Rounds of $100m or more took 87.5% of US venture dollars in H1 2026. Companies that last raised in 2021 trade at a 59.1% secondary discount.

PitchBook's Q2 valuations data shows a market split in two.

Rounds of $100m or more took 87.5% of US venture dollars in H1 2026. Companies that last raised in 2021 trade at a 59.1% secondary discount.