California startups have raised an unprecedented $385 billion across all funding stages so far in 2026, according to Crunchbase News. They account for more than 75% of U.S. startup investment this year, a record share. California companies have already raised more than all U.S. startups did in any previous single year.
Mega-rounds for a handful of San Francisco-based AI leaders have driven the surge. OpenAI and Anthropic together account for more than half of California’s total. This concentration in AI has drawn the vast majority of U.S. venture capital to the state.