We have OpenAI. We have Anthropic. We have Gemini, and Kimi, and a hundred other foundational models.
But the desire to build a new one has only increased - and the attention those new model companies can garner at early stages warps the entire seed landscape.
AI infra startups raise, on median, $13M in their seed rounds and are valued at $66M post-money. That's…well, that's quite a lot!
As every part of startups is overtaken by the AI wave, I think this distinction between application layer and infrastructure layer is the new dividing line. And seed funds now need to choose whether they play in the rarefied air of AI infra or if they go looking for non-consensus deals elsewhere.
Onwards!
Recent Episodes of The Data Minute Podcast
The Venture Debt
Masterclass
Peter chats with Marshall Hawks, former SVB expert and author of the book Venture Debt Deals.
Live from Chase Center: The Future of Private Markets
Peter gathers four leading venture investors to discuss the shifting landscape.
Subscribe here if you're new to the Data Minute. Forwarding encouraged!
Cheers,
Peter Walker
Carta Insights
DISCLOSURE: This communication is on behalf of eShares, Inc. dba Carta, Inc. ("Carta"). This communication is for informational purposes only, and contains general information only. Carta is not, by means of this communication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. Before making any decision or taking any action that may affect your business or interests, you should consult a qualified professional advisor. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein. © 2026 Carta. All rights reserved. Reproduction prohibited.
