Source: Fortune
Summary
PitchBook’s Q2 2026 U.S. VC Valuations report shows that investors are favoring AI companies, with 87.5% of venture dollars going to AI megadeals in the first half of the year. Non-AI companies saw median valuation step-ups of 1.6x, while AI companies saw 2.2x. The report also notes that liquidity remains hard to find, with acquisitions and secondaries market results varied.
Our Reading
The numbers tell one story.
PitchBook’s report highlights the AI premium in venture valuations, with AI companies seeing significant valuation step-ups. The report also notes that the secondaries market is favoring new and AI-focused companies, with startups that have raised recently trading at a median discount of zero to 5%. Meanwhile, companies that last raised in 2021 or 2022 are trading at a median discount of 54% and 59%.
As Emily Zheng, PitchBook senior research analyst, notes, “The winners are bigger than ever, overshadowing the rest of the venture market.” The report’s findings reflect a rapidly changing market, where AI-focused companies are dominating venture funding.
The strategy enters a familiar phase: investors are doubling down on AI, leaving non-AI companies in the dust.
Anthropic’s 5.3x valuation growth in just eight months is a testament to the AI premium.
The world has very much turned over, and the venture market is no exception.
Author: Evan Null
