Late-stage rounds are suddenly a thing - what changed investor thinking?

[chloe_jack]

@dubois35 Agreed, and I'd add: Late-stage funding rounds, essentially absent before 2025, became a defining feature of the market with roughly $1.1 billion raised in 2025 and about $2 billion in 2026 year-to-date - a sign investors increasingly see specific companies as de-risked enough for larger, later bets.