Liftoff may be too mild a term for what's happening to the top end of Series A valuations at the moment. In Q2 of this year, the top 5% of Series A companies raised rounds at over half a billion in valuation.
Now that's not everyone of course! I find some of the emerging manager anxiety about this valuation spike telling. It may just be that mega-funds are competing for a small set of legible, highly pedigreed, AI-frenzied founders. Which should, in theory, leave many great founders outside this attention circle and in prime position for contrarian Series A investors.
But damn, the pull of consensus is strong sometimes.
Onwards!
Subscribe here if you're new to the Data Minute. Forwarding encouraged!
Cheers,
Peter Walker
Carta Insights
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.
