Industry TrendsIndustry Highlights · Mar 2026
US VC 2025
Concentration at the top. Reset beneath. Recovery in progress.
Foreword
- Half of unicorn value now sits in just 10 companies
- AI is pulling growth-stage valuations higher, not equally
- Returns are improving, but still far below the 2021 peak
Concentration at the top. Reset beneath. Recovery in progress.
Based on PitchBook's report.