SpaceX’s (NASDAQ:SPCX) massive $250 billion acquisition of xAI made the first half of 2026 look like a banner period for private market exits.
But beneath the headline number, private equity firms are facing one of their toughest liquidity environments in years: fewer buyers, widening valuation gaps and investors demanding their money back.
Global private equity and venture capital exits fell 6% in the first half of 2026, declining to 1,504 transactions from 1,601 during the same period last year, according to S&P Global Market Intelligence.
The slowdown accelerated in the second quarter, when exit activity dropped to 688 deals, the lowest quarterly level since the first quarter of 2024.
The numbers highlight a growing divide in private markets.
