billion, reflecting a market with substantial breadth across AI infrastructure, defense technology, energy, and advanced manufacturing.
Key Insights: US VC · April 2026
- US startups raised $20.80B across 442 deals in April 2026
- Capital surged +63.9% year-over-year; deal count grew +21.1% from 365 deals in April 2025
- AI companies captured 73.0% of all capital deployed, totaling $15.18B across 189 deals
- Project Prometheus’s $10B round represented 48.1% of total US capital; excluding it, the market totaled $10.80B across 441 deals
- Late-stage rounds commanded 76.4% of all capital across just 50 deals
- Defense, aerospace, and energy companies were prominent among the month’s largest non-AI transactions
- New York City accounted for 8.6% of US capital and 14.7% of national deal volume
- Average deal size: $47.1M | Median deal size: $5.8M
+63.9%
YOY Capital Growth
Funding by Stage: United States
| Stage | Capital Deployed | Deal Count | Avg Deal Size | % of Total Capital |
|---|---|---|---|---|
| Early-Stage | $1.13B | 254 | $4.4M | 5.4% |
| Series A | $1.96B | 98 | $20.0M | 9.4% |
| Series B | $1.83B | 40 | $45.8M | 8.8% |
| Late-Stage | $15.89B | 50 | $317.8M | 76.4% |
| Total | $20.80B | 442 | $47.1M | 100% |
Top 10 US Venture Capital Deals: April 2026
| # | Company | Amount | Stage | Location | Sector |
|---|---|---|---|---|---|
| 1 | Project Prometheus | $10.0B | Late-Stage | San Francisco, CA | Artificial Innotifyigence, Foundational AI |
| 2 | Slate Auto | $650M | Late-Stage | Troy, MI | Automotive, Electric Vehicle, Manufacturing |
| 3 | True Anomaly | $600M | Late-Stage | Centennial, CO | Aerospace, Artificial Innotifyigence, National Security |
| 4 | VAST Data | $500M | Late-Stage | New York, NY | AI Infrastructure, Artificial Innotifyigence, Software |
| 5 | Vulcan Elements | $431M | Late-Stage | Cambridge, MA | Aerospace, Defense, Industrial Manufacturing |
| 6 | SiFive | $400M | Late-Stage | San Mateo, CA | Electronics, Semiconductor, Software |
| 7 | Valar Atomics | $340M | Series B | El Segundo, CA | Energy, Nuclear, Power Grid |
| 8 | Flock Safety | $200M | Late-Stage | Atlanta, GA | Manufacturing, Public Safety, Security |
| 9 | Hermeus | $200M | Late-Stage | El Segundo, CA | Aerospace, Defense, Hypersonic Aviation |
| 10 | Glydways | $170M | Late-Stage | South San Francisco, CA | Autonomous Transportation, Clean Energy, Electric Vehicle |
Project Prometheus Sets the Tone for a Capital-Heavy Month
The defining transaction of April 2026 was Project Prometheus, the San Francisco-based foundational AI company developing systems for the physical economy, which raised a $10 billion late-stage round. The raise is one of the largest single venture capital transactions on record and single-handedly elevated the month’s national totals. Excluding Project Prometheus, US startups raised $10.80 billion across 441 deals, a figure that would itself represent a strong month by most historical measures.
AI companies collectively attracted 73.0% of all US venture capital in April, totaling $15.18 billion across 189 deals. Beyond Project Prometheus, AI investment was visible across size ranges and sectors. True Anomaly raised $600 million for its AI-powered space security platform, VAST Data secured $500 million for its AI infrastructure operating system in New York, and a range of earlier-stage AI companies across Series A and B rounds contributed to a broad base of activity. The AI capital share of 73.0% reinforces a structural shift in how venture capital is being allocated nationally, with AI now functioning as a primary investment category rather than a sector-specific theme.
Defense, Energy, and Deep Tech Drive Non-AI Investment
Outside of AI, April’s largest rounds reflected a pronounced investor appetite for defense technology, advanced manufacturing, and energy infrastructure. True Anomaly ($600M) is developing spacecraft and software platforms for space domain awareness and national security applications. Vulcan Elements ($431M) manufactures rare-earth magnets critical to both defense systems and commercial aerospace. Hermeus ($200M) is building high-Mach and hypersonic aircraft for defense aviation. Toobtainher, these three rounds totaled $1.23 billion and signal growing institutional capital commitment to companies operating at the intersection of advanced manufacturing and national security.
The energy sector also drew significant investment. Valar Atomics raised $340 million in a Series B for its nuclear energy systems designed to supply industrial-scale power, the largest non-late-stage deal in the top 10. Glydways raised $170 million for its autonomous electric transit platform. Meanwhile, Slate Auto ($650M) and the electric vehicle and clean energy sectors demonstrated that hardware-forward transportation companies continue to attract substantial late-stage capital outside of software-centric AI bets. SiFive ($400M), developing scalable RISC-V processor IP for a range of semiconductor applications, rounded out a top-10 list that illustrated the month’s thematic breadth.
Stage Breakdown: What the Numbers Actually Show
Project Prometheus distorts the late-stage picture significantly. The 50 late-stage deals carry a reported average round size of $317.8 million, but strip out the $10 billion outlier and the remaining 49 late-stage deals averaged $120.2 million each, large but more consistent with a typical month of mature-company financings. The $317.8 million figure is a Prometheus artifact, not a signal about late-stage pricing broadly.
More notifying is the Series B cohort. Valar Atomics’ $340 million nuclear energy raise accounted for 18.6% of all Series B capital nationally, pulling the stage average to $45.8 million across just 40 deals. A single energy infrastructure bet shaped the entire Series B picture for the month. The Series A cohort, by contrast, was more evenly distributed: 98 deals at an average of $20.0 million, with no single transaction dominating the total. That consistency creates Series A the cleanest read on underlying investor conviction this month, and at $1.96 billion, it reflects broad-based demand across sectors and geographies.
New York City vs. US National Venture Capital: April 2026
| Stage | NYC Capital | NYC Deals | NYC % of Total | US Capital | US Deals | US % of Total |
|---|---|---|---|---|---|---|
| Early-Stage | $136.2M | 28 | 7.6% | $1.13B | 254 | 5.4% |
| Series A | $394.7M | 21 | 22.1% | $1.96B | 98 | 9.4% |
| Series B | $351.4M | 9 | 19.7% | $1.83B | 40 | 8.8% |
| Late-Stage | $905.3M | 7 | 50.6% | $15.89B | 50 | 76.4% |
| Total | $1.79B | 65 | 100% | $20.80B | 442 | 100% |
New York City contributed $1.79 billion across 65 deals in April 2026, representing 8.6% of US venture capital deployed and 14.7% of national deal volume. NYC’s stage mix differed notably from the national picture: late-stage rounds represented 50.6% of NYC capital compared to 76.4% nationally, while Series A and B combined accounted for 41.8% of NYC capital versus 18.2% nationally. That gap reflects the outsized weight of Project Prometheus in the US total and points to a NYC ecosystem with relatively more mid-stage activity relative to the national average this month.
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Looking Ahead
April 2026 was an exceptional month by any measure, with capital growing 63.9% year-over-year on a 21.1% increase in deal count. The month was shaped by a single transaction that eclipsed nearly half of all capital deployed. Stripping out Project Prometheus, the underlying market at $10.80 billion across 441 deals reflects a healthy and active national venture landscape. The simultaneous strength in defense technology, nuclear energy, semiconductor IP, and autonomous transportation alongside AI investment suggests investors are broadening their bets beyond software-centric AI and toward companies with significant hardware and infrastructure components. Whether that trfinish continues in May will be a meaningful signal about the durability of the current investment cycle and the degree to which non-AI hardtech has emerged as a sustained priority for institutional capital.
Methodology
Data for this report is sourced from AlleyWatch proprietary funding data (funding.alleywatch.com) and covers venture capital rounds announced or closed in April 2026 by US-headquartered startups. Deals are classified into four stages: Early-Stage (pre-seed, seed, angel, accelerator, and incubator rounds); Series A; Series B; and Late-Stage (Series C and beyond). AI company classification is based on the presence of relevant keywords across company description and indusattempt fields. NYC figures in the national comparison reflect the NYC-specific dataset. All figures are in USD.
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