This is the new world of venture capital.
a16z just raised $15 billion across 6 or 7 funds.
US VCs raised $45 billion in total in 2015. A decade later, a single firm clears $15B by themselves.
In order to make this math actually math, you need to believe wholeheartedly that the exit value of private companies over the coming decade will smash all previous records.
And who knows? We’ve got a handful of private companies at $500B+ valuations already.
But regardless of whether you buy into this vision of the future, there are two clear games being played in startup investing today.
Be massive.
Or be first.
Is there room for a third game? Or is this the playing field through to the 2030s?
DISCLOSURE: This communication is on behalf of eShares, Inc. dba Carta, Inc. ("Carta"). This communication is for informational purposes only, and contains general information only. Carta is not, by means of this communication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. Before making any decision or taking any action that may affect your business or interests, you should consult a qualified professional advisor. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein. © 2026 Carta. All rights reserved. Reproduction prohibited.
