PitchBook Q1 2026: 75% of All VC Dollars Went to Just 5 Companies — $195.6B to OpenAI, Anthropic, xAI, Waymo, Databricks

SaaStr·high signal

PitchBook-NVCA Q1 2026 data reveals extreme capital concentration: 73.1% of LP capital went to five VC firms, and $195.6B in deal value (75% of total) went to five companies — OpenAI ($122B), Anthropic ($30.6B), xAI ($20B), Waymo ($16B), and Databricks ($7B). Total global VC hit $285-331B, the largest quarter ever, but deal count fell 15% QoQ to ~7,000 (lowest since 2016, 61% below 2022 peak). The AI boom is funding fewer companies at vastly higher amounts.