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90th and 95th percentile valuations are now clearly above 2021 levels—mostly AI companies—while median market remains more grounded across 2,200+ primary...

502 startups on Carta were acquired in H1 2025—the 1.2% acquisition rate is high relative to prior years, spread fairly evenly across early and growth stages.

So far this year, about 61% of tenders administered on Carta involved companies at Series C or later, while the other 39% involved companies between the seed stage and Series B.

Bay Area dominates with 51% of AI funding and leads across all sectors—NYC reopens its lead over Boston, and several mid-tier cities are gaining meaningful...

A dirty VC secret: bridge rounds mostly serve to delay markdowns and maintain paper valuations, while data shows they rarely lead to successful Series A...

Seed cohorts from 2024 are graduating to Series A slightly faster than 2023—but time is almost out for 2021 and 2022 cohorts that still haven't raised their...

More than half of Bay Area startup capital goes to AI, but even outside the Bay, AI's share of regional investment has risen significantly across all major...

AI's rising share of VC capital has never been so consensus-driven—either VCs are right and AI transforms everything, or this is the most expensive...

Graduation rates improving while certain valuations hit bubble territory is not a contradiction—the divergence between median and top of market captures both...

Over 70% of vested options in 2025 went unexercised when employees left—meaning founders should model recapture of at least half of all equity granted to...

Data from nearly 2,000 US venture funds shows only a minority of funds at each vintage year have reached or are on track to reach the 3x net TVPI threshold...