2026 Venture Capital Report (WilmerHale)

Summary

• The median size of later-stage financings increased by 29%, from $8.5 million in 2024 to $11.0 million in 2025.p.3
• California produced 31% of all venture financings in 2025 (4,679 financings) and 60% of the year's proceeds ($190.4 billion).p.4
• The median pre-money valuation for all venture financings increased by 52% between 2024 and 2025, from $25.0 million to $38.0 million.p.4
• Total reported acquisition proceeds more than tripled, from $50.8 billion in 2024 to $162.7 billion in 2025.p.5
• Total amounts raised by venture capital funds in 2025 equaled $66.1 billion, down from $101.3 billion raised in 2024.p.6
• Technology financing rounds of $100 million or more increased by 51% from 138 in 2024 to 209 in 2025.p.9

Key insights

1. The median acquisition price doubled from $67.4 million in 2024 to $137.3 million in 2025.p.5
2. The ratio of M&A transactions to IPOs for venture-backed companies increased from 34.7 in 2024 to 38.8 in 2025.p.5
3. The number of funds closed declined from 1,336 in 2023 and 954 in 2024 to 537 in 2025.p.6
4. AI and machine learning companies saw rounds of $100 million or more rise by 59% from 146 in 2024 to 232 in 2025.p.9
5. AI and ML companies accounted for 49% of financing rounds of $100 million or more in 2025, up from 40% in 2024 and 35% in 2021.p.9
6. Approximately 30% of SAFEs still feature both a valuation cap and discount.p.7
7. WilmerHale advised on 110+ venture financing transactions that raised $18B for emerging companies in 2025.p.8