Alex McCracken, Head of Venture Capital Relationships, EMEA at J.P.Morgan: European AI startups are raising bigger rounds than ever

European AI startups are raising billion-dollar rounds, while defence and deep tech companies are attracting far larger rounds than the market was seeing a few years ago.Alex McCracken is Head of Venture Capital Relationships, EMEA at J.P. Morgan, where he is seeing US investors move into Europe earlier and more technical AI founders raise capital across the market.The Scaling Europe show is presented by Deel. Check them out here:https://get.deel.com/ruynb7o4lfjkSponsors:Mishcon: https://www.mishcon.com/pop-ups/scaling-europeChargebee: https://www.chargebee.com/events/beelieve/london/2026SurrealDB: https://surrealdb.com/Airwallex: https://www.airwallex.com/uk?utm_source=other&utm_medium=partner_referral&utm_campaign=v01_emea_multi_ib_dg_prtmk_mofu_scalingeuropeTimestamps:0:00 - Introduction0:16 - The biggest shifts in European venture0:48 - Billion-dollar AI seed rounds2:45 - Why mega rounds are increasing in Europe3:55 - The impact of large AI rounds5:37 - Where capital is flowing in deep tech6:43 - Defence, space and European resilience8:20 - Why defence investment is accelerating9:49 - The rise of US investors in Europe12:25 - How European VCs are adapting14:43 - Growth at all costs vs sustainable growth18:24 - New financing structures for deep tech