Madrona’s annual IA40 list shows an AI industry splitting in two
$410B. That's what 45 private AI companies have raised — and three of them account for 92% of it.
Why it matters
Madrona's IA40 list exposes a widening capital concentration in AI: frontier labs (Anthropic, OpenAI, Databricks) are absorbing the lion's share of funding, while the rest of the AI startup ecosystem is increasingly starved. Rising thresholds for 'early-stage' signal that the industry's funding bar has shifted dramatically.
The key facts
11 to know45 private AI companies on IA40 list
$410B combined raised across IA40 cohort
Anthropic, OpenAI, Databricks = 92% of total funding
Rising round sizes forced Madrona to increase early-stage funding thresholds
Sixth annual edition shows capital concentration trend
Industry splitting into two tiers: frontier-funded vs. under-capitalized
45 private AI companies named on 2026 IA40 list
$410B combined raised across the cohort
Anthropic, OpenAI, Databricks account for 92% of total ($377B implied)
Madrona raised funding thresholds for early-stage classification
Sixth annual list; signals market concentration trend
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Publisher excerpt: Madrona's sixth annual Intelligent Applications 40 names 45 private AI companies that have raised $410 billion combined, with Anthropic, OpenAI and Databricks accounting for 92% of that total. Rising round sizes forced the firm to raise its own funding thresholds for what counts as an early-stage…