The median post-money valuation climbed to $24 million at the seed stage in Q4, and to $78.7 million at Series A. Why do these numbers keep on going up?

Pre-seed startup funding in 2025 exhibited a concentration of capital, with fewer overall instruments issued but some companies raising massive amounts.

It was a strong year overall for venture fundraising on Carta, with startups bringing in nearly $120 billion over the course of 2025. As the market adjusts to the omnipresence of AI, a new type of normal has emerged.

The 2021 vintage of venture funds is still relatively early in its lifecycle. But the early data on returns may soon be cause for concern.