Global AI venture funding reached $202–211 billion in 2025 — nearly 50% of all global VC. Foundation model companies alone raised ~$80 billion, more than double 2024's $31 billion. Hyperscalers committed $350–410 billion in combined capex. Agentic AI funding grew from $1.5B to $2.9B year-over-year, with vertical agents capturing 72% of that category. This dossier maps where the next decade of value accrues — and why the foundation model layer is not it.