May 2026
VENTURE CAPITAL REPORT
VENTURE CAPITAL REPORT
The report analyzes the VC market in the Americas and Europe, focusing on growth- and late-stage companies. It includes statistics on deals, capital raised, valuations, funding round sizes,
and descriptions of new unicorns.
SUMMARY
Monthly Americas and Europe
VC Market Report
Jun 15, 2026
VC Market Report
Jun 15, 2026
Deal Count & Total Capital Invested
In May 2026, the number of deals concluded by VC-backed companies with a valuation of $100M or more remained unchanged compared to April (107 deals). Year-over-year, the number of deals declined by 20%.
In 2024-2025, deal count grew slightly, facilitated by the gradual easing of monetary policy by the Fed and the ECB. At the same time, interest rates remain high as of now. The overall deal count remained stable in May due to lower activity in the $100-1B segment and higher activity in the $1B+ segment compared to the previous month.
In 2024-2025, deal count grew slightly, facilitated by the gradual easing of monetary policy by the Fed and the ECB. At the same time, interest rates remain high as of now. The overall deal count remained stable in May due to lower activity in the $100-1B segment and higher activity in the $1B+ segment compared to the previous month.
Deal structure by valuation segments, May 2026
In total, the late-stage segment accounted for 42% of the total number of deals in May 2026.
Fact
Total capital invested in venture-backed companies worth over $100M in May was $15.6B, which is 48% or $5.07B more than in April ($10.6B). Compared to May last year, the investment volume increased by 43%.
In 2025, the venture capital market showed signs of recovery associated with the start of a cycle of federal funds rate cuts in September 2024. We expect that these macroeconomic dynamics, along with growth in the average size of investment rounds, increased liquidity in the exit market, and the continuing AI boom, could lead to moderate, and under favorable conditions, more pronounced growth in venture capital investment in 2026.
In December 2025, the US Federal Reserve decided to cut the federal funds rate by 25 basis points to 3.50-3.75%, a decision that was in line with market expectations and the third in 2025.
According to the baseline forecast of the Federal Reserve Board members, the rate will be at 3.00-3.25% by the end of 2026.
In December 2025, the US Federal Reserve decided to cut the federal funds rate by 25 basis points to 3.50-3.75%, a decision that was in line with market expectations and the third in 2025.
According to the baseline forecast of the Federal Reserve Board members, the rate will be at 3.00-3.25% by the end of 2026.
Invested capital ($B) structure by valuation segments, May 2026
Number of deals with VC companies valued at $100M+ and Fed Funds Rate, 2022-2026
- In May 2026, a total of $14.1B was raised in Series B and above rounds, with $6.5B coming from Series B, $2.1B from Series C, $1.7B from Series D, and $3.8B from Series E+.
- Throughout 2023–2025, growth- and late-stage investment showed steady growth. If the current trend continues, 2026 could be even more active. AI companies are making a significant contribution to this dynamic, as they scale their businesses and monetize their products, moving on to later investment rounds, including Series D/E/F.
Median Round Size & Post-Money Valuation
Median round size by valuation segments, 2022-2026, $M
Early stages show stable dynamics in median investment round sizes, while later stages demonstrate high volatility due to the effect of individual large deals.
The median round size in May 2026 for companies valued at $1B+ was $200M (+45% MoM), while for the $100-250M, $250-500M and $500-$1B segments, it reached $28M (-15% MoM), $60M (+26% MoM) and $71M (+25% MoM), respectively.
The median round size in May 2026 for companies valued at $1B+ was $200M (+45% MoM), while for the $100-250M, $250-500M and $500-$1B segments, it reached $28M (-15% MoM), $60M (+26% MoM) and $71M (+25% MoM), respectively.
The trend of normalization of time intervals between rounds indicates that investors remain selective in their investments amid higher cost of capital, with startups taking longer to reach the next round criteria.
The normalization of investment intervals is particularly notable for companies valued up to $1B, supporting the trend towards investor caution. In May, the median time between rounds in the $100-250M, $250-500M and $500M-1B segments was 21 months, 23 months and 26 months, respectively.
At the same time, companies with valuations of $1B+ are raising money faster as investors bet on assets with higher financial strength. In May, the median time between rounds in the $1B+ segment was 11 months.
The normalization of investment intervals is particularly notable for companies valued up to $1B, supporting the trend towards investor caution. In May, the median time between rounds in the $100-250M, $250-500M and $500M-1B segments was 21 months, 23 months and 26 months, respectively.
At the same time, companies with valuations of $1B+ are raising money faster as investors bet on assets with higher financial strength. In May, the median time between rounds in the $1B+ segment was 11 months.
Median time between investment rounds in the 1B+ valuation segment, 2022-2026, in months
Median post-money valuation by valuation group, 2022-2026, $M
- $1B+ companies show volatility in post-money valuation. However, in 2024-2025, there is a trend toward an increase in the median valuation of unicorns ($1B+).
- At the end of May, the median post-money valuation in the $1B+ segment was $2.15B (+8% MoM), while for the $100-250M, $250-500M and $500-$1B segments the figure reached $0.14B (-20% MoM), $0.33B (+9% MoM) and $0.63B (-5% MoM), respectively.
Fact
In May 2026, median valuation step-up for the $1B+ segment was 2.0x, while for companies valued at $100-250M, $250-500M, and $500-1B, it reached 2.2x, 3.1x and 3.2x, respectively.
In May 2026, unicorns ($1B+) were at the median valuation step-up level, which is explained by historically more restrained revaluation multiples at later stages, as well as heightened sensitivity of such companies to macro conditions. At the same time, current multiples (with a few exceptions) are at a level similar to early stages, which reflects continued strong investor interest in late-stage companies.
Median valuation step-up for companies with $1B+ valuation, 2022-2026
Key statistics for Growth and Late Stage companies, Ma\y 2026
Exits & Bankruptcies
The number of VC exits reached 17 in May 2026: 17 of them were made through M&A (acquisition of a controlling stake by a strategic investor).
The total volume of deals associated with VC exits fell to $18B, down 42% from a month earlier.
During 2023-2024, the number of bankruptcies remained at a high level with peaks in May (103) and July (99) 2024, but in the second half of 2024, the number of bankruptcies the number began to decline and in May 2026 returned to a level close to that of 2021-2022, totaling 34 cases. Further dynamics will depend on macroeconomic conditions and capital availability.
The total volume of deals associated with VC exits fell to $18B, down 42% from a month earlier.
During 2023-2024, the number of bankruptcies remained at a high level with peaks in May (103) and July (99) 2024, but in the second half of 2024, the number of bankruptcies the number began to decline and in May 2026 returned to a level close to that of 2021-2022, totaling 34 cases. Further dynamics will depend on macroeconomic conditions and capital availability.
Number of bankruptcies, 2022-2026
Top-5* New Rounds Raised by Companies with $1B+ Valuation
* Sorted by post-money valuation
* Sorted by post-money valuation
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Anduril IndustriesAnduril Industries – developer of an autonomous defense technology designed to automate surveillance and threat detection for national security purposes
- Industry: AR, AI & ML, Robotics and Drones
- Round size: $5B (Series H)
- Round date: 13 May 2026
- Total funding: $11.87B
- Valuation: $61.00B
- Investors: Gaingels, Andreessen Horowitz, FJ Labs, General Catalyst, Lightspeed Venture Partners, SV Angel, Lux Capital
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CognitionCognition –developer of an AI software engineer designed to manage development projects from inception to completion
- Industry: AI & ML
- Round size: $1B (Series D)
- Round date: 27 May 2026
- Total funding: $1.74B
- Valuation: $26.00B
- Investors: General Catalyst, Khosla Ventures, Soma Capital, Lux Capital, Founders Fund, Bain Capital Ventures, 8VC, Pear (California)
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KalshiKalshi –CFTC (Commodity Futures Trading Commission) regulated exchange and prediction market where users trade event contracts on the outcomes of real-world events
- Industry: FinTech, Mobile
- Round size: $1.2B (Series F)
- Round date: 21 May 2026
- Total funding: $2.79B
- Valuation: $22.00B
- Investors: Y Combinator, Sequoia Capital, Andreessen Horowitz, General Catalyst, SV Angel, Soma Capital, Global Founders Capital
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SierraSierra – AI customer-experience company that helps enterprises build and deploy AI agents across chat, email, voice, WhatsApp, SMS, and other channels
- Industry: AI & ML
- Round size: $950M (Series E)
- Round date: 04 May 2026
- Total funding: $1.58B
- Valuation: $15.80B
- Investors: Sequoia Capital, Kleiner Perkins, SV Angel, Tiger Global Management, Benchmark Capital Holdings
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CommureCommure– developer of a cloud-based interoperable platform designed to focus on accelerating healthcare software innovation
- Industry: AI & ML, Digital Health, HealthTech
- Round size: $70M (Later Stage VC)
- Round date: 19 May 2026
- Total funding: $859.71M
- Valuation: $7.00B
- Investors: Y Combinator, Sequoia Capital, General Catalyst, Lux Capital, 8VC, Liquid 2 Ventures, Morgan Stanley, Quiet Capital
Important notice: The figures presented in the reports for previous periods may be subject to subsequent backward-looking adjustments in later reports due to the delay in obtaining data on closed transactions and the possibility of their adjustments in the market intelligence systems used to extract deal data.
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