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Venture Monitor Q2 2026 (PitchBook / NVCA)

ReportPitchBook / NVCAJune 202636 pages54 min readOriginal source
Key number
$412.7 billion USD
H1 2026 VC deal value p.8
What changed
$1,828.8 billion USD
Q2 2026 VC exit value p.29

Summary

  • In H1 2026, US VC deal value reached $412.7 billion with megadeals of $100 million or more representing 87.5% of total capital deployed.p.8
  • AI investment dominated the market as AI deal value reached $355.9 billion, accounting for 86% of all venture capital dollars in H1 2026.p.8
  • SpaceX completed a $1.7 trillion IPO, making it the largest US VC-backed tech IPO by 17x.p.4
  • Total exit value in Q2 2026 reached $1,828.8 billion, heavily concentrated in SpaceX's public listing.p.29
  • Venture debt volume reached $64.7 billion across 280 loans in H1 2026, boosted by large AI infrastructure loans and debt refinancing.p.23
  • VC fundraising totaled $72.4 billion across 405 funds in H1 2026, with vehicles of $1 billion or more securing $49.5 billion.p.31
  • The active unicorn count rose to 945 in Q2 2026, representing an aggregate post-money valuation of $5.3 trillion.p.30

Key insights

  1. SpaceX's $1.7 trillion public listing became the largest US VC-backed tech IPO by 17x and the largest IPO of all time.p.4
  2. First-time financings reached an estimated 5,674 deals in H1 2026, putting the year on pace to exceed 10,000 companies.p.9
  3. Corporate VC participation fell to 21.1% of VC deal count in H1 2026, marking its lowest share in the past decade.p.21
  4. Year-to-date M&A acquisition value reached a decade high of $375.4 billion in 2026.p.30
  5. Experienced venture capital firms gathered 89% of all capital raised in H1 2026.p.32
  6. First-time funds raised $3.4 billion across 53 vehicles in H1 2026.p.32

Topics and entities

USAI in financeCorporate venture capitalIPOs and listingsM&A and exitsPrivate debt and venture debtPrivate marketsStartup fundingVenture capitalAndreessen HorowitzAnthropicCerebrasCursorFounders FundJ.P. MorganNational Venture Capital AssociationOpenAIPitchBookSecurities and Exchange CommissionSpaceXThrive CapitalxAI

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