In early 2025, it seemed that anything went when it came to AI money, but in the second half of the year the mood shifted and tougher questions arose about costs, security, and actual demand, as TechCrunch noted in its year-end summary. It’s still a boom, but with more skepticism surrounding valuations, infrastructure spending, and what comes next.
Highlights:
- Large fundraisings remained huge, including OpenAI’s $40 billion round at a $300 billion valuation, as well as massive seed rounds for new labs ahead of major product launches (according to TechCrunch).
- Spending skyrocketed alongside fundraising, with infrastructure plans from large tech companies reaching into the hundreds of billions and beyond, as TechCrunch again highlighted in its report.
- The momentum cooled toward the end of the year, as fears of an “AI bubble,” concerns about user safety, and doubts about sustainable progress began to dominate the conversation.
- The industry’s focus broadened from “bigger models” to distribution, pricing, and product packaging: who can turn AI into something people actually trust and are willing to pay for.
What changed in 2025
TechCrunch argues that 2025 did not end the AI fever, but rather complicated it. The first half of the year rewarded scale and speed; the second half pushed the sector into a more mature phase, where scrutiny followed enthusiasm: how durable is demand, how expensive is it to keep improving models, and how do companies justify valuations when adoption and infrastructure limitations don’t always move at the same pace?
Why it matters for 2026
The era of “trust us, the benefits will come later” seems less comfortable than it did a year ago. If 2026 becomes the year AI companies must prove their business fundamentals (reliable revenue, clear customer value, and more secure implementations), then 2025 will be remembered as the turning point where enthusiasm met reality, rather than the year enthusiasm disappeared.
