The Week’s 10 Biggest Funding Rounds: The Boring Co., Cognition And Motive Lead A Massive Week

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This is a weekly feature that runs down the week’s Top 10 announced funding rounds in the U.S. Check out last week’s biggest funding deal roundup here.

It was a monster week for U.S. startup funding, with four companies each raising $1 billion or more. Elon Musk’s tunnel-drilling company The Boring Co. led with a $3 billion Series D, followed by AI coding startup Cognition at $2 billion. Joining them near the top was fleet management software provider Motive, which landed $1.3 billion, while reusable rocket developer Stoke Space raised another $1 billion.

Big checks also flowed to U.S. solar manufacturing, defense tech, legal AI and companies building the chips and networking infrastructure needed for artificial intelligence.

1. The Boring Co., $3B, transportation and infrastructure: Musk’s Bastrop, Texas-based tunneling company raised a $3 billion Series D led by the United Arab Emirates, with participation from investors including Andreessen Horowitz, Sequoia Capital and Valor Equity Partners. The company is developing underground tunnel networks designed to move passengers and vehicles while reducing surface traffic, and already operates its Vegas Loop system beneath Las Vegas. The latest deal values it at $23 billion and brings its total funding to nearly $3.9 billion, per Crunchbase.

2. Cognition, $2B, artificial intelligence: San Francisco-based Cognition raised a $2 billion Series E led by Accel, Andreessen Horowitz, Avenir, Founders Fund and General Catalyst. The company is best known for Devin, its autonomous software-engineering agent, and is part of a highly funded crop of startups betting AI agents will take over increasingly complex coding and development work. Cognition has raised nearly $3.9 billion to date and was valued at $48 billion in the latest round, our data shows.

3. Motive, $1.3B, fleet management and transportation: San Francisco-based Motive raised $1.3 billion in private equity funding led by General Catalyst. The company, formerly known as KeepTruckin, has an AI-driven platform used by trucking, construction and other physical-economy businesses to manage fleets, monitor driver safety, and automate operations and spending. The latest deal brings Motive’s total funding to just over $2 billion, according to Crunchbase data.

4. Stoke Space, $1B, aerospace: Kent, Washington-based Stoke Space raised a $1 billion Series E co-led by Point72 Ventures and Spark Capital, with Y Combinator among the additional investors. The company is developing fully reusable rockets, including its Nova launch vehicle, as it looks to lower the cost of transporting satellites and other payloads to orbit. The latest round values Stoke at $10 billion and brings total funding to roughly $2.4 billion. Its raise adds to the already record-setting sums for space tech startup investment this year.

5. Suniva, $835M, solar energy: Norcross, Georgia-based Suniva raised $835 million from investors including Electron Capital Partners, OIC and Rubric Capital Management. The longtime U.S. solar manufacturer produces high-efficiency solar cells and plans to use new capital to expand domestic production, including a new South Carolina facility that would more than quadruple its manufacturing capacity. Suniva has raised nearly $1.2 billion to date.

6. Mach Industries, $600M, defense tech: Huntington Beach, California-based Mach Industries raised a $600 million Series C from investors including Ribbit Capital and Sequoia Capital. Founded in 2022, the defense manufacturer develops unmanned aircraft, long-range weapons, propulsion technology and the infrastructure needed to produce defense systems at scale. Mach is part of a broader surge in venture investment into defense companies looking to bring Silicon Valley-style development and manufacturing speeds to military hardware. The latest round values the company at $3.7 billion and brings its total funding to nearly $1.1 billion.

7. Harvey, $550M, legal AI: San Francisco-based Harvey raised a $550 million Series H co-led by Diffusion and Lightspeed Venture Partners, with investors including Andreessen Horowitz and Sequoia Capital also participating. Harvey builds generative AI tools for lawyers and other professional-services workers, with products for legal research, document analysis and contract work. The company was valued at $15.5 billion in the latest deal, which brings its total funding to date to nearly $1.8 billion. That makes it one of the most well-funded players in the legal tech space, which has seen robust investment this year, though slightly lower than last year’s all-time high.

8. (tied) Fab2, $500M, semiconductors: Fab2 raised a $500 million Series A led by Fundomo, with Maverick Silicon among the other investors. Formerly known as Atomic Semi, Fab2 is trying to rethink semiconductor manufacturing by designing its own fabrication tools, components and software with the goal of building smaller chip factories faster and more cheaply. The funding is the first disclosed round for the company, which maintains headquarters in California and Kentucky, and values it at $3.7 billion.

8. (tied) Positron, $500M, AI infrastructure: Reno, Nevada-based Positron raised a $500 million Series C led by James Clark and NEA, with Qatar Investment Authority among its other investors. The startup develops purpose-built hardware for AI inference, where models actually process queries after they have been trained, and is one of a growing crop of chip companies challenging GPUs in particular AI workloads. The latest financing values Positron at $5 billion and brings its total funding to nearly $1.2 billion, per Crunchbase.

10. (tied) Celero Communications, $275M, AI networking infrastructure: Laguna Beach, California-based Celero Communications raised a $275 million Series C led by Atreides Management, CapitalG and Valor Equity Partners. Celero develops coherent digital signal processor technology that helps move enormous quantities of data between chips and data centers while using less power, an increasingly critical bottleneck as AI clusters grow. The round values the company at $3 billion and brings total funding to roughly $413.4 million, according to Crunchbase.

10. (tied) Encoded Therapeutics, $275M, biotechnology: South San Francisco, California-based Encoded Therapeutics raised a $275 million Series F led by Google Ventures, with investors including Arch Venture Partners, Janus Henderson Investors and Venrock also participating. The clinical-stage biotech develops precision genetic medicines for severe neurological disorders, with its lead therapy targeting Dravet syndrome, a rare genetic epilepsy. Encoded has raised $514.1 million to date, per Crunchbase.

Methodology

We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the period of Sept. 5-11, 2026. Although most announced rounds are in the database, there may be a small time lag, as some rounds are reported late in the week.

Methodology

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