US venture capital concentration hits 2010-era high; OpenAI alone took 21.5% of 2026 dollars
FinanceYF5 · x · 2026-10-25
A joint Odin x Harmonic index shows US VC concentration is at its highest since 2010: the 2026 YTD index hit 100 vs a pre-AI peak of 28 in 2018, and HHI reached 838 — equivalent to all US venture money split across 12 equal companies (vs 100 in 2022). OpenAI alone captured 21.5% of all US venture dollars in 2026 so far. In 2025, the top 10 companies took 53.7% of funding, $1B+ rounds 61.5%, AI-tagged deals 73.7%, and California 70.5%. Low rates first drove head-concentration until WeWork's failed IPO; seed-stage hunting lowered concentration to 9 by 2022, but after small LPs hit a liquidity crisis, capital flooded back into mega-funds and the most obvious growth opportunity — the AI era.
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