The US venture market changed significantly in 2025. How you respond could shape your company's next few years.

In this report, compiled in collaboration with Pitchbook, we break down what drove fundraising and dealmaking across the Bay Area, New York, and Boston in 2025, and what founders and finance leaders could expect heading into 2026.

What's Inside:

• Why it got harder to raise and what's starting to change 
• How AI reshaped where capital is going and what it means if you're not an AI company
• What's driving the gap between how AI and non-AI companies are valued right now
• Where liquidity is coming back and how to think about your exit options
• What founders can do now to be better prepared for their next raise or exit.