2026 Venture Report: Crossing the Tilt (Elevate Ventures (Indiana))

Summary

• U.S. venture capital surged to $339.4 billion in 2025, a 59.2% YoY increase, close to the 2021 record of $358.2 billion.p.8
• Investors deployed a record $222.1 billion across 5,793 AI startups, accounting for 65.4% of total deal value.p.8
• The top 40 venture deals commanded $140.9 billion, representing 41.5% of all deal value for the year.p.8
• Only 46 venture-backed companies listed in 2025, although aggregate IPO value rose 174% to $119.6 billion.p.12
• Corporate buyers drove $140.7 billion in exit value, a 68% year-over-year increase.p.12
• The West Coast reached $218.6 billion in deal value, an 83% year-over-year surge.p.12
• Of the limited dollars raised in 2025, 53% went to just 25 funds.p.11

Key insights

1. Deal counts rose 9.6% to an estimated 16,709.p.8
2. Pre-Seed was the only stage to contract, with median deal sizes falling 10% to $450k.p.10
3. Median Series D rounds hit $100 million, tying 2021 levels.p.10
4. Median revenue at Seed for AI startups is just $114k and $1.3 million at Series A.p.11
5. In Indiana, late stage capital plummeted 62% to $160.92 million.p.13
6. Indiana seed-stage volume dropped 49% to 52 deals.p.13
7. The top 10 AI startups generated an average of $3.4 million in revenue per employee.p.15
8. The University of Michigan's Consumer Sentiment Index fell to 51 in late 2025.p.5