Top 10 rounds account for half of all capital raised

The ten largest rounds of the 90 days to 16 October 2026 totaled €11.6B, equal to 49.1% of the €23.71B raised across 636 deals in that window — a highly concentrated market in which a handful of mega-deals set the overall trajectory. The two standout names illustrate the pattern: Mistral AI's €3.0B round in France was the single largest deal, narrowly ahead of Nscale's €2.95B round in the UK, itself followed by a second Nscale round worth €2.59B. Those two Nscale rounds alone sum to €5.5B, dwarfing the €37.3M average round size across the full window and underscoring how far the median deal, at just €5M, sits from the top of the distribution.

The prior 90-day window saw 752 deals worth €27.85B, meaning the recent window's total fell by roughly 14.9% even as concentration at the top remained a defining feature of the market, with mega-rounds from Mistral AI and Nscale accounting for a disproportionate share of capital deployed.

AI-generatedWritten by an AI model from Tech.eu Funding Explorer data (2026-10-18). 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).