Venture capital is not what it was

U.S. venture capital investment easily hit an all-time record in Q1 2026, according to data released today by PitchBook and the National Venture Capital Association. In fact, domestic startups raised more last quarter than in any entire year, save for 2021 and 2025.

Yes, but: U.S. venture capital investment decreased quarter-over-quarter, if you remove just five Q1 2026 transactions.

Why it matters: Traditional VC metrics no longer make much sense, at least if used to gauge the health of America's startup ecosystem. READ MORE