Carta's State of Private Markets report for Q1 2026 covers companies on its platform. The picture is a market where valuations are rising and AI takes most of the capital.
Key figures
- Companies on Carta raised $30.4 billion in Q1 2026.
- 34 IPOs priced in the quarter, raising $9.9 billion.
- Median primary pre-money valuations rose 17.2% at Series B and 12.5% at Series C compared with Q1 2025.
- The median Series A pre-money valuation was $55 million for non-AI companies, against $300 million for AI foundation-model companies.
- The down-round rate fell to 11.4%.
- More than 60% of venture capital raised on Carta went to AI companies. In SaaS, the share was 83%. Foundation-model companies alone took 14.2% of total capital.
Reading the data
Rising valuations and fewer down rounds point to a healthier market for companies that can raise. The gap between AI and non-AI valuations at Series A, $300 million against $55 million at the median, shows how differently the two groups are being priced.
Higher entry prices put more weight on checking what a company says about itself. A higher valuation assumes more of the story is true.
When valuations rise, so does the cost of a claim that does not hold up. Checking market size, competitive position and the public record before the term sheet is cheaper than finding out after.
Source
Carta, "State of Private Markets: Q1 2026". This post summarizes the source in our own words; figures are as reported there. Read the original for full methodology.