The pace of AI development is staggering. Signal is genuinely hard to find.

In only the past 18 months, the industry moved through four distinct capability jumps: language models that reason, agents that take autonomous action, and now early glimpses of software systems that improve themselves with code. The pace of change is unlike anything anyone has experienced in tech.

We hosted State of AI in May 2026 to cut through the noise. We brought together the builders from OpenAI with Galileo Portfolio companies; Relevance AI, Gumnut and TrueState alongside investors from Minotaur Capital, the ASX and FiveV to share their insights and take aways.

Inside the report:

• The four AI capability jumps that have redefined what's possible in the last 18 months
• Australian VC investment data: where the capital is going and why AI is driving the rebound thanks to Cut Through Venture
• Panel perspectives from OpenAI, Relevance AI, Gumnut, TrueState, Minotaur Capital, ASX and FiveV
• Galileo's AI Market Map 2026 and pre-seed thesis for what we believe is the most important early-stage vintage in a decade

One signal stands out: founders can do more with less than ever before. Application-layer companies are reaching Series A milestones on pre-seed capital. The opportunity is real.

> Download the State of AI 2026 Report