We look into the companies that raised $100M+ rounds in June to uncover signals on market momentum, strategic plays, and future rivals.
Fueled by the AI boom, mega-rounds (deals worth $100M+) accounted for 61% of total VC funding in Q2’25.
These significant cash infusions signal where investors are placing the biggest bets at a given time and which startups are being positioned to shape or disrupt markets.
To track trends in mega-rounds, our monthly Book of Scouting Reports offers an in-depth analysis of every private company that has raised a funding round of $100M or more. The scouting reports provide insight into each company’s funding history and latest round; headcount; opportunities & threats; commercial maturity; and business health.
Download the book to see all 46 scouting reports.
Key trends from June’s mega-rounds include:
AI attracts the largest funding rounds, fueled by tech talent wars: Meta invested a massive $14.8B in Scale, whose CEO is also joining the tech giant. Thinking Machines Lab raised $2B in seed funding without a live product, with several former OpenAI executives having joined the company. These rounds show how quickly AI talent is moving around the industry — and the hefty price tags that this talent can command.
Industrials command a third of mega-rounds in June, indicating a hardware renaissance: Industrial companies (including defense, aerospace, energy, and robotics) drove many of this month’s $100M+ deals, from Anduril‘s $2.5B round to Helsing‘s nearly $700M deal. While AI is central to many of the companies in this sector, almost all are developing physical hardware and infrastructure.
Quantum computing players get a boost from AI and defense applications: Two quantum computing companies raised mega-rounds in June ’25: Infleqtion, which develops quantum sensing for defense, and AI 100 winner Multiverse Computing, which provides quantum-enabled model compression to speed up AI processing. While not a substantial share of deals, these investments point to an increased demand for quantum capabilities across high-growth applications.
Capital is going toward product and R&D: 37% of mega-round recipients are directing these funds toward product development and core technology advancement, including AI. For example, Observe intends to use the capital to expand its AI observability features, while Impulse Space is planning R&D for new vehicles for NASA and defense customers.
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