SVB – State of the Markets, H1 2026

This report analyzes the state of venture capital markets in the first half of 2026.

Key findings include nearly $340 billion of VC investment in the previous year, increased cash runway across sectors, and improvement in Series A tech deal activity. IPO and M&A activity reached the highest point since 2021. Growth is expected to continue through 2026 barring major macroeconomic downturns or an AI bubble deflation. The venture capital landscape is shifting with mega funds and large deals dominating a larger share of investment. AI is identified as a major platform shift with potential bubbles but long-term value creation expected despite risks.