Interactive analysis of venture capital valuations, deal dynamics, and market trends across the US startup ecosystem. Powered by PitchBook's latest valuation estimates and comprehensive market data.
VC now operates as two distinct ecosystems - while top companies raise frequent rounds at rising valuations, a substantial portion struggles to access capital
Average unicorn last raised 2.5+ years ago. Valuations outside top tier reflect staleness more than overpricing, with 2021/2022 cohorts down 68% and 52%
Top 10 unicorns now represent 51.8% of total value (up from 18.5% in 2022), driven primarily by AI leaders like OpenAI and Anthropic
20.9% of 2025 rounds were down or flat, reflecting continued market recalibration. 14 of 17 unicorn IPOs priced below last private round
Top-decile valuations surged 13% at seed, 29% at Series A, and 64% at Series B. High-growth outliers driving competitive pricing negotiations
Current valuations stretch further above fundamentals. Future liquidity markets will need to be even frothier to validate current pricing
Data Source: PitchBook • 2025 Annual US VC Valuations and Returns Report
Published February 10, 2026 • Sponsored by Morgan Stanley at Work
Made by Trace Cohen • t@nyvp.com