State of the Markets H1 2026 Report

This report provides an analysis of the venture capital landscape for the first half of 2026, detailing significant trends and metrics from the previous year. It outlines that nearly $340 billion was invested in venture capital in 2025, with a notable increase in cash runway across all sectors. The report notes a shift in the venture capital definition, highlighting the emergence of mega funds and a concentration of investment in the top 1% of deals. It discusses the contrasting funding environment for lower-valued companies and anticipates a moderate growth in deal activity driven by advancements in AI. The report also addresses the economic context, indicating that while the economy has shown growth, it remains fragile and heavily reliant on AI spending. The analysis includes insights on IPO activity, fundraising trends, and the impact of consumer income disparities on market dynamics. Overall, the report presents a comprehensive view of the venture capital market's current state and future expectations.