United States: Q2’26 Venture Pulse Report

US VC investment remained healthy in Q2’26, with $144.9 billion invested across 3,644 deals. The quarter was second only to Q1’26, supported by continued investment in AI across deal stages.

Q2'26 highlights from the US

US VC investment reached $144.9 billion across 3,644 deals
Q2’26 was the US market’s second-highest quarter for VC investment, behind Q1’26
AI megadeals included Anthropic, Project Prometheus, Anduril Industries and Cognition AI
Defensetech saw major momentum, with Anduril Industries’ $5 billion raise following $1 billion+ rounds from Shield AI and Saronic earlier in 2026
- Late‑stage deal sizes and valuations rebounded sharply
- Fundraising remained concentrated among established managers, flagship funds and boutiques

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US VC investment remains highly concentrated on AI

The pace of VC investment in the US stayed strong during Q2’26, although much of the investment remained concentrated in AI. Major rounds included Anthropic’s $65 billion raise, Project Prometheus’ $12 billion raise, Anduril Industries’ $5 billion raise and Cognition AI's $1 billion raise.

IPO environment improves amid activity by AI giants

Despite ongoing market uncertainty, the US IPO market was positive in Q2’26. Cerebras held a successful Nasdaq IPO, SpaceX completed the largest IPO ever seen, and Anthropic and OpenAI filed IPO paperwork during the quarter. The market remained bifurcated, with AI companies eyeing exit opportunities while SaaS companies continued to face pressure amid concerns about the impact of AI.

Defensetech investment sees big growth

Interest in US defensetech has increased significantly, driven by the changing nature of warfare, the size of the asset category and growing recognition of dual-use applications. Anduril Industries’ $5 billion raise followed other major defensetech rounds earlier in 2026, including Shield AI’s $1.5 billion raise and Saronic’s $1.7 billion raise.

Exit and fundraising dynamics remain polarized

Exit and fundraising dynamics remained polarized in Q2’26. SpaceX’s record IPO helped drive outsized exit value, while fundraising activity remained concentrated among established managers, flagship funds and boutiques. With capital beginning to return to the market, early-stage activity will be an important area to watch in the second half of 2026.

Trends to watch for in Q3’26

Looking ahead to Q3’26, US VC market activity is expected to remain positive, with AI continuing to attract significant capital. Investors will also be watching the IPO market closely, particularly potential exits from Anthropic and OpenAI, and whether returned capital helps reinvigorate early-stage activity.

Early-stage deal activity will be a key area to watch in the second half of 2026 and into 2027, particularly if Anthropic and OpenAI follow in SpaceX’s IPO footsteps. Over the last couple of years, there’s been a lot of focus on late-stage deals given the amount of capital locked up in the market, which has made it difficult for many early-stage startups, particularly those not in the AI space. Now, as money gets pushed back into the private markets, we’ll hopefully see the early-stage deal environment start to improve, which is critical for reinvigorating the ecosystem.

Shivani Sopory

Partner

KPMG in the US