AI infrastructure defined the month’s software narrative. The month’s breadth — AI, energy, robotics, quantum, logistics, and biotech all claiming large rounds — underscores that the 2026 venture market is not a single-sector story despite AI’s outsized headline share. Capital is concentrating rapidly among companies that can credibly claim positions in AI infrastructure, energy, and defense — sectors where sovereign-scale problems justify sovereign-scale rounds. The $50M+ cohort of just 65 deals accounted for 81.6% of all capital raised in the month. Stage classifications follow AlleyWatch’s taxonomy: Early-Stage includes Pre-Seed, Seed, Angel, and Accelerator rounds; Late-Stage includes Series C and beyond.