US Biotechs Capture $37.2B of Global $54.5B VC Funding Since 2025

U.S. biopharma companies have raised $37.2 billion since the start of 2025 — 68% of all venture capital deployed in the industry worldwide, according to an October report from J.P. Morgan. The global total stands at $54.5 billion across 959 rounds through the third quarter of 2026.

The concentration is stark. Two hubs — the San Francisco Bay Area and Boston — pulled in $12.8 billion and $10.2 billion respectively since 2025. Together they gathered about 62% of all U.S. biopharma funding over the past seven quarters, a figure the report says is "underscoring the continued concentration of capital in established life-sciences ecosystems."

Put plainly: for every dollar of American biopharma venture money, roughly 62 cents landed in just two metropolitan areas.

Where is the rest of the U.S. money going?

Not far. San Diego, Philadelphia and the Research Triangle in North Carolina raised a collective $5.2 billion over the same period. The report offers no breakdown among the three, so their individual rankings remain unknown.

The remaining share — roughly a fifth of U.S. funding at most — spread across other regions. The data suggests investors are rewarding proven clusters over emerging ones, though J.P. Morgan does not address whether that pattern is shifting.

How does Europe compare?

European biopharma companies raised $9.2 billion from 2025 through Q3 2026, just under 17% of global capital — roughly one dollar for every four that went to U.S. firms.

Within Europe, the U.K. led with $3.1 billion across 58 rounds. Switzerland followed at $1.8 billion. France drew $851 million and Germany $832 million — a strikingly narrow gap between two of Europe's largest economies, and one the report does not explain.

Europe's combined total is smaller than the Bay Area's alone, a comparison that frames the transatlantic funding gap more sharply than percentages do.

Are rounds getting bigger or just fewer?

Both. In the most recent quarter tracked, half of the $1.1 billion deployed globally came from just five of 32 rounds. That concentration mirrors the geographic pattern: capital is pooling in fewer, larger bets.

The report does not say which companies received those five outsized rounds, leaving open the question of whether mega-rounds are going to later-stage names or to a handful of favored startups.

What happens next?

J.P. Morgan projects full-year 2026 biopharma funding of about $33 billion, against last year's total of $30.5 billion — an increase of roughly 8%. That would mark continued growth, but modest growth, not a boom.

The projection rests on the current pace holding through the fourth quarter. If the concentration trend persists, the gains will likely accrue disproportionately to the Bay Area and Boston — and to the small number of companies winning the largest rounds.