# AI neolabs raised $24B in two quarters, FT reports

Digest AI · Business & Funding · published 2026-09-25T06:30:01Z

Canonical: https://digestai.news/story/ai-neolabs-raised-24b-in-two-quarters-ft-reports

## Summary

According to a report by the Financial Times, a new class of AI startups known as "neolabs" has attracted significant capital despite many lacking established products, markets, or revenue. These companies raised $24 billion in the past two quarters. This total is nearly five times the amount OpenAI and Anthropic raised before the release of ChatGPT.

The report notes that while the figures are substantial, they may involve some "sleight of hand" in how they are presented. The article contrasts the current investment climate with the past, suggesting that it would be "brave or foolhardy" for an investor to attempt to build a new Walmart, Uber, or Amazon today. This highlights the specific focus on AI infrastructure and model development rather than traditional consumer platform plays.

## Key points

- AI neolabs raised $24 billion in the past two quarters, according to the Financial Times.
- This amount is nearly five times what OpenAI and Anthropic raised pre-ChatGPT.
- Many of these neolabs reportedly lack products, markets, or revenue.

## Why it matters

The surge in funding for pre-revenue AI labs signals a shift in investor strategy toward foundational model development over consumer applications, potentially reshaping the competitive landscape for AI infrastructure.

## Sources

1. [Radical Ventures: AI neolabs, many lacking products, markets, or revenue, raised $24B in the past two quarters, nearly 5x OpenAI and Anthropic pre-ChatGPT](https://ft.com/content/5308cce5-ba65-45e8-b9f4-59ea8b3cd900) (ft.com, 2026-09-25)

## Cite

Digest AI, "AI neolabs raised $24B in two quarters, FT reports", 25 September 2026, https://digestai.news/story/ai-neolabs-raised-24b-in-two-quarters-ft-reports

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