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Between July 2025 and June 2026 Microsoft awarded more than $20 million across 2,531 eligible reports from 562 researchers. The averages are the interesting part, and so is what they say about who can actually make a living this way.
The week of 18–24 July 2026 was read as a physical-AI story, and Atoms' $1.7 billion made that easy. Underneath it, Cathedral, Glow and Neo Security took $360m between them, which says more about where security capital is going than any sector total does.
Nearly 140,000 US tech jobs went this year, and AI keeps appearing in the explanation. But only four employers said anything specific, and the Financial Times found firms citing AI underperformed the Nasdaq by around 10% in the following 30 trading days.
H1 2026 funding held up. Q2 didn't: $4.4bn, down around 30% on both Q1 and the year before, with round counts falling too. The total survived because eight companies took $100m or more.