Americas

The US remained the primary driver of venture investment across the Americas, supported by numerous large rounds and continued conviction in AI. Investor interest extended beyond models and applications to the broader ecosystem, including compute, data centers, semiconductors, energy and advanced manufacturing. This concentration underscores a bifurcated market: companies aligned with high-priority technology themes continued to attract substantial attention, while businesses outside those areas faced greater scrutiny. Investors increasingly emphasized differentiation, defensibility, revenue traction and a credible path to scale.

Market conditions varied significantly across the rest of the Americas. In Canada, trade uncertainty contributed to a more cautious approach across investment and exit activity, even as new public and private initiatives aimed to strengthen long-term capital formation. Mexico and Brazil moved in a more positive direction during the quarter. Fintech remained a central theme across Latin America, while interest also expanded toward AI-enabled business models, data-center infrastructure and business-to-business technology. The result was a region with improving pockets of activity, but still uneven depth and scale.

AI and the infrastructure required to support it remained central to investor priorities across the Americas. In the US, capital flowed toward compute, data centers, energy, manufacturing and physical AI, reflecting a shift toward the foundations needed to scale enterprise adoption. In Mexico, data-center-related manufacturing emerged as a notable growth theme alongside AI-enabled financial services. Across Latin America, fintech—particularly digital banking models—continued to attract attention, while AI increasingly appeared as an embedded capability within business software rather than as a standalone category. These patterns point to broader regional diversification around practical, scalable technology applications.