US biotechs take lion’s share of $54.5B VC money raised since 2025
In brief
U.S. biopharma companies raised $37.2 billion from 2025 through the third quarter of 2026, about 68% of the global total of $54.5 billion. Worldwide, 959 rounds closed over the period; the San Francisco Bay Area and Boston raised $12.8 billion and $10.2 billion, together about 62% of U.S. funding, while Europe raised $9.2 billion. Half of the $1.1 billion deployed in the most recent quarter came from 5 of 32 rounds, and J.P. Morgan projects about $33 billion in full-year 2026 funding.
Why it matters
Summarizes 959 rounds and regional breakdown from the J.P. Morgan report, enabling comparison of funding concentration across the U.S., Europe and major biopharma hubs.
