Data Desk · Summary

Pre-seed checks hit a record: Carta's Q2 2026 pre-seed report

Fewer pre-seed instruments, but bigger ones. The average check rose 27% year over year.

Summarized by Rubicon Research · 3 min read

Carta's pre-seed report tracks SAFEs and convertible notes issued by companies on its platform. Q2 2026 showed fewer deals but larger checks.

Key figures

  • Startups raised $3.19 billion across more than 11,500 pre-seed instruments in Q2 2026, compared with $3.22 billion across 14,825 instruments in Q2 2025.
  • The average check was $276,000, up 27% year over year and the highest in more than four years of Carta's data.
  • Total pre-seed dollars in the first half of 2026 were slightly ahead of the first half of 2025.
  • AI companies captured 49% of pre-seed dollars in the first half of 2026, in line with 50% for all of 2025.
  • Few pre-seed rounds exceed $2.5 million. Those that do usually stack ten or more instruments, and valuation caps at the 90th percentile of those large SAFEs reach about $100 million.
  • Texas took 9% of US pre-seed investment in Q2, second only to California.

What it means for founders

Larger checks at pre-seed mean more of a company's early ownership is set by instruments that convert later. Founders who stack several SAFEs at different caps should model how they convert before the priced round, not after. Our guide to SAFEs and convertible notes walks through the math.

Rubicon's take

Bigger early checks bring earlier diligence. Investors writing $250,000 or more at pre-seed are more likely to check the cap table, the entity and the IP assignments. Founders who have those in order move faster.

Source

Carta, "State of Pre-Seed: Q2 2026". This post summarizes the source in our own words; figures are as reported there. Read the original for full methodology.