Startup Trends: Top 5 funding rounds of Q2 2025
A common theme that unites companies listed on Forge Global that had the largest Q2 funding rounds in 2025 is AI integration. These five private companies offer products and services in industries including defense, manufacturing, enterprise software and technology, and each one has either integrated AI capabilities into existing offerings or built its business model around AI innovation. Collectively, these companies raised over $5.4 billion in Q2 2025.
1. Anduril raises $2.5 billion to scale AI-powered defense manufacturing
Anduril, a privately owned defense technology company, raised $2.5 billion in a Series G funding round led by investor Peter Thiel’s Founders Fund.1 The June 2025 funding round is Anduril’s largest to date.
Founded in 2017, Anduril develops autonomous surveillance systems, drones and defense software powered by its Lattice AI platform and works with multiple U.S. and allied nations' government entities. The Costa Mesa, California-based company said it will use the $2.5 billion funding round to expand its Ohio Arsenal-1 manufacturing facility, invest in mergers and acquisitions and increase its workforce.
In February 2025, the company secured a $22 billion contract with the U.S. Army to manage its headset program.2 Then, in May 2025, Anduril announced a partnership with its founder, Palmer Luckey’s former employer, Meta, where they will collaborate on the U.S. Army headset program by creating virtual and augmented reality devices. 3
Anduril’s Forge Price™ is $40.88 as of July 3, 2025, implying a valuation of $30.50 billion. Notable investors include Andreessen Horowitz, Spark Capital, 137 Ventures and 9yards Capital.
2. Figure AI secures $1.5 billion to advance humanoid robotics
Figure AI, a robotics startup, raised $1.5 billion in a May 2025 Series C funding round led by Parkway Venture Capital and Align Ventures, pushing its valuation to $39.5 billion. Figure AI develops humanoid robotics for industrial and commercial applications, and the robotic devices help to fill possible labor shortages and address safety concerns for dangerous tasks.
Figure AI completed a $675 million Series B round at a $2.6 billion valuation in February 2024, and that round included investments from tech giants Microsoft, OpenAI, NVIDIA and Jeff Bezos’ Bezos Expeditions.4 In June 2025, the Sunnyvale, California-based company announced major advancements to its Helix robotics system that will allow it to scale its autonomous package sorting capabilities.5
Founded in 2022, Figure AI’s Forge Price™ is $174.00 as of July 3, 2025, implying a valuation of $39.50 billion.
3. Perplexity raises $510 million funding round for AI search development
Perplexity, a generative AI search startup, raised $510 million in a June 2025 Series E funding round led by venture capital firm Accel. With AI potentially affecting how information is accessed and processed, the funding round positions Perplexity as a major player in the intelligent search engine market. Perplexity offers a conversational search engine that uses advanced AI to search live websites and synthesize information to form answers and provide sources.
In July 2025, the Palo Alto, California-based company announced a subscription plan called Perplexity Max, which is aimed at power users and will be offered alongside its other subscriptions. The expanded subscription offerings could boost revenue for the company and help it to offset costs related to cloud computing and AI model access.6
Founded in 2022, Perplexity’s Forge Price™ is $490.91 as of July 3, 2025, implying a valuation of $12.56 billion. Notable investors include IVP, NVIDIA, T. Rowe Price and Stanley Druckenmiller.
4. Rippling lands $450 million for HR product expansion
Rippling, a Forge Private Market Magnificent 7 company, secured $450 million in a May 2025 Series G funding round at a $16.8 billion valuation. Rippling develops AI-powered software for enterprise human resources operations, and it will use the funds to increase its market reach and invest in existing and new product development.7
Based in San Francisco, California, Rippling’s HR platform combines IT, payroll and spend management capabilities that enable large companies to streamline employee lifecycle management. In June 2025, the company announced an expanded partnership with compensation management software developer Pave that will give Ripple users single sign-on (SSO) capabilities and real-time compensation data visibility.8
Founded in 2016, Rippling’s Forge Price™ is $52.00 as of July 3, 2025. Notable investors include Bedrock Capital, Coatue Management, Dragoneer, Founders Fund, Greenoaks Capital, Kleiner Perkins and Sequoia Capital.
5. SandboxAQ secures $450 million for quantum computing research
SandboxAQ, a private company that develops AI and quantum computing technology, raised $450 million in an April 2025 Series E funding round. The Palo Alto, California-based company plans to use the fresh funds to accelerate quantum computing research and development and focus on enterprise partnerships in biopharmaceuticals, chemical and energy.9
SandboxAQ originally launched as a quantum computing group within Google’s parent company, Alphabet, before becoming an independent entity. The Series E funding round included participation from investor Google, along with computing infrastructure enterprise NVIDIA, which are both new investors for SandboxAQ.
Founded in 2022, SandboxAQ’s Forge Price™ is $15.54 as of July 3, 2025, implying a valuation of $5.78 billion. Notable investors include T. Rowe Price, IQT, Paladin Capital, Section 32, Breyer Capital and Marc Benioff.
$30.5B
$17.97B
$39.5B
