← Back to DataData · MAY 12, 2026
Where the AI money actually went in Q1
Out of $32B raised, foundation-model labs took 64%. Everyone else split the rest.
By FT.News Editor
64
%Foundation lab share, Q1
Q1 2026 saw $32.1B of disclosed funding into private AI companies. Of that, twenty-three named foundation-model labs absorbed $20.6B — about 64% of the total. Application-layer startups took $7.2B (23%). Tooling, eval, and infrastructure split the remaining $4.3B (13%). The chart below tracks the monthly breakdown.
How we counted
Pulled disclosed funding rounds from PitchBook, Crunchbase, and primary announcements. "Foundation lab" means companies whose stated mission includes training general-purpose models. Excludes biotech/protein folding labs and government contracts. All figures USD, equity rounds only.