Let's take a moment to recap the biggest trends from 2025:
Defining the AI premium
At every stage from Series A onward, AI startups raised larger rounds and garnered higher valuations than their non-AI counterparts in 2025. At Series A, the median AI valuation was 38% higher than the median non-AI valuation. At Series E+, the AI valuation premium reached 193%.
The Northeast
strikes back
Startups based in the Northeast were responsible for 24.8% of all cash raised on Carta in the U.S. over the course of last year. During Q4, that proportion reached 33.1%, the region's largest market share over the past three years. The West is still clearly the top region for U.S. fundraising, but the Northeast is gaining ground.
Dilution keeps dropping
Over the past year, median dilution on all rounds from seed through Series C has fallen from about 18% to 16%, continuing a years-long trend. Two years ago, median dilution across those stages stood at 19%. The biggest drop-off in 2025 came at Series B, where median dilution fell from about 15% to 12.9%.
Whew, what a year. The full State of Private Markets 2025 report is yours to peruse at your leisure - and fresh 2026 data is not far behind.
Onwards!
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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.
