PitchBook年美国风险投资展望（英）

2026 US VENTURE CAPITAL OUTLOOK1Institutional Research GroupKyle Stanford, CAIA Director of Research, US Venture kyle.stanford@pitchbook.comEmily Zheng Senior Research Analyst, Venture Capital emily.zheng@pitchbook.comKaidi Gao Senior Research Analyst, Venture Capital kaidi.gao@pitchbook.comSusan Hu Quantitative Research Analyst susan.hu@pitchbook.compbinstitutionalresearch@pitchbook.comPublished on December 1, 20252026 US Venture Capital OutlookOur analysts’ outlook on the venture market in 2026PitchBook is a Morningstar company providing the most comprehensive, most accurate, and hard-to-find data for professionals doing business in the private markets.2026 outlooks4 The early stages of the market will see a surge in deal activity.9 Later-stage deal activity will remain strong.13 Liquidity will return, though recovery will remain uneven.16 Fundraising has bottomed out, and a gradual rebound awaits as distributions and LP sentiment improve.2026 US VENTURE CAPITAL OUTLOOK2IntroductionOptimism in the US venture market heading into 2026 may not differ much from that at the start of 2025. Public markets had been trading at or near all-time highs, liquidity is still a major concern for venture capital, and further rate cuts are expected as the new year begins. Meanwhile, geopolitical tensions continue, though their impact on markets has somewhat lessened, and inflation is back to where it was a year ago. US GDP growth has returned to an annualized rate of 3.8% (as of Q2), aligning with the 3.6% rate from a year prior.What is different is that the Trump administration has had nearly a year to implement its policies, reducing the chances of legislative surprises in 2026. Now, the likelihood of rapid regulatory change in the market is low, contrasting sharply with last year when the changing administrations raised hopes of an M&A rebound and a more relaxed regulatory environment. Overall, we maintain a cautiously optimistic outlook for 2026, expecting tempered growth in IPOs, relatively improved market liquidity through secondaries, and continued growth in the number of completed deals, especially at the early stages.Liquidity will remain the primary challenge for the VC market in 2026. Despite a rebound in exit value in 2025, the year’s total is projected to fall below $300 billion, trailing not only 2021 but also 2020 and 2019. Fourth place is not bad, except that the net asset value (NAV) of VC has doubled since 2020, with the prior three years also having relatively low exit values. However, both big-ticket M&A and the number of unicorns going public noticeably increased in 2025. Exits of $500 million or more accounted for 91% of total exit value through Q3.We expect exit counts to continue to increase. Barring a major market event, public market multiples will likely keep expanding. Although the Federal Trade Commission has not explicitly commented on lowering M&A barriers, none of the year’s large deals has faced as much scrutiny as it might ha