2026 is already the biggest year in venture history, and almost all of it is AI. US startups raised $515.8 billion across an estimated 14,199 deals through Q3 2026, about 44% above 2021's full-year record, and AI took 82.7% of the dollars. The year is also lopsided: Q3 deal value fell about 40% from Q2, and outside SpaceX's $1.7 trillion listing, exits are still thin. Here are the numbers that matter, each with its source.
already ~44% above 2021's full-year record
estimated; 5,012 in Q3, the 2nd-most of any quarter
the highest annual share in PitchBook's data
2026 passed 2021's full-year record in nine months.
Source: PitchBook-NVCA Venture Monitor (Q3 2026)
More than four of every five venture dollars went to AI.
Source: PitchBook-NVCA Venture Monitor (Q3 2026)
Acquisitions out-earned IPOs in 2025.
Source: PitchBook-NVCA Venture Monitor (Q4 2025)
Series A medians reached $49.0M.
Source: PitchBook-NVCA Venture Monitor (Q4 2025)
US venture funding reached $515.8 billion across an estimated 14,199 deals through Q3 2026. That is already the highest total in PitchBook's dataset and roughly 44% above 2021's full-year record of $357.9 billion. Q1 and Q2 2026 were the two biggest quarters on record. Q3 fell to $98.4 billion, down about 40% from Q2, even though an estimated 5,012 deals closed, the second-most of any quarter.
PitchBook's revised data puts full-year 2025 at $319.7 billion across 15,866 deals. Its Q4 2025 report had first put 2025 at $339.4 billion across 16,709 deals; annual totals move as late-reported deals and methodology updates come in.
Source: PitchBook-NVCA Venture Monitor (Q3 2026)
| Year | Capital invested | Deal count |
|---|---|---|
| 2021 | $357.9B | 19,706 |
| 2022 | $236.7B | 18,320 |
| 2023 | $166.0B | 15,514 |
| 2024 | $215.3B | 15,471 |
| 2025 | $319.7B | 15,866 |
| 2026 (through Q3) | $515.8B | 14,199 (est.) |
AI is no longer a category; it is the market. AI companies took 82.7% of US venture dollars through Q3 2026, the highest annual share in PitchBook's data, up from 65.4% of dollars (and 39.4% of deals) in 2025. Within 2026 the share fell each quarter, from 88.4% in Q1 to 84.1% in Q2 and 65.9% in Q3, as the frontier-lab megarounds of the first half faded. AI's share of deal count held near 45% all year (44.9% in Q3).
Concentration was already extreme in 2025: half of all US venture dollars went to just 0.05% of deals. For founders outside AI, the headline 'venture is back' numbers mask a far tighter market.
If you're not in AI, ignore the record headline numbers. They're an AI mirage, and the market you're actually raising in looks more like 2023 than 2021.
Median pre-money valuations rose at every stage in 2025. PitchBook puts the 2025 medians at $8.3 million for pre-seed, $16.0 million for seed, $49.0 million for Series A and $145.0 million for Series B. Median deal sizes were $0.5 million at pre-seed, $3.8 million at seed and $15.0 million at Series A.
| Stage | Median pre-money | Median deal size |
|---|---|---|
| Pre-seed | $8.3M | $0.5M |
| Seed | $16.0M | $3.8M |
| Series A | $49.0M | $15.0M |
| Series B | $145.0M | $33.8M |
US venture-backed exit value reached $2.29 trillion across an estimated 1,240 exits through Q3 2026, a record that rests on a handful of deals. SpaceX's $1.7 trillion listing in Q2 is the largest IPO ever, and its $60 billion all-stock purchase of Cursor made up 53.1% of Q3 exit value. Without Cursor, Q3 exits totaled $53 billion, the lowest quarter since Q4 2024. Only 18 companies went public in Q3, 12 of them in healthcare.
In 2025, PitchBook's Q4 report counted $297.6 billion of exit value across an estimated 1,635 exits: $116.7 billion from 48 IPOs (17 of them unicorns) and $140.7 billion from 1,029 acquisitions. VC-backed startups were the buyer in 38.4% of those acquisitions. The US VC secondary market reached an estimated $94.9 billion over the 12 months to Q3 2025.
| Period | Exit value | Detail |
|---|---|---|
| 2026 through Q3 | $2.29T | ~1,240 exits; SpaceX IPO; acquisitions at a decade-high $465.3B |
| 2025 IPOs | $116.7B | 48 listings, 17 unicorns |
| 2025 acquisitions | $140.7B | 1,029 deals |
| 2025 total | $297.6B | ~1,635 exits (Q4 2025 report) |
Venture didn't recover; AI did. Strip out the frontier labs and SpaceX, and 2026 looks far more like the 2023 downturn than the 2021 boom.
US startups raised $515.8 billion across an estimated 14,199 deals through Q3 2026, per the PitchBook-NVCA Venture Monitor. That is the highest total on record and roughly 44% above 2021's full-year total of $357.9 billion. Q3 alone was $98.4 billion, down about 40% from Q2.
PitchBook's revised data (as of Sept. 30, 2026) puts 2025 US venture investment at $319.7 billion across 15,866 deals. Its Q4 2025 report had first put the total at $339.4 billion across 16,709 deals.
AI took 82.7% of US venture dollars through Q3 2026, the highest annual share in PitchBook's data, and about 45% of deals. In 2025, AI took 65.4% of dollars and 39.4% of deals.
Per the PitchBook-NVCA Venture Monitor, 2025 median pre-money valuations were $16.0 million at seed and $49.0 million at Series A ($8.3 million at pre-seed). Median deal sizes were $3.8 million at seed and $15.0 million at Series A.
US venture-backed exits totaled $2.29 trillion through Q3 2026, driven mostly by SpaceX's $1.7 trillion listing. In 2025, exits totaled $297.6 billion: $116.7 billion from 48 IPOs and $140.7 billion from 1,029 acquisitions (PitchBook-NVCA Q4 2025).
Compiled and maintained by Trace Cohen · @Trace_Cohen · t@nyvp.com. Free to cite with attribution (CC BY 4.0).