Wilson Sonsini is pleased to present the Q2 2026 edition of The Entrepreneurs Report. We’ve compiled a range of data on venture, convertible note, and SAFE financing transactions in which the firm was involved during the second quarter, with the objective of identifying relevant trends in activity and valuation levels for the U.S. venture capital industry in general.

Key features of this edition:

• Market Perspectives – Mid-Year Check-In: Artificial intelligence (AI) continues to dominate headlines in the first half of 2026, but deal activity is robust in other sectors as well. We hear from a number of Wilson Sonsini partners about what they are currently seeing in the venture ecosystem and what near-term developments might be in store.

• Growth-Stage Valuations Surge as Seed Cools Slightly: Median valuations climbed sharply from Series A through later stages in Q2 2026, though the largest late-stage figures may reflect a few outsized deals more than a broad repricing. Median Seed valuations eased from the prior quarter, while fundraise amounts held mostly firm across stages.

• Up Rounds Climb to 95% of Later-Stage Financings: The share of up rounds among Series B and later companies rose past 95% in Q2 2026, the highest level since 2021, while down and flat rounds each eased, reflecting continued investor confidence in growth-stage companies.

• SAFE Activity Moderates as Bridge Terms Firm Up: SAFE fundraise amounts continued normalizing toward 2021 levels, with valuation caps remaining the dominant pricing mechanism. Post-Seed convertible notes held near a $2-3 million median through the first half of 2026, with interest rates and maturities shifting modestly.

Our position as a leader in counseling emerging growth companies across the U.S. provides us with a wealth of data and experience to support our clients. We hope you find this information valuable and welcome any questions or requests for additional insights.

Click here to read the Q2 2026 edition of The Entrepreneurs Report.