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Mapped: The World’s Biggest Energy Sources by Country

2026-03-18 20:06:07

See more visualizations like this on the Voronoi app.

Map showing the leading energy source by country.

Mapped: The World’s Biggest Energy Sources by Country

See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Key Takeaways

  • Oil is the most common dominant energy source globally, leading in 39 of the countries covered in the dataset.
  • Coal remains the primary energy source in several of Asia’s largest economies, including China, India, Indonesia, and Vietnam.
  • Biomass is still the biggest energy source across much of Africa, where fuels like firewood and charcoal remain widely used for cooking and heating.

Despite rapid growth in renewables, much of the world still relies on a small group of traditional energy sources. In many countries, oil, coal, or natural gas continues to supply the largest share of energy used across transportation, industry, and electricity generation.

This map shows the largest primary energy source in 112 countries using data from the International Energy Agency (IEA). Primary energy refers to energy in its raw form before it is converted into electricity or refined fuels.

The global picture highlights how different regions depend on different fuels. Oil dominates in many economies, coal still powers several of Asia’s largest countries, and traditional biomass remains central to energy use across parts of Africa.

Oil Leads in the Largest Number of Countries

Oil is the most common primary energy source globally, with 39 of the countries in the dataset relying on it more than any other fuel. It dominates across much of Europe, the Middle East, and large parts of Asia-Pacific.

In many economies, petroleum products remain essential for transportation and heavy industry. Even countries that produce natural gas, coal, or hydropower domestically often still rely on oil for a significant share of their overall energy supply.

Country Largest source of energy
🇦🇱 Albania Oil
🇩🇿 Algeria Natural Gas
🇦🇴 Angola Biomass
🇦🇷 Argentina Natural Gas
🇦🇲 Armenia Natural Gas
🇦🇺 Australia Oil
🇦🇹 Austria Oil
🇦🇿 Azerbaijan Natural Gas
🇧🇩 Bangladesh Natural Gas
🇧🇾 Belarus Natural Gas
🇧🇪 Belgium Oil
🇧🇯 Benin Biomass
🇧🇦 Bosnia and Herzegovina Coal
🇧🇼 Botswana Coal
🇧🇷 Brazil Oil
🇧🇬 Bulgaria Oil
🇧🇫 Burkina Faso Biomass
🇨🇲 Cameroon Biomass
🇨🇦 Canada Natural Gas
🇹🇩 Chad Biomass
🇨🇱 Chile Oil
🇨🇳 China Coal
🇭🇰 China Hong Kong SAR Natural Gas
🇨🇴 Colombia Oil
🇨🇮 Côte d’Ivoire Biomass
🇭🇷 Croatia Oil
🇨🇾 Cyprus Oil
🇨🇿 Czechia Coal
🇨🇩 Democratic Republic of the Congo Biomass
🇪🇨 Ecuador Oil
🇪🇬 Egypt Natural Gas
🇪🇷 Eritrea Biomass
🇪🇪 Estonia Coal
🇪🇹 Ethiopia Biomass
🇫🇮 Finland Biomass
🇫🇷 France Nuclear
🇬🇦 Gabon Biomass
🇬🇪 Georgia Natural Gas
🇩🇪 Germany Oil
🇬🇭 Ghana Oil
🇬🇷 Greece Oil
🇭🇺 Hungary Oil
🇮🇸 Iceland Renewables/Geothermal
🇮🇳 India Coal
🇮🇩 Indonesia Coal
🇮🇷 Iran Natural Gas
🇮🇶 Iraq Oil
🇮🇱 Israel Natural Gas
🇮🇹 Italy Natural Gas
🇯🇵 Japan Oil
🇰🇿 Kazakhstan Coal
🇰🇪 Kenya Biomass
🇰🇼 Kuwait Natural Gas
🇱🇻 Latvia Biomass
🇱🇹 Lithuania Oil
🇱🇺 Luxembourg Oil
🇲🇬 Madagascar Biomass
🇲🇾 Malaysia Natural Gas
🇲🇹 Malta Natural Gas
🇲🇽 Mexico Natural Gas
🇲🇩 Moldova Natural Gas
🇲🇪 Montenegro Oil
🇲🇦 Morocco Oil
🇲🇿 Mozambique Biomass
🇳🇦 Namibia Oil
🇳🇱 Netherlands Oil
🇳🇿 New Zealand Oil
🇳🇪 Niger Biomass
🇲🇰 North Macedonia Oil
🇳🇴 Norway Hydro
🇴🇲 Oman Natural Gas
🇵🇰 Pakistan Biomass
🇵🇪 Peru Oil
🇵🇭 Philippines Coal
🇵🇱 Poland Oil
🇵🇹 Portugal Oil
🇶🇦 Qatar Natural Gas
🇨🇬 Republic of the Congo Biomass
🇷🇴 Romania Oil
🇷🇺 Russian Federation Natural Gas
🇷🇼 Rwanda Biomass
🇸🇦 Saudi Arabia Oil
🇸🇳 Senegal Oil
🇷🇸 Serbia Coal
🇸🇬 Singapore Oil
🇸🇰 Slovakia Nuclear
🇸🇮 Slovenia Oil
🇿🇦 South Africa Coal
🇰🇷 South Korea Oil
🇪🇸 Spain Oil
🇱🇰 Sri Lanka Biomass
🇸🇩 Sudan Biomass
🇸🇪 Sweden Nuclear
🇨🇭 Switzerland Oil
🇹🇼 Taiwan Coal
🇹🇿 Tanzania Biomass
🇹🇭 Thailand Oil
🇹🇬 Togo Biomass
🇹🇹 Trinidad & Tobago Natural Gas
🇹🇳 Tunisia Natural Gas
🇹🇷 Türkiye Oil
🇹🇲 Turkmenistan Natural Gas
🇺🇬 Uganda Biomass
🇺🇦 Ukraine Natural Gas
🇦🇪 United Arab Emirates Natural Gas
🇬🇧 United Kingdom Natural Gas
🇺🇸 United States Oil
🇺🇿 Uzbekistan Natural Gas
🇻🇪 Venezuela Natural Gas
🇻🇳 Vietnam Coal
🇿🇲 Zambia Biomass
🇿🇼 Zimbabwe Biomass

Major economies such as the United States, Japan, and Germany still rely primarily on oil despite growing investments in renewables and electrification.

Following oil, natural gas is the next most common primary energy source globally, with 29 countries relying on it the most.

Coal Remains Key in Major Asian Economies

Coal continues to dominate the energy mix in several of the world’s largest emerging economies. China, India, Indonesia, and Vietnam all rely on coal as their biggest primary energy source.

One reason is simple: availability. Many of these countries have large domestic coal reserves and long-established mining and power infrastructure built around the fuel.

At the same time, coal remains one of the largest contributors to global carbon emissions, making these economies central to the future trajectory of global energy transitions.

Biomass Leads in Many African Countries

Across much of Africa, biomass remains the largest primary energy source. This includes fuels such as firewood, charcoal, and agricultural waste.

In many rural areas, these fuels are still widely used for everyday needs like cooking and heating, particularly where access to electricity or modern fuels remains limited.

Outside of Africa, only three other countries in the dataset rely primarily on biomass for energy: Finland, Latvia, and Pakistan.

Learn More on the Voronoi App

If you enjoyed today’s post, check out All of the World’s Oil Reserves by Country, in One Visualization on Voronoi.

Ranked: The Companies Shipping the Most Humanoid Robots

2026-03-18 03:14:34

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Bar chart showing the top companies by humanoid robot shipments in 2025.

Ranked: The Companies Shipping the Most Humanoid Robots

See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Key Takeaways

  • Chinese companies accounted for nearly 90% of global humanoid robot shipments in 2025.
  • Unitree and AgiBot shipped more than 10,000 robots combined, far ahead of every other manufacturer.
  • Tesla, Figure AI, and Agility Robotics each shipped about 150 units, showing how early the U.S. market still is.

Global humanoid robot shipments surpassed 14,500 in 2025. By 2030, they could reach mass adoption.

By far, China dominated global sales last year, covering 90% of total sales. While early deployments are largely for research and industrial purposes, their applications could soon break into wider retail uses and household tasks.

Based on data from multiple sources via Rest of World, this graphic ranks the companies shipping the world’s humanoid robots as the industry expands.

The Top Companies by Humanoid Robot Sales in 2025

The table below ranks humanoid robot shipments by company in 2025, highlighting which firms are leading the early commercialization of this emerging technology.

Company Units Sold 2025 Country
Unitree 5,500 🇨🇳 China
AgiBot 5,168 🇨🇳 China
UBTECH 1,000 🇨🇳 China
Leju Robotics 500 🇨🇳 China
Engine AI 400 🇨🇳 China
Fourier Intelligence 300 🇨🇳 China
Figure AI 150 🇺🇸 U.S.
Agility Robotics 150 🇺🇸 U.S.
Tesla 150 🇺🇸 U.S.
Others 1,350 🌍 N/A

Unitree ranks first globally, with 5,500 units sold in 2025, up from around 1,500 a year earlier.

Moreover, Unitree’s models stand among the world’s most advanced and affordable. Its cheapest R1 model, for instance, costs just $5,900, while the company also sells robot dogs for $1,600.

Competitor AgiBot followed next seeing 5,168 units sold, with its lowest-cost model standing at $14,500. Overall, 21 new models were introduced in China in 2025, rising from three in 2022.

While Elon Musk projects humanoid robots will outnumber the human population by 2040, Tesla’s rollout has been markedly slower. In 2025, it shipped 150 of its Optimus models, with public sales forecasted to begin in 2027.

Similarly, other leading U.S. companies Figure AI and Agility Robotics each shipped about the same amount. Despite limited deliveries so far, Figure AI soared to a $39 billion valuation, jumping from $2.6 billion in 2024.

China’s Deep Supply Chains

China’s Yangtze River Delta contains the world’s most vertically integrated supply chain for humanoid robotics.

Not only are Unitree and AgiBot based in the region, it is home to several leading suppliers of robotics parts. DeepSeek and Alibiba—which launched an AI model designed for robotics—are also found in the cluster.

Additionally, the region’s role as a EV manufacturing hub serves as a key catalyst to production. Like autos, humanoids require thousands of precision components. In many cases, EV actuators and gears can be repurposed for humanoid robotics manufacturing.

Today, China controls about 26% of the global actuator market, compared with roughly 5% for the United States.

Along with this industrial base, humanoid robots depend heavily on critical minerals and rare earth elements, materials that China dominates, driving roughly 60% of global production. Together, these supply chain advantages give China a structural edge in scaling these emerging technologies.

Learn More on the Voronoi App

To learn more about this topic, check out this graphic on the growth of industrial robots by country.

Mapped: The World’s LNG Chokepoints

2026-03-17 22:25:00

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A map of global LNG chokepoints

Use This Visualization

Mapped: The World’s LNG Chokepoints

See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Key Takeaways

  • The Strait of Hormuz is the most trafficked liquefied natural gas (LNG) chokepoint on Earth, where 21% of global LNG trade passes through.
  • Over half (54%) of the world’s LNG trade must pass through a strategic chokepoint for market access.

Much like crude oil, LNG markets rely on safe passage through just a handful of narrow waterways. When passable, 54% of global LNG trade is shipped through these critical chokepoints to feed the world energy system every single day.

This visualization maps out the most important LNG chokepoints and their share of global LNG trade. The data is from the U.S. Energy Information Administration and is for the first half of 2025 in billion cubic feet per day (bcf/d).

What is Liquefied Natural Gas?

Liquefied natural gas (LNG) is natural gas that has been supercooled down to about  -260° F / -162° C. When this happens, the gas condenses into a liquid, reducing its volume by roughly 600 times.

The massive reduction in volume enables local storage and global transport via tanker ships. It’s what allows countries with large reserves of natural gas, like the U.S. or Qatar, to sell to customers across the world.  Once ‘re-gasified’ on land, that energy goes towards electric power generation, chemical feedstocks, and residential heating.

The Strait of Hormuz: The Most Critical LNG Chokepoint

Located between Iran and Oman, the Strait of Hormuz is a narrow sea corridor connecting the Persian Gulf to the Arabian Sea. It is the single most critical LNG chokepoint in the world, relied upon for 21% (11.4 Bcf) of global LNG volume.

Chokepoint Location 2025 H1 Volume (bcf/d) % of World LNG trade
Strait of Hormuz 11.4 21%
Strait of Malacca 9.2 17%
Cape of Good Hope 5.7 10%
Danish Straits 1.6 3%
Suez Canal 0.9 2%
Turkish Strait 0.6 1%
Bab el-Mandeb Strait 0 0%
Total 29.4 54%

While some oil can bypass the Strait of Hormuz using pipelines, this is the only path for natural gas producers, like Qatar, to move product to market. When over one-fifth of global LNG trade is disrupted, market volatility is sure to follow.

The Bab el-Mandeb Strait

Since 2023, Yemen-based Houthi attacks on shipping vessels in the Bab el-Mandeb Strait have stopped LNG flow entirely. The Bab el-Mandeb is the southern gateway of the Red Sea, connecting the Indian Ocean to the Suez Canal and to European markets.

To avoid the LNG chokepoint, tankers must sail around the southern tip of Africa via the Cape of Good Hope, which accounts for 10% (5.7 Bcf/d) of global LNG trade. The reroute adds roughly two weeks of travel time and significantly higher fuel costs to every voyage.

Other LNG Chokepoints (or Lack of) Around the World

In addition to Hormuz and Bab el-Mandeb, several other chokepoints control global LNG flow. The Strait of Malacca in Asia, second only to Hormuz, sees 17% (9.2 Bcf/d) of global LNG trade. In Europe, The Danish Straits move about 1.6 Bcf/d while the Turkish Straits move 0.6 Bcf/d.

North American LNG exports to Europe face no chokepoint dependencies, moving freely across the Atlantic. Though shipments to Asia may pass through the Panama Canal, North America’s extensive pipeline network can reroute fuels if necessary.

Learn More on the Voronoi App

To learn more about the global natural gas market, check out this graphic visualizing the countries with the largest proven natural gas reserves on Voronoi.

Ranked: The Top Crude Oil Producers in 2025

2026-03-17 20:06:08

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Bar chart and world map showing the top crude oil producers worldwide.

Use This Visualization

Ranked: The Top Crude Oil Producers in 2025

See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Key Takeaways

  • The U.S. was the world’s largest crude oil producer in 2025, pumping 13.58 million barrels per day.
  • Five of the world’s top 10 crude oil producers are in the Middle East.
  • Russia and Saudi Arabia ranked second and third globally, each producing more than 9.5 million barrels per day.

The U.S. produced more crude oil than any other country in 2025, by a wide margin.

But while America leads the ranking, the Middle East remains the world’s biggest production hub, with five countries in the global top 10.

This graphic shows crude oil production by country, using 2025 data from the U.S. Energy Information Administration (EIA).

The ranking highlights how oil production is spread across multiple continents, while still concentrated among a small group of leading producers.

America Leads Global Crude Oil Production

The U.S. was the world’s top crude oil producer in 2025, with more than 13.58 million barrels per day (mb/d), representing a 16% share of global production.

The country surpassed Russia in 2018 and in 2023 became the largest producer of crude oil of any country in history.

Here’s how the world’s top producers stack up, based on annualized data from Jan-Nov 2025:

Rank Country Annualized Average Crude Oil production (million barrels per day)
1 🇺🇸 United States 13.577
2 🇷🇺 Russia 9.867
3 🇸🇦 Saudi Arabia 9.509
4 🇨🇦 Canada 4.938
5 🇮🇶 Iraq 4.394
6 🇨🇳 China 4.337
7 🇮🇷 Iran 4.192
8 🇦🇪 United Arab Emirates 3.817
9 🇧🇷 Brazil 3.745
10 🇰🇼 Kuwait 2.575
11 🇰🇿 Kazakhstan 2.065
12 🇳🇴 Norway 1.846
13 🇲🇽 Mexico 1.724
14 🇳🇬 Nigeria 1.609
15 🇱🇾 Libya 1.357
16 🇶🇦 Qatar 1.311
17 🇩🇿 Algeria 1.140
18 🇦🇴 Angola 1.033
19 🇴🇲 Oman 1.000
20 🇻🇪 Venezuela 0.974
21 🇦🇷 Argentina 0.788
22 🇨🇴 Colombia 0.746
23 🇬🇾 Guyana 0.733
24 🇬🇧 United Kingdom 0.612
25 🇮🇳 India 0.602
26 🇮🇩 Indonesia 0.582
27 🇦🇿 Azerbaijan 0.562
28 🇲🇾 Malaysia 0.515
29 🇪🇬 Egypt 0.509
30 🇪🇨 Ecuador 0.439
31 🇦🇺 Australia 0.245
32 🇨🇬 Congo-Brazzaville 0.240
33 🇬🇦 Gabon 0.238
34 🇹🇲 Turkmenistan 0.191
35 🇬🇭 Ghana 0.183
36 🇧🇭 Bahrain 0.183
37 🇻🇳 Vietnam 0.164
38 🇹🇭 Thailand 0.160
39 🇹🇩 Chad 0.127
40 🇹🇷 Turkiye 0.125
41 🇸🇸 South Sudan 0.112
42 🇳🇪 Niger 0.101
43 🇧🇳 Brunei 0.100
44 🇸🇳 Senegal 0.100
45 🇮🇹 Italy 0.084
46 🇬🇶 Equatorial Guinea 0.078
47 🇸🇾 Syria 0.073
48 🇩🇰 Denmark 0.072
49 🇨🇲 Cameroon 0.059
50 🇵🇰 Pakistan 0.058
51 🇨🇮 Cote d'Ivoire 0.054
52 🇷🇴 Romania 0.052
53 🇹🇹 Trinidad and Tobago 0.051
54 🇵🇪 Peru 0.045
55 🇩🇪 Germany 0.032
56 🇵🇬 Papua New Guinea 0.032
57 🇸🇩 Sudan 0.030
58 🇺🇿 Uzbekistan 0.030
59 🇧🇾 Belarus 0.026
60 🇨🇺 Cuba 0.026
61 🇹🇳 Tunisia 0.026
62 🇭🇺 Hungary 0.023
63 🇳🇱 Netherlands 0.021
64 🇮🇱 Israel 0.020
65 🇧🇴 Bolivia 0.018
66 🇵🇱 Poland 0.016
67 🇨🇩 Congo-Kinshasa 0.016
68 🇾🇪 Yemen 0.015
69 🇲🇳 Mongolia 0.014
70 🇦🇱 Albania 0.012
71 🇸🇷 Suriname 0.012
72 🇷🇸 Serbia 0.012
73 🇫🇷 France 0.010
74 🇭🇷 Croatia 0.009
75 🇦🇹 Austria 0.009
76 🇳🇿 New Zealand 0.007
77 🇲🇲 Burma 0.006
78 🇰🇬 Kyrgyzstan 0.006
79 🇬🇹 Guatemala 0.005
80 🇯🇵 Japan 0.003
81 🇧🇩 Bangladesh 0.003
82 🇹🇱 Timor-Leste 0.002
83 🇨🇱 Chile 0.002
84 🇬🇷 Greece 0.001
85 🇨🇿 Czechia 0.001
86 🇧🇬 Bulgaria 0.001
87 🇧🇧 Barbados 0.001
88 🇧🇿 Belize 0.001
89 🇱🇹 Lithuania 0.001
90 🇵🇭 Philippines 0.001

Roughly a quarter of U.S. production comes from the Permian Basin, a sedimentary region spanning western Texas and southeastern New Mexico.

Beyond the Permian and other Texas deposits, the U.S. also has major oil reserves in Alaska and the Gulf of Mexico. In Alaska, oil revenues have supported the Alaska Permanent Fund since the 1970s, a state-owned sovereign wealth fund that pays dividends to residents.

The Middle East Remains the World’s Biggest Oil Hub

Five Middle Eastern countries ranked among the world’s top 10 crude oil producers in 2025: Saudi Arabia (9.51 mb/d), Iraq (4.39), Iran (4.19), the United Arab Emirates (3.82), and Kuwait (2.58).

All five sit along the Persian Gulf, giving the region an outsized role in global energy markets. That also means conflict or disruption around the Strait of Hormuz can have major consequences for global oil supply.

Since the 1960s, each of these countries has also been a core member of the Organization of the Petroleum Exporting Countries (OPEC), which coordinates among major oil producers on output and pricing strategy.

Other Major Oil Producers Outside OPEC

The U.S. is not a member of OPEC. Nor are Canada (4.94 mb/d) and China (4.34), both of which produced more than 4 million barrels per day in 2025 and ranked among the global top 10.

Meanwhile, two other major producers, Russia (9.87) and Brazil (3.74), are part of OPEC+, a looser coalition that works with OPEC members to manage production when interests align.

In recent years, tensions have occasionally emerged between OPEC’s core producers, led by Saudi Arabia, and OPEC+ partners such as Russia over how much oil to pump while trying to support prices.

Learn More on the Voronoi App

If you enjoyed today’s post, check out The U.S. and China Consume 35% of the World’s Oil on Voronoi, the new app from Visual Capitalist.

Breaking Down the $417 Billion Sports Industry

2026-03-17 02:19:21

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The following content is sponsored by Terzo

Breaking Down the $417 Billion Sports Industry

   

Key Takeaways

  • The global sports industry is worth $417 billion, spanning media, fan engagement, and betting.
  •        
  • Sports betting is the largest segment, accounting for $133 billion, or nearly one-third of the total market.
  •        
  • The market value of the industry is heading toward $602 billion by 2030.
  •        

The global sports industry has evolved into a massive ecosystem spanning broadcasting, betting, fan experiences, and digital entertainment. At an estimated $417 billion in total value today, the market continues to expand rapidly and is projected to reach $602 billion by 2030. With major events like the NCAA’s March Madness tournament just around the corner, the business of sports remains firmly in the global spotlight.

Created in partnership with Terzo, this graphic breaks down the sports economy by subsector to show where the industry’s biggest revenue streams come from, revealing where growth opportunities are emerging. It’s part of our Markets in a Minute series, which delivers quick economic insights for executives.

Betting Dominates the Sports Economy

Betting is now the largest segment of the global sports market, generating $133 billion in revenue, nearly one-third of the industry’s total value.

Sector Market Value ($ billions)
Media Rights 61
Sponsorship & In-venue Ads 52
Matchday 34
Merchandising 7
Pay-TV Subscriptions 49
Streaming/App Subscriptions 24
Broadcasting & Streaming Advertising 12
Pay-per-View 1
Betting 133
Fantasy Sports 27
Sports Video Games 17
Grand Total 417

The rapid expansion of legalized betting markets, combined with mobile wagering platforms and live in-game betting, has helped transform betting into one of the fastest-growing areas. As regulations evolve and digital platforms expand, the segment is expected to continue gaining share within the industry.

Alongside betting, fantasy sports ($27 billion) and video games ($17 billion) represent additional forms of fan engagement that blend entertainment with interactive competition.

Media Rights and Broadcast Revenues

Media remains another major pillar of the industry. Rights alone account for $61 billion, reflecting the enormous value of live content for broadcasters and digital platforms.

Several related revenue streams also contribute to the media ecosystem:

  • Pay-TV subscriptions: $49 billion
  • Streaming and app subscriptions: $24 billion
  • Broadcasting and streaming advertising: $12 billion
  • Pay-per-view: $1 billion

Together, these segments highlight the growing shift toward digital distribution as streaming platforms compete with traditional broadcasters for sports audiences.

Sponsorship and the Live Fan Experience

Brand partnerships and live events continue to play a major role in the industry. Sponsorship and in-venue advertising generate $52 billion globally, as brands seek to connect with highly engaged sports audiences.

Meanwhile, matchday revenues total $34 billion, reflecting ticket sales, hospitality packages, and in-stadium experiences.

Consumer products also contribute to the ecosystem, with sports merchandising generating $7 billion in global sales.

The Future of Sports Is Powered by Data

Great insights start with great data. As the sports industry grows increasingly complex, organizations are turning to AI-powered systems to transform contract data into actionable intelligence.

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Where Venture Capital Money Is Going: AI vs. Everything Else

2026-03-17 01:26:05

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Where Venture Capital Money Is Going: AI vs. Everything Else

Use This Visualization

Where Venture Capital Money Is Going: AI vs. Everything Else

See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Key Takeaways

  • AI and machine learning have helped prop up venture capital as funding for other sectors cooled.
  • AI accounted for 52% of global VC deal value in Q4 2025.
  • Investment accelerated sharply in 2024 as large funding rounds flowed into AI infrastructure and model developers.

Venture capital activity has slowed since its pandemic-era peak, but artificial intelligence remains a major exception.

Investment flowing into AI and machine learning (ML) has surged over the past two years, helping sustain overall venture funding even as deal activity in other sectors weakened.

This graphic visualizes data compiled by BestBrokers, using information from PitchBook, CB Insights, and LIQUiDITY, showing how venture capital has increasingly concentrated around AI.

AI Takes a Larger Slice of the Pie

The quarterly data from 2022 to 2025 shows how the balance between AI and non-AI venture investment has shifted.

Quarter AI and ML deals ($B) Rest of Deals ($B) % Share (AI)
Q1 2022 38.9 139.5 21.8%
Q2 2022 40.9 105.2 28.0%
Q3 2022 21.2 87.8 19.4%
Q4 2022 20.1 73.6 21.5%
Q1 2023 34.4 72.7 32.1%
Q2 2023 21.3 66.8 24.2%
Q3 2023 20.7 68.0 23.3%
Q4 2023 24.8 59.4 29.5%
Q1 2024 20.8 61.0 25.4%
Q2 2024 34.2 60.8 36.0%
Q3 2024 35.2 51.0 40.8%
Q4 2024 66.7 61.7 51.9%
Q1 2025 75.5 59.7 55.8%
Q2 2025 56.9 56.3 50.3%
Q3 2025 65.4 60.2 52.1%
Q4 2025 72.4 66.2 52.2%

Venture capital boomed in 2021, but sentiment shifted in 2022 amid geopolitical uncertainty, rising interest rates, and a slowing exit market. Deal value dropped 47% between the first and fourth quarters of 2022, and AI represented only a small share of overall funding at the time.

OpenAI’s ChatGPT launched in November 2022, sparking a wave of interest in generative AI. Funding for AI and ML rose in early 2023 even as other venture deals stagnated.

The real step-change arrived in 2024. AI dealmaking accelerated throughout the year and surged in the fourth quarter, when the sector attracted $66.7 billion in funding—surpassing the $61.7 billion invested across all other sectors combined.

This growth reflects both rising investor optimism and the capital-intensive nature of AI infrastructure, including chips, data centers, and large-scale model development.

By Q4 2025, venture deals totaled $138.6 billion globally, with AI and ML accounting for 52% of the total—the first time the sector made up more than half of deal value in the dataset.

Fears of a Bubble

The surge in AI investment has split investors across public and private markets, with some warning the industry may be in a bubble while others remain highly optimistic about its long-term potential.

Concerns have also been raised about opaque private funding and circular dealmaking among major AI players. Strong earnings from companies such as Nvidia, however, have helped sustain investor enthusiasm.

How disruptive AI ultimately proves to be remains uncertain, and venture capital flows will likely continue shifting as investors respond to technological breakthroughs and broader global events.

Learn More on the Voronoi App

To learn more about how the AI industry is creating a large cap boom, check out this graphic.