Latest Startup and Venture Investment News as of February 22, 2026: Record AI Rounds, AI Infrastructure Deals, IPO Market Trends, and New Trends in Global Venture Capital.
The global venture investment market as of late February 2026 remains bifurcated. On one hand, artificial intelligence continues to attract the largest funding rounds (including "historic" seed-stage deals), while a new wave of deep tech is forming around infrastructure for models and data centers. On the other hand, the IPO window appears fragile again: public tech investors are responding to the recalibration of risks and monetization scenarios, directly impacting exit rates and market readiness for new listings.
Key Topic of the Week: Record AI Rounds and the "Talent Premium"
Capital is concentrating where venture funds see the potential for platform effects and long technological horizons. In AI, this is manifested in two trends: (1) oversized rounds at very early stages and (2) a high "premium" for teams and research leadership, even with limited revenue on the current horizon.
- Mega Seed Rounds are becoming the new normal at the upper segment: investors are "buying options" on the creation of the next foundational layer of AI (models, agent systems, environment-based learning, computing).
- Valuations are increasingly based on the scarcity of skills and access to computing, rather than traditional revenue multiples.
- Syndicates are expanding: alongside venture funds in AI, strategists (cloud providers, chip makers, platforms) are becoming more noticeable, valuing the ecosystem and control of critical infrastructure.
Major Deals: From "European Records" to Mega Merger
Recent deals highlight a new scale of venture capital around AI. Early-stage rounds are being discussed that were previously typical for pre-IPO companies, while consolidation is intensifying at the level of large corporations and private giants.
- Ineffable Intelligence (London): a seed stage round of around $1 billion is being discussed, with a projected valuation of about $4 billion (excluding new funds). The market signal is clear: the best teams can "sell the future" significantly earlier than a mature product emerges.
- SpaceX and xAI: a deal has been announced for asset consolidation, packaging AI and space infrastructure within a united strategy. For venture investors, this is an important benchmark: "vertical integration" (data → computing → product → channels) is becoming an even more valuable competitive advantage.
The takeaway for venture funds: in 2026, a new upper tier of "super-rounds" is forming, where competition is not only for equity but also for access to computing, strategic partnerships, and talent.
AI Infrastructure and Chips: Capital Follows Energy and Efficiency
The second line of demand is hardware and infrastructure. The increasing loads in data centers are making energy efficiency and power management part of the investment thesis. This is no longer just about "hardware," but about TCO savings, the ability to scale inference, and speeding up time to market.
- C2i Semiconductors: a round of about $15 million for AI/cloud infrastructure power management solutions.
- A separate "vendor" ecosystem is forming around chip design, power systems, networks, and cooling, capable of delivering substantial exits to venture investors through M&A.
- For late-stage companies, there is increasing demand for firms that can prove a unit economy of implementation (energy savings, performance growth per watt, reduction of capital expenditures per computation).
LLMOps, Security, and Applied Platforms: The Market Matures
Following the "model race" phase, capital is actively flowing into the deployment layer: observability, quality control, security, inference costs, compliance. This is an area where venture investments increasingly rely on sales and retention metrics rather than solely on technological narratives.
- Portkey (LLMOps): a round of around $15 million to develop a management and operations platform for LLM in production.
- In consumer and corporate cybersecurity, significant late-stage rounds continue: demand is fueled by the rise of digital risks and an expanding attack surface.
- Winners in this segment will aggregate the market through bundling (security + observability + governance), increasing the likelihood of subsequent M&A.
Fintech and IPOs: The Window Opens in Jerks, Volatility Punishes Optimists
Fintech remains one of the main candidates for reviving the IPO market, but the reality of February shows that even companies technically ready for listing are retreating amid worsening sentiment. This directly impacts venture exit strategies and requirements for "revenue quality" (margins, risk, compliance, stability).
- Clear Street: the company publicly adjusted its IPO parameters (reduction of the fundraising target), then postponed and later withdrew registration — illustrating how quickly the market can "close" amid volatility.
- The thesis for late stages: investors are demanding not only growth but also a stable economy — positive margins, managed risk, and a clear path to profitability.
Biotech and Healthcare: M&A is Once Again a Viable Exit Route
For biotech startups and drug discovery platforms, the IPO window remains selective, but M&A is increasingly providing substantial exits. Strategists are willing to pay for assets that accelerate pipelines or fill technological "gaps."
- "Cash + milestones" deals are returning: buyers reduce risk while startups get a chance for a big payout upon achieving clinical or commercial results.
- For venture funds, this means that quality preparation for due diligence (data, patents, regulatory strategy) becomes as valuable an asset as science itself.
Secondary Equity Market and Liquidity: Why Secondaries are a Central Theme of 2026
While IPO exits come in waves, the secondary market for deals (secondaries) is becoming a key mechanism for redistributing liquidity. This affects LP behavior, fund strategy, and founders' negotiation positions.
- GP-led secondaries are gaining momentum: managers are structuring liquidity around the best assets, extending the holding period for "champions."
- For LPs, this is a tool for portfolio balancing and timeline management; for startups, it provides a way to relieve pressure for an exit "at any cost."
- In practice, this raises the importance of reporting quality and KPI transparency: assets with clear metric dynamics are easier to sell in the secondary market.
What This Means for Venture Investors and Funds: A Checklist for the Next Quarter
The situation requires discipline: the market is generous to AI and infrastructure leaders but stringent for those entering public markets without volatility protection. Below are practical guidelines for venture funds, corporate venture units, and LPs.
Investment Priorities (Deal Flow)
- AI Platforms with differentiation in data/training/computing, rather than just in interface.
- Infrastructure (chips, power, networks, cooling, orchestration) with clear economic effects.
- LLMOps and Security as a "mandatory layer" for corporate deployment.
Priorities for Portfolio Companies
- Strengthen focus on cash efficiency: CAC payback, gross margin, controlled burn multiple.
- Prepare a dual exit track: M&A and secondaries alongside IPO readiness.
- Accelerate legal and financial readiness: IP, compliance, data quality — this reduces discounting in negotiations.
February 2026 highlights the main paradox of the venture market: money is available, but not for everyone and not everywhere. The race for mega rounds continues in AI and infrastructure, where team, computing, and platform matter most. At the same time, the public market remains nervous, and the IPO window can close suddenly, increasing the value of M&A and secondary deals as liquidity routes. For venture investors, a winning strategy now is to combine aggressive hunting for technological champions with stringent financial discipline in their portfolios.
