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This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding rounds here.

Perhaps venture investors wanted to get their term sheets squared away in advance of the holiday season. Or maybe AI, despite all the bubble talk, is still heating up in a big way in the startup sphere. Whatever the reason, this past week was an exceptionally busy one for very large startup financings.

Not surprisingly, an AI company led the rankings. , a provider of AI cloud infrastructure, closed on $1.5 billion in Series E funding. Next up was predictions market , which picked up $1 billion. More AI, plus crypto, fintech and biotech rounded out the list.

1. , $1.5B, AI cloud infrastructure: San Francisco-based Lambda, a provider of AI cloud infrastructure, says it over $1.5 billion in Series E funding led by , a holding company led by and . Founded in 2012, Lambda has raised $3.2 billion in equity and debt funding to date, per .

2. , $1B, predictions market: Kalshi, a marketplace for wagering predictions on future events, reportedly $1 billion in a new round led by and . The financing is said to set an $11 billion valuation for the 7-year-old, New York-based company.

3. , $900M, multimedia AI: Silicon Valley-based Luma AI, a startup focused on AI-generated video and imagery, that it secured $900 million in a Series C round led by that included significant participation from .

4. , $800M, cryptocurrency: Cryptocurrency exchange Kraken closed on $800 million in new investment across two tranches. Investors including , , , and led the primary tranche. also made a $200 million strategic investment at a $20 billion valuation, per Kraken.

5. , $600M, robotics AI: San Francisco-based Physical Intelligence, a developer of AI software to power robots, raised $600 million in a funding round led by that reportedly sets a $5.6 valuation for the company. Other investors in the round include , , , and .

6. , $300M, fintech: Expense management provider Ramp landed $300 million in fresh funding led by at a $32 billion valuation. The financing marks the fourth raise for New York-based Ramp in 2025 alone, and brings its total equity raised since its 2019 inception to $2.3 billion, per the company.

7. , $298M, longevity: Austin-based Function Health, a startup offering lab tests, scans and health data with an eye to extending lifespans, secured $298 million in Series B financing. led the round, which set a $2.5 billion valuation for the 3-year-old company.

8. , $275M, agentic AI: Palo Alto, California-based Genspark, a platform for building agentic AI tools for knowledge workers, announced that it closed on $275 million in a Series B聽1 round at a $1.25 billion valuation. The company also said it exceeded $50 million in annualized revenue run rate within five months.

9. , $250M, AI music creation: Suno, an AI platform for producing songs and music, raised $250 million in a Series C financing at a $2.45 billion valuation. led the financing for the 3-year-old, Cambridge, Massachusetts-based company.

10. , $120M, biotech: San Diego-based Solve Therapeutics, a developer of therapeutics and diagnostics for treating solid tumor malignancies, raised $120 million in a round led by cancer-focused venture investor .

Methodology

We tracked the largest announced rounds in the 附近上门 database that were raised by U.S.-based companies for the period of Nov. 15-21. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

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