$2.66B raised across 44 rounds in YTD-Apr (vs $1.09B SAME period 2025). Average round Q4'25→Q1'26: $155M (vs $82M H1'25). Coding agents $3B+ (deepest pocket), customer support $2.4B+ (densest cluster). Winners share: deep vertical + workflow-critical + production-grade reliability + data/integration moat. Anything missing the four = hype.