Venture Capital Splits Into Two Industries

SVB released its 2026 State of the Markets report on venture funding and startups, showing that 2025 saw nearly $340 billion invested but capital concentrated in the top 1% of companies. The report finds higher revenue benchmarks for raises (median Series A ~$2.5M), slower top-quartile growth, rise of extension rounds, AI valuation premiums, weaker IPO returns, and falling VC fundraising that shifts opportunity to new managers.