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This is a weekly feature that runs down the week’s top 10 announced funding rounds in the U.S. Check out last week’s 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. Lambda, a provider of AI cloud infrastructure, closed on $1.5 billion in Series E funding. Next up was predictions market Kalshi, which picked up $1 billion. More AI, plus crypto, fintech and biotech rounded out the list.
1. Lambda, $1.5B, AI cloud infrastructure: San Francisco-based Lambda, a provider of AI cloud infrastructure, says it raised over $1.5 billion in Series E funding led by TWG Global, a holding company led by Thomas Tull and Mark Walter. Founded in 2012, Lambda has raised $3.2 billion in equity and debt funding to date, per Crunchbase data.
2. Kalshi, $1B, predictions market: Kalshi, a marketplace for wagering predictions on future events, reportedly picked up $1 billion in a new round led by Sequoia Capital and CapitalG. The financing is said to set an $11 billion valuation for the 7-year-old, New York-based company.
3. Luma AI, $900M, multimedia AI: Silicon Valley-based Luma AI, a startup focused on AI-generated video and imagery, announced that it secured $900 million in a Series C round led by Humain that included significant participation from AMD.
4. Kraken, $800M, cryptocurrency: Cryptocurrency exchange Kraken closed on $800 million in new investment across two tranches. Investors including Jane Street Capital, DRW Venture Capital, HSG, Oppenheimer and Tribe Capital led the primary tranche. Citadel Securities also made a $200 million strategic investment at a $20 billion valuation, per Kraken.
5. Physical Intelligence, $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 CapitalG that reportedly sets a $5.6 valuation for the company. Other investors in the round include Lux Capital, Thrive Capital, Jeff Bezos, Index Ventures and T. Rowe Price.
6. Ramp, $300M, fintech: Expense management provider Ramp landed $300 million in fresh funding led by Lightspeed Venture Partners 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. Function Health, $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. Redpoint led the round, which set a $2.5 billion valuation for the 3-year-old company.
8. Genspark, $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 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. Suno, $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. Menlo Ventures led the financing for the 3-year-old, Cambridge, Massachusetts-based company.
10. Solve Therapeutics, $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 Yosemite.
Methodology
We tracked the largest announced rounds in the Crunchbase 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.
Illustration: Dom Guzman
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