Global venture capital (VC) investment slowed in the third quarter of 2026, reaching US$170.9 billion across 8,341 deals worldwide. While the figure represents a decline from the record first half of the year (marked by OpenAI's and Anthropic's multibillion-dollar rounds), the market remains at levels well above historical averages, confirming a dynamism focused on execution. The quarterly adjustment reflects a return to a more standardized trajectory following the mega-fundraisings at the start of the year. In fact, between July and September, 35 rounds above US$1 billion were completed globally, with 23 mega-deals standing out in the United States. The largest transactions of the period were led by the data and AI platform Databricks (US$5 billion) and the infrastructure firm Crusoe (US$3.9 billion) in the U.S., followed by Beijing Moonshot Technology in China (US$3.5 billion) and Mistral AI in France (US$3.5 billion). One of the main transformations highlighted in KPMG's report is the shift in investors' strategic priorities. After several seasons focused on foundational language models and mass-market consumer software, capital flows are now markedly shifting toward B2B enterprise solutions, physical AI (which interacts with machines), robotics, and "the infrastructure layers indispensable for sustaining large-scale technology adoption," according to the analysis. This shift responds to growing market concern over operational and energy bottlenecks. As a result, corporate funds, private equity firms, and real estate developers are channeling massive resources into the full artificial intelligence value chain: semiconductors, computing capacity, data centers, and alternative energy generation. Added to this, according to KPMG, is the renewed dynamism of defense and security technology (defensetech), a sector driven by global geopolitical priorities and governments' pursuit of technological sovereignty. The U.S. leads investment volume From a geographic perspective, the Americas once again captured the largest share of global funding, with US$101.2 billion across 3,947 transactions. Within the region, the United States accounted for the vast majority, attracting US$98.4 billion. In contrast, investment in Canada fell to its lowest level since 2018 (US$866.3 million) due to trade uncertainty over new tariffs with the U.S. Meanwhile, Latin America showed signs of recovery in its main markets. Mexico rose to US$693 million, driven by fintech Kapital (US$125 million) and the manufacturing of components for data centers. Brazil advanced to US$609 million, with capital focused on B2B software for financial management, legaltech, and human resources that integrate native artificial intelligence. "The recovery in Mexico and Brazil is a good sign for the region. It is an indication that the Latin American ecosystem is maturing and attracting investors again, albeit still with a selective approach. Moreover, this growth indicates a degree of resilience in the sector, in a globally competitive environment pressured by geopolitical risks and weaker economic dynamism," explains Cristián Tapia, Partner of Deal Advisory at KPMG Chile. In Europe, investment climbed to US$28.4 billion across 1,497 deals, marking its highest figure in 16 quarters. The boost came from six mega-rounds of more than US$1 billion, led by Mistral AI in France, the British company Wayve (US$1.2 billion), and German defensetech firms such as Helsing (US$1.8 billion) and Quantum Systems (US$1.2 billion), allowing Germany to string together its fourth consecutive quarter of growth with US$5.3 billion. In Asia, funding totaled US$39.8 billion across 2,698 rounds. The region was supported by China's continued upswing, concentrating mega-rounds such as Moonshot AI (US$3.5 billion) and Kling AI (US$3 billion), along with the reactivation of stock market activity on the Hong Kong Stock Exchange. Exits The environment for divestments or "exits" showed mixed behavior depending on the region. While stock market debuts remained solid in the United States and active in Hong Kong, IPO activity in Europe continued to lag, exemplified by the postponement of Finnish company Oura's listing in the U.S. In this context, "the secondary market in the U.S. has consolidated as a central liquidity tool, no longer seen as a discount option but rather as a structured channel for startups that remain private for longer," the report notes. Looking toward the end of the year, KPMG projects that venture capital investment will remain firm but highly selective. The focus will continue to center on resolving infrastructure constraints for AI, industrial robotics, and cybersecurity. Likewise, corporations will demand clear profitability metrics in enterprise applications, while AI governance will gain a decisive role in investment decisions. 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