At the earliest stage of venture, rounds continue to get pricier for investors. From Q4 2024 to Q4 2025, we saw an increase in post-money SAFE valuation caps across pre-seed deals of all sizes. While these caps aren't true valuations—rather, they're the ceiling at which investments convert to equity—their steady climb is a signal of returning appetite.
Since 2022, median caps for the $1M–$2.4M round size group have risen from $12M to $15M, while larger $2.5M+ rounds have recovered to their $30M peak. At the same time, fewer SAFEs are being issued overall, indicating a prioritization of quality over quantity. There is growing competition amongst investors to get on the cap tables of the most promising top-tier founders, especially in the AI space.
If you're a founder, this seems to be a double-edged sword. The bar to raising your first round of checks has never been higher, but the rewards for clearing it are increasingly lucrative.
For dozens more charts on all things related to pre-seed fundraising, check out our latest report, State of Pre-Seed: 2025 in Review!
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Cheers,
Hamza Shad
Carta Insights
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