Alternative Investing Report - November 25, 2025

*as of 11/24; Sources: S&P, BTC, FTSE, DJRE, CL50

VC funding for AI companies hit $54.8 billion in Q3, an increase over the $49.3 billion raised in Q2, though deal count fell 8% to 1,086. Half of that funding came from only 4 of those deals, megaround raises from Anthropic, xAI, Nscale, and Mistral, with the first two topping $10 billion each. Notable Q4 raises include chipmaker Lambda’s recent $1.5 billion raise, AI video startup Luma AI’s $900 million raise, and AI music startup Suno’s $200 million raise from last week.

➨ TAKEAWAY: AI and AI-related startups across sectors have been dominating the VC world and this is not slowing down, even as public markets have reacted to a potential bubble. Every week seems to bring more major funding rounds. Additionally, pre-IPO investors are still showing high demand for secondary shares in startups, even as average valuations have nearly doubled in the past year.

In the latest episode of Smart Humans, Slava Rubin talks with Lightstone DIRECT's Sanford Blumenthal about democratizing real estate investing and the unique opportunities available in the industrial sector.

🏢 CRE market gaining: Led by the 4.9% yearly gain in the industrial sector, the RCA CPPI National All-Property Index was up 4.2% year-over-year in October, its fastest growth in three years. Following industrial was retail, which was up 4.7% annually, and office, which rose by 4.6%.

🪙 Grayscale ETFs debut: The top crypto asset manager opened up new XRP and Dogecoin ETFs for trading, just two of a number of new altcoin ETFs coming to market in the coming months. XRP was up 8% and Dogecoin gained 3% yesterday, outperforming the crypto market as a whole, which gained 1.7%.

🚀 Healthtech funding: Q3 saw $3.9 billion in funding for healthtech startups, a slight decline from Q2, but 2025 has already surpassed 2024 in total funding, and deal count rose 12% in the quarter. The number of exits also reached 42 in the quarter, a new record for the sector.

🏡 Biggest price cuts ever: Black Friday may not be until later this week, but buyers are already seeing the biggest average price cut on home listings ever recorded, with the typical home being discounted $25,000.

💵 Blue Owl cancels merger: The asset manager had planned to combine two of its private credit funds and halted withdrawals, but the move led to a dip in its stock price so its board decided to cancel it and resume withdrawals in Q1 of next year.

🚘 Most expensive new car: During the recent Las Vegas Formula One weekend, Gordon Murray’s “Special One” (S1) LM Chassis #1 sold for $20.6 million, setting a new record for any new car at an auction. The car is one of five of its type ever built and carries the #1 designation, as well as a number of exclusive perks.

One of Midtown Manhattan’s most recognizable homes is on the market for $10 million. The “Home of the Gnomes” on East 59th Street abuts the entrance to the Queensboro Bridge. Originally built in 1907, the building took on its current fairy-tale look after a 1933 renovation that used the prominent location to advertise its Gnome Bakers business. While it hasn’t been a bakery since the 1940s, the look remains the same, housing a chiropractor on the ground floor and a 5 bed, 3.5 bathroom luxury apartment on the two floors above. The supposedly “quiet” apartment has a private terrace and backyard and goes for $13,500 a month despite being next to a busy bridge entrance. The property also has an additional 9,500 square foot of buildable area if the next buyer wants to add new floors.