Q2 2026's biggest private funding rounds signal continued investor confidence
Artificial intelligence continued to dominate private capital markets in the second quarter of 2026, but investors also backed companies advancing defense technology, enterprise infrastructure and next-generation computing. The quarter’s largest funding rounds demonstrate that institutional investors are willing to deploy significant capital behind companies they believe are well-positioned to define the next generation of potential market leaders within their respective sectors.
For private market investors, these large financings can serve as an important signal. While raising capital does not guarantee future success, substantial late-stage funding rounds often provide companies with resources to strengthen their competitive positioning ahead of potential liquidity events. As a result, these companies may warrant closer attention from investors seeking exposure to potential high-growth private market opportunities before they reach the public markets.
Here are five of the largest private funding rounds announced during Q2 2026 of companies listed on Forge Global.
Anthropic, $65B
Headquartered in San Francisco, California, Anthropic develops frontier artificial intelligence models focused on safety, reliability and enterprise applications. The company's Claude family of models has become one of the leading AI platforms for businesses seeking powerful generative AI capabilities.
Anthropic announced a massive $65 billion Series H financing round during the quarter, underscoring continued investor conviction in foundational AI companies. The new capital is expected to support continued model development, expanded compute infrastructure and broader enterprise adoption of its product across industries.1
The news of the fundraise comes at nearly the same time as the company confidentially filed its S-1 for a potential public listing.2 Timing and share offerings so far have not been disclosed.
Founded in 2021, Anthropic’s price per share is $589.01 as of its Series H funding round in May, putting its post-money valuation at $965 billion. Notable investors of the AI firm include Coatue Management, Amazon, Sequoia Capital and Salesforce Ventures.
Anduril, $5B
Costa Mesa, California-based Anduril develops autonomous defense systems, AI-enabled surveillance technologies and advanced military hardware for the U.S. Department of Defense and allied nations.
The company secured a $5 billion Series H financing in May, providing additional resources to expand manufacturing capacity, accelerate autonomous defense products and continue research and development towards next-generation security technology.3 The raise reflects growing investor interest in defense systems as governments increase spending in these areas.
Founded in 2017, the private company recently secured a strategic partnership with Amazon Web Services. Anduril was selected by AWS as a “preferred edge partner” as the companies look to build mobile data centers designed to increase compute power for Anduril’s product development.4
Anduril’s Forge Price™ is $116.68 as of July 1, 2026, implying a valuation of $103.23 billion. The private company’s notable investors include Founders Fund, Andreessen Horowitz, Valor Equity Partners and 8VC.
Reflection AI, $2.5B
Headquartered in San Francisco, Reflection AI is developing advanced AI systems to automate complex knowledge work and improve enterprise productivity.
The private company’s $2.5 billion Series C financing last quarter represents one of the largest early-stage AI investments of the year. The capital is expected to accelerate research, expand engineering talent and bring new AI capabilities to enterprise clients seeking increasingly sophisticated automation tools.5
In June, exploration technology giant SpaceX partnered with Reflection AI as part of a plan to build out its Colossus 2 data center to enable SpaceX’s AI ambitions. Reflection AI is backed by Nvidia (Nasdaq: NVDA), and its Nvidia GB300 chips will aid SpaceX in its goal of becoming a leading commercial computing platform.6
Founded in 2024, Reflection AI’s price per share is $83.76 as of its latest funding round in April, placing its post-money valuation at $27.50 billion. Investors of the AI firm include JP Morgan Chase, Sequoia Capital, Lightspeed Venture Partners and B Capital.
Long Lake, $2.25B
Long Lake, headquartered in Menlo Park, California, is building infrastructure designed to support large-scale AI computing and next-generation data center capabilities. The private company also partners with enterprises across the services sector to drive growth and efficiencies.
The company closed a $2.25 billion Series D financing during the second quarter, highlighting continued investor demand for the infrastructure supporting rapidly growing AI workloads.
The funding round comes at an interesting time for Long Lake. In June, it was reported that the AI computing firm is buying American Express’ Global Business Travel product for $6.3 billion. Long Lake hopes that combining its AI-enabled workflows with the corporate travel giant will lead to greater productivity, and thus greater revenue potential.7
Founded in 2024, Long Lake’s price per share is $231.62 as of its May fundraise, placing its post-money valuation at $12.44 billion. The firm’s investors include Thrive Capital, Alpha Wave Capital, General Catalyst and Lightscape Partners.
Baseten, $1.5B
San Francisco-based Baseten provides an AI inference platform that enables developers and enterprises to deploy, manage and scale machine learning models in production.
Baseten announced a $1.5 billion Series F financing this past quarter as demand for enterprise AI infrastructure continues to accelerate. The company plans to use the capital to expand its platform capabilities, invest in additional GPU infrastructure, and support customers deploying increasingly complex AI models.8
Founded in 2019, the company is positioning itself as a viable lower-cost competitor to the giants such as OpenAI and Anthropic. Baseten is working to connect its models on top of the publicly available open-source models, so that enterprises can scale workflows more efficiently, rather than going to multiple sources to do so.9
Baseten’s price per share is $296.16 as of its June 2026 funding round, putting its post-money valuation at $13 billion. The private company’s investors include Sans Capital, Wellington Management, Battery Ventures and Greylock.
Investor Takeaway
Artificial intelligence remained the dominant investment theme for Q2 2026, while companies building critical infrastructure and defense technologies also attracted substantial funding. As these businesses continue to scale, many will remain closely watched by private market participants evaluating future liquidity opportunities and long-term value creation.
Explore more companies on the Forge Marketplace in Artificial Intelligence and Aerospace and Defense Technology.
