The United States captured roughly 75% of global AI venture capital in 2025 — about $194B of the $258.7B that AI firms attracted worldwide, per OECD data. NeuronFeed tracks 220 US AI companies with combined disclosed funding near $448.7B; OpenAI ($193B) and Anthropic ($67.6B) alone account for over half of that figure. OpenAI's $40B SoftBank-led round at a $300B valuation in March 2025 reset private-market ceilings, and Stargate — the $500B OpenAI/Oracle/SoftBank/MGX joint venture announced January 2025 — added five new US data-center sites by September across Texas, New Mexico and Ohio, with $100B already committed for immediate deployment. xAI ($56B), Waymo ($31B), CoreWeave ($21B post-IPO) and Scale AI ($14.8B) round out the megacap tier. Defense AI re-entered the cap stack after the DoD's July 2025 $200M frontier-model contracts to Anthropic, OpenAI, xAI and Google: Anduril closed $2.8B Series E, Saronic $2.58B Series D, Skild AI $2.2B Series C out of Pittsburgh. Coding agents compound monthly — Cursor ($7.57B Series D), Cognition ($1.14B Series C), Replit ($1.29B Series F) — while Harvey hit $1.5B Series F selling legal AI to Magic Circle firms. Andreessen Horowitz appears on 12 tracked rounds, Sequoia 9, Lightspeed 7. The 2026 question is whether Trump's December 2025 federal-preemption executive order on state AI laws unlocks another leg of late-stage capital.