Six largest rounds equal 40% of total capital raised

The six largest rounds tracked in the 90 days to 13 November 2026 total €11.22B, equal to roughly 39.8% of the €28.2B raised across the window, underscoring how a handful of mega-rounds shape the overall funding total. France's Mistral AI leads at €3.0B, trailed closely by two separate rounds for UK-based Nscale worth €2.95B and €2.59B. Together the two Nscale rounds alone sum to €5.54B, about 19.6% of the period's total capital raised. Rounding out the list are Fal.ai in Türkiye at €1.15B, Return in the Netherlands at €835M, and Fractile in the UK at €692M. The concentration extends further up the scale: the top ten rounds combined reach €13.4B, or 47.5% of the period's total, meaning four rounds beyond the top six add only about €2.18B more. Against a median round size of just €5M across 706 deals recorded in the window, up from 670 in the prior period, these mega-rounds sit far outside the typical transaction, pulling the aggregate total well above what deal volume alone would suggest.

AI-generatedWritten by an AI model from Tech.eu Funding Explorer data (2026-11-15). Figures are checked against the underlying data and each draft is reviewed by an independent second model before publishing; anything unverifiable is held back. Not investment advice. Labelled for AI transparency (EU AI Act Art. 50, applicable from 2 Aug 2026).