Where Capital Is Clustering

Executive summary preview

The strongest investor conviction is concentrated in compute infrastructure, power systems and industrial automation. The largest pools, led by cloud capacity, are cooling on the latest 30-day measure, while industrial production, firm low-carbon power and defence systems are attracting the most recent funding. This is a partial-quarter view as at 27 October 2026.

Ten themes ranked by 90-day capital. Colour shows whether funding in the latest 30 days rose or fell against the previous 30.

Funding is a measure of investor conviction, not proof that customers are buying. The report therefore keeps its five commercial priorities separate from the ten capital themes and reads sector totals alongside the different rolling theme windows.

Key findings

• Infrastructure remains the largest capital destination, while cloud capacity and efficient compute hardware slowed sharply in the latest 30 days.
• Storage and grid flexibility, firm low-carbon power and industrial production each raised more than $2bn over 90 days and rose in the latest 30 days.
• Bank agent controls, pharmaceutical promotional review and independent enterprise testing are narrower commercial openings, not confirmed contracts.
• Sector totals and theme measures use different windows. A sector can grow while individual themes pause, and large rounds can move the readings sharply.

Research figures

1.9bn

largest theme: cloud capacity, over 90 days

+300%

fastest-rising theme: industrial production

+76%

technology funding, August to September

Commercial priorities: where money and demand may meet

1. Bank controls and independent verification
2. Industrial integration and production software
3. Low-carbon industrial heat

2 more items fully covered in the report.

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