The Entrepreneurs Report: Private Company Financing Trends, Q2 2026 (Wilson Sonsini Goodrich & Rosati)

Summary

• Median Seed valuations eased to $23.0 million after a high of $35.0 million in the prior quarter, while median Series A valuations climbed to $80.0 million.p.4
• Series B median valuations reached $290.5 million, and Series C and later medians climbed to roughly $2.6 billion.p.4
• Median Series C and later raises reached $100.0 million, up from $87.0 million in the prior quarter.p.5
• The share of up rounds among Series B and later companies rose past 95%, while down and flat rounds were each present in roughly 3% of transactions.p.6
• The median amount raised via SAFE financings fell to $240,000, after $610,000 in Q1 2026.p.8
• In the first half of 2026, 85% of SAFEs included a valuation cap, down from 93% in 2025.p.9

Key insights

1. Series B fundraising rose to $35.0 million, maintaining growth-stage momentum.p.5
2. Senior liquidation preferences appeared in 16% of Series B and later financings in 1H 2026.p.7
3. The median SAFE valuation cap was $15.0 million in the first half of 2026, down from $20.0 million in 2025.p.9
4. Of SAFEs that carried a cap, 89% used a post-money structure, up from 81% in 2025.p.9
5. The median amount raised through post-Seed convertible notes was $3.0 million in Q1 2026 before easing to $2.0 million in Q2 2026.p.10
6. Among post-Seed notes, 47% carried rates below 8%, 40% exactly 8%, and 13% above 8% in the first half of 2026.p.10