Biopharma has collected $54.5 billion across 959 rounds globally since the start of 2025 through 2026’s third quarter, according to an October report from J.P. Morgan cited by BioSpace. U.S. companies raised $37.2 billion of that total, or about 68%, extending a funding pattern that continues to favor established domestic clusters over broader geographic dispersion.
The biggest U.S. hubs were the San Francisco Bay Area at $12.8 billion and Boston at $10.2 billion since 2025. Together, those two regions gathered about 62% of all U.S. biopharma funding over the past seven quarters. San Diego, Philadelphia and the Research Triangle in North Carolina added a collective $5.2 billion over the same period.
Where Capital Is Going
Outside the U.S., European biopharma companies raised $9.2 billion from 2025 to 2026’s third quarter, accounting for just under 17% of all capital deployed. Within Europe, the U.K. led with $3.1 billion across 58 rounds, followed by Switzerland at $1.8 billion, France at $851 million and Germany at $832 million.
The quarterly pattern described by J.P. Morgan suggests that access to money has not broadened much even as totals remain healthy. In the most recent quarter, half of the $1.1 billion deployed came from just five of the 32 rounds. That concentration in fewer, larger financings matters because it favors companies that already fit investor risk filters, while making the market harder for earlier or less connected teams to access.
The Signal
For investors and operators, the message is less about whether venture money exists than where it is reliably clearing. J.P. Morgan projects full-year biopharma funding of about $33 billion for 2026, which would surpass last year’s $30.5 billion. That would mark growth at the aggregate level, but the underlying pattern remains selective: more capital is flowing, yet much of it is still clustering in the same regions and in larger rounds rather than spreading evenly across the sector.
