Latest News on Startups and Venture Investments as of February 22, 2026: Record AI Rounds, Deals in AI Infrastructure, IPO Market Trends, and New Global Venture Capital Trends
The global venture capital market at the end of February 2026 remains a tale of two speeds. On one hand, artificial intelligence continues to attract the largest funding rounds (even "historic" deals at the seed stage), and a new wave of deeptech is forming around model and data center infrastructure. On the other hand, the IPO window appears fragile again: public technology investors are reacting to the reassessment of risks and monetization scenarios, which directly impacts the pace of exits and markets' readiness to accept new listings.
Main Theme of the Week: Record AI Rounds and the "Talent Premium"
Capital is concentrating where venture funds see opportunities for platform effects and long-term technological horizons. In AI, this manifests itself in two trends: (1) super-large rounds at very early stages, (2) a high "premium" for teams and research leadership, even with limited revenue on the current horizon.
- Mega seed rounds are becoming the new norm in the upper segment: investors are "buying an option" on creating the next foundational layer of AI (models, agent systems, environment-based learning, computing).
- Valuations are increasingly based on the scarcity of competencies and access to computing, rather than classical revenue multiples.
- Syndicates are expanding: alongside venture funds, strategic investors (cloud providers, chipmakers, platforms) are increasingly prominent, valuing ecosystems and control over critical infrastructure.
Major Deals: From "European Record" to Mega-Mergers
Recent deals highlight a new scale of venture capital around AI. At the early stage, rounds are being discussed that were once typical for pre-IPO companies, while consolidation among large corporations and private giants is intensifying.
- Ineffable Intelligence (London): Currently discussing raising around $1 billion at the seed stage with a valuation target of about $4 billion (excluding new capital). 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 to merge assets where AI and space infrastructure are wrapped in a single strategy. For venture investors, this is a crucial indicator: "vertical integration" (data → computing → product → channels) is becoming an even more valuable competitive advantage.
The conclusion for venture funds is that 2026 is shaping a new upper layer of "super-rounds," where competition is not only for equity but also for access to computing, strategic partnerships, and talent.
AI Infrastructure and Chips: Money Follows Energy and Efficiency
The second line of demand focuses on hardware and infrastructure. Rising loads in data centers make energy efficiency and power management part of the investment thesis. This is no longer just about "hardware"; it’s about TCO savings, the ability to scale inference, and speeding up time-to-market for products.
- C2i Semiconductors: A round of approximately $15 million for power management solutions for AI/cloud infrastructure.
- A separate "vendor" ecosystem is forming around chip design, power systems, networks, and cooling capable of providing significant exits for venture investors through M&A.
- For late-stage companies, demand is increasing for those who can demonstrate unit economics of implementation (energy savings, performance growth per watt, reduction in capital expenditures per computing unit).
LLMOps, Security, and Application Platforms: The Market Matures
After the "model race" phase, capital is increasingly flowing into the operational layer: observability, quality control, security, inference cost, compliance. This is an area where venture investments often rely on sales and retention metrics, rather than solely on technological narratives.
- Portkey (LLMOps): A round of about $15 million for the development of a platform for managing and operating LLM in production.
- In consumer and corporate cybersecurity, large late-stage rounds continue: demand is fueled by rising digital risks and the expanding attack surface.
- Winners in the segment will consolidate the market throughpackaging (security + observability + governance), which enhances the likelihood of subsequent M&A.
Fintech and IPOs: The Window Opens in Fits and Starts, Volatility Punishes Optimists
Fintech remains one of the main candidates for revitalizing the IPO market, but the reality in February shows that even companies technically ready for listing are forced to retreat amid deteriorating sentiment. This directly affects venture exit strategies and the requirements for "quality of revenue" (margins, risk, compliance, stability).
- Clear Street: The company publicly adjusted its IPO parameters (lowering the fundraising target), then postponed and later withdrew its registration — an illustration of how quickly the market can "close" against a backdrop of volatility.
- The thesis for late stages: investors demand not only growth but also sustainable economics — positive margins, controlled risk, and a clear path to profitability.
Biotech and Healthcare: M&A Returns as a Viable Exit Route
For biotech startups and drug discovery platforms, the IPO window remains selective, but M&A increasingly provides significant exits. Strategics are willing to pay for assets that accelerate pipelines or close technological "gaps."
- "Cash + milestones" deals are making a comeback: buyers reduce risk, while startups have a chance for lucrative payouts upon achieving clinical or commercial results.
- For venture funds, this means that quality preparation for due diligence (data, patents, regulatory strategy) is becoming as much of an asset as the science itself.
Secondary Markets and Liquidity: Why Secondaries Are a Central Theme of 2026
While exits through IPOs come in waves, the secondary market (secondaries) is becoming a key mechanism for liquidity redistribution. This impacts the behavior of LPs, fund strategies, and the negotiating position of founders.
- GP-led secondaries are gaining traction: managers structure liquidity around top assets, extending the holding period for "champions."
- For LPs, this is a tool for portfolio balancing and timing management; for startups, it’s a way to relieve pressure to exit "at any cost."
- In practice, this increases the importance of reporting quality and transparency of KPIs: assets with clear metric dynamics are easier to sell on the secondary market.
What This Means for Venture Investors and Funds: A Checklist for the Coming Quarter
The situation demands discipline: the market is generous to leaders in AI and infrastructure but strict with those approaching public markets without protection against volatility. Below are practical guidelines for venture funds, corporate venture arms, and LPs.
Investment Priorities (Deal Flow)
- AI platforms with differentiation in data/training/computing, rather than just in user interface.
- Infrastructure (chips, power, networks, cooling, orchestration) with a clear economic effect.
- LLMOps and security as a "mandatory layer" for corporate implementation.
Priorities for Portfolio Companies
- Strengthen focus on cash efficiency: CAC payback, gross margin, burn multiple control.
- Prepare a dual exit track: M&A and secondaries alongside IPO readiness.
- Accelerate legal and financial readiness: IP, compliance, data quality — this reduces discounts in negotiations.
February 2026 highlights the main paradox of the venture market: money is available, but not for everyone and not everywhere. In AI and infrastructure, the race for mega-rounds continues, where team, computing power, and platform are decisive. Concurrently, the public market remains jittery, and the IPO window may close suddenly, increasing the value of M&A and secondary deals as liquidity pathways. For venture investors, a winning strategy now combines aggressive seeking of tech champions with stringent financial discipline in their portfolios.
