Perhaps enterprise capitalists desired to get their term sheets in order ahead of the holiday season. Or perhaps artificial intelligence, despite all the talk about bubbles, is still warming up strongly in the startup sphere. Whatever the reason, last week was exceptionally busy in terms of financing very large startups.
No wonder that the leader in the rankings was an artificial intelligence company. LambdaAI cloud infrastructure provider closed $1.5 billion Series E financing. Next up was the prediction market Kalshiwhich raised $1 billion. More artificial intelligence, in addition to cryptocurrencies, fintech and biotechnology accomplished the list.
1. Lambda$1.5 billion, AI cloud infrastructure: That’s in response to San Francisco-based Lambda, an AI cloud infrastructure provider lifted up over $1.5 billion in Series E financing led Global TWGholding company headed by Thomas Tull AND Mark Walter. Founded in 2012, Lambda has raised $3.2 billion in equity and debt thus far Crunchbase data.
2. Kalshi$1 billion, forecast market: Kalshi is reported to be a market where you may predict bets on future events he answered $1 billion in latest round led by Capital of Sequoia AND CapitalG. The financing is said to value the 7-year-old New York-based company at $11 billion.
3. Forward AI$900 million, multimedia artificial intelligence: Luma AI from Silicon Valley, a startup focusing on video and images generated by artificial intelligence, announced that it has secured $900 million in a Series C round led by Man which included a significant share of AMD.
4. Kraken$800 million, cryptocurrency: Cryptocurrency exchange Kraken closed with a latest investment value $800 million in two tranches. Investors include: The capital of Jane Street, DRW enterprise capital, HSG, Oppenheimer AND Tribal capital led the original tranche. Citadel Securities also made a $200 million strategic investment at a $20 billion valuation for Kraken.
5. (*10*)Physical intelligence$600 million, robotics artificial intelligence: San Francisco-based Physical Intelligence, a developer of AI software to power robots, raised $600 million in a funding round led by CapitalG which reportedly puts the company’s valuation at $5.6. Other investors in the round include: Capital Lux, Develop capital, Jeff Bezos, Index ventures AND T. Rowe Price.
6. Ramp$300 million, fintech: Spend management services provider Ramp raised $300 million in latest financing led by the company Partners of the Lightspeed enterprise at a valuation of $32 billion. This financing represents the fourth raise for New York-based Ramp in 2025 alone and brings the total equity capital raised since its inception in 2019 to $2.3 billion per company.
7. Health function$298 million, longevity: Austin-based startup Function Health, which offers lab tests, scans and health data to increase life, has secured $298 million in Series B funding. Red point led the round that valued the 3-year-old company at $2.5 billion.
8. Genspark$275 million, agentic artificial intelligence: Palo Alto, California-based Genspark, a platform for building agent-based AI tools for knowledge employees, announced it has raised $275 million in Series B funding. 1 round at a valuation of $1.25 billion. The company also said it surpassed $50 million in annual revenue inside five months.
9. sunny$250 million, AI music creation: Suno, an AI platform for song and music production, raised $250 million in Series C financing at a valuation of $2.45 billion. Menlo Ventures led the financing of the 3-year-old company based in Cambridge, Massachusetts.
10. Solve therapiesUSD 120 million, biotechnology: San Diego-based Solve Therapeutics, a company developing therapeutics and diagnostics for the treatment of solid tumor malignancies, raised $120 million in a round led by a cancer-focused investor Yosemite.
Methodology
In the Crunchbase database, we tracked the largest announced rounds that were registered by US firms in the period November 15-21. While most announced rounds are represented in the database, there could also be a slight delay as some rounds are reported late in the week.