kpmg -2026年第二季度全球风险投资分析 Venture Pulse Q2 2026 Global analysis of venture funding

VenturePulse

Q22026

Globalanalysisofventurefunding

July15,2026

KPMG.MaketheDifference.

Welcomemessage

WelcometotheQ2’26editionofKPMG’sVenturePulse,aquarterlyreporthighlightingthekeytrends,opportunitiesandchallengesfacingtheventurecapitalmarketgloballyandinmajorjurisdictionsaround

theworld.

GlobalVCinvestmentremainedverystronginQ2’26($227.4billion),despitefallingfromarecord$332.9billioninQ1’26(whichincludeda$122billionraisebyOpenAI).TheUSsawthelargestshareofVCinvestmentduringthequarter($144.9billion),includingthethree

largestVCdealsglobally:a$65billionraisebyLLM-focusedAnthropic,a$12billionraisebyAImodelingcompanyProjectPrometheus,1anda$5billionraisebyAI-powereddefensetechAndurilIndustries.

InAsia,VCinvestmentjumpedto$50.8billioninQ2’26,helpedbyChina’s18-quarterhighof$35.1billionininvestment;duringthe

quarter,Chinasawfourcompaniesraise$2billion+fundingrounds:

(Deepseek:$7.4billion,ByteDance—$3billion;StepFun—$2.5billion;MoonshotAI—$2billion).AfterarobustQ1’26,EuropeattractedamoremodestlevelofVCinvestment

($25.6billion),ledbythree$1billion+raises:IsomorphicLabs($2.1billion),ICEYE($1.2billion)andIneffableIntelligence

($1.1billion).

TheAIspaceremainedhighlyactiveintheeyesofVCinvestors

duringQ2’26,withindustry-focusedAIsolutionscontinuingtoattractinvestorinterestacrosstheAmericas,AsiaandEurope.Defensetech,biotechandfintechalsosawsignificantattentionfromVCinvestorsgloballyduringthequarter.

GlobalexitactivityspikedinQ2’26,althoughasmallnumberof

largeexitsaccountedforthesubstantialriseinexitvalue.SpacetechcompanySpaceX—whichhadseparatelyacquiredxAIfor

$250billioninQ1’26—heldthelargestIPOinhistoryduringQ2’26,raising$75billioninitsdebutontheNasdaq;2thisnumberclimbedto$85.7billionafterallgreenshoeoptionswereexercised.3AI

chipmakerCerebrasalsoheldasuccessfulIPOduringthequarter,raising$5.5billioninitsdebutontheNasdaq.4

HeadingintoQ3’26,AIisexpectedtoremainthelargestdriverofVCinvestmentglobally,withinvestorsshowingcontinuedinterestin

industry-focusedsolutions.Givenongoinggeopoliticaluncertainties,investmentindefensetechisalsoexpectedtobequitehot.Many

eyeswillalsobeontheUSIPOmarket,withtheexpectationthatbothAnthropicandOpenAIareexpectedtofollowSpaceXbeforeyear-end.

Inthisquarter’seditionofVenturePulse,weexaminetheseandanumberofotherglobalandregionaltrends,including:

•TheongoingsurgeinlargeAImegadeals

•TheshiftingIPOenvironmentinthewakeoftheSpaceXIPO

•Thegrowingfocusondeeptech,includinglonger-termplays

•Theincreasingattentionbeingpaidtodual-usedefenseopportunities

WehopeyoufindthiseditionofVenturePulseinsightful.Ifyouwouldliketodiscussanyoftheresultsinmoredetail,pleasecontacta

KPMGadviserinyourarea.

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whetheryou’relookingtoreachnewheights,embracetechnology,planforanexitor

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GlobalHead,KPMGPrivateEnterprise,KPMGInternationalandPartner

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1AnniePalmer,“BezosopensupaboutAIstartupPrometheusafter$12billionraise:‘We’renotbeingsecretive’”,updated11June2026,

CNBC.com

,accessed5July2026.

/2026/06/1

1/project-prometheus-bezos-bajaj-live-updates.html

2ThomsonReuters,“SpaceXstockjumpsafterrecordIPO,makingMuskthefirsttrillionaire”,updated12June2026,CBC.ca,accessed5July2026.https://www.cbc.ca/news/business/spacex-ipo-opens-9.7233364

3LoraKolodny&ChrisEudaily,“SpaceXIPOraisestotalof$85.7billionasunderwritersexercise‘greenshoe’overallotmentoption”,updated15June2026,CNBC.com,accessed5July2026./2026/06/15/spacex-ipo-spcx-greenshoe-overallotment.html

4JulieBort,“Cerebrasraises$5.5B,thenstockpops108%,inthefirsthugetechIPOof2026”,14May2026,TechC,accessed5July2026./2026/05/14/cerebras-raises-5-5b-kicking-off-2026s-ipo-season-with-a-bang/

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Contents

04

Global

•VCinvestmentsurges

to$227.4BamidAI

megadeals

•AIdominatesdeal

value,withfunding

highlyconcentratedat

thetop

•Megadealsskewexit

andfundraisingtallies

•Fundraisingrebounds,

drivenprimarilybythe

largestfunds

•Geopoliticaluncertainty

cloudstheQ3outlook

18

US

•VCinvestmenthitsa

record$144.9B,ledbyAI

•Two$10B+AI

megadealsreshape

marketdynamics

•Mediandealsizesrise

acrossstages,drivenby

late-stagerounds

•IPOmarketpausesamid

geopoliticalconflict

•LPsconcentratecapital

inestablished,large

funds

33

Americas

•Valuationsrebound,

skewedbyUSAI

megadeals

•CanadaandMexico

shapedbyoutlier

transactions

•AIcontinuestodrive

late-stageactivityand

unicorncreation

46

Europe

•Europepostsrecord

numberof$1B+deals

•VCactivityremains

highlyselective,focused

onscaleanddefensibility

•DefensetechandAIgain

momentumamid

geopoliticaltensions

•Fundraisingremains

sluggishdespitestrong

dealvalue

71

Asia

•VCinvestmentriseson

AI,semiconductorsand

infrastructure

•Governmentand

corporatecapitalplayan

outsizedrole

•Chinastabilizes;Japan

becomesmoreselective

•IPOactivityimprovesin

HongKong(SAR),China

90

Africa

•VCinvestmentstayssoft

asinvestorsturnmore

selective

•Fintechstilldominates,

butthefundingbarkeeps

rising

•Regulationandelection

cyclesmakeglobal

investorscautious

•Healthtechand

climatetechemergeas

areastowatch

GlobalUSAmericasEuropeAsiaAfrica

Globally,inQ2’26

VC-backedcompaniesraised$227.4billionacross8,440deals

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4

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GlobalUSAmericasEuropeAsiaAfrica

AftersurgingtoanewhighinQ1’26,globalVCinvestmentremainsstronginQ2’26

GlobalVCinvestmentreacheditssecond-highesttotaleverinQ2’26,helpedbythesecond-largestVCfundingroundeverrecorded:a$65billionraisebyUS-basedLLMAnthropic.Despitetherobustresult,thistotalfellwellshyoftheQ1’26record($332.9billion),whichincludedLLMOpenAI’sstaggering

$122billionfundinground.

AmericasattractslargestshareofVCfundinginQ2’26,whileAsiacontinuesitsrebound

TheAmericasdominatedglobalVCinvestmentinQ2’26,attracting$150billionacross3,999deals.theUSaccountedforthevastmajorityofthistotal,attracting$144.9billionacross3,644deals,

includingeightoftheregion’s$1billion+deals.AsiaalsocontinueditsVCinvestmentrebound,

surgingto$50.8billionacross2,676dealsinQ2’26,afourthconsecutivequarterofimprovement,drivenbyafreshsurgeinmegadealsinChina,includingfour$1billion+fundingrounds.Meanwhile,EuropealsosawanothersolidquarterofVCinvestmentwith$25.6billioninvestedacross

1,636deals.

Allregionsattract$1billion+AIdealsinQ2’26asAIspaceshowsnosignsoffaltering

AIremainedthedominantforceintheVCmarketgloballyduringQ2’26,withlargedealsseenacrosstheAmericas,AsiaandEurope.Atajurisdictionallevel,theUSattractedthelargestshareofAI

fundingbyfar;inadditiontoAnthropic’sbigraise,theUSsawProjectPrometheusraise$12billion,AI-powereddefensetechAndurilIndustriesraise$5billion,andAIcodingcompanyCognitionAIraise$1billion.

InAsia,ChinaattractedthelargestshareofAI-focusedVCinvestmentduringQ2’26,ledbya

$7.4billionraisebyDeepSeek,5a$3billionraisebyAI-poweredcontentplatformByteDance,

a$2.5billionraisebyLLM-focusedStepFun,anda$2billionraisebyLLM-focusedMoonshotAI.

InEurope,UK-basedAIlabIneffableIntelligenceraised$1.1billioninQ2’26,whilebothaUK-basedautonomousvehiclefirmandSweden-basedAI-poweredlegaltechLegoraannouncedadd-onsto

roundsannouncedinQ1’26,bringingtheirtotalsraisedto$1.26billion6and$600million7respectively.

Defensetechandspacetechcontinuetoattractsignificantattentionglobally

OngoinggeopoliticaltensionsandtheincreasingfocusondevelopingsovereigndefensecapabilitiesbyanumberofjurisdictionshelpedkeepglobalVCinvestorinterestindefensetechhighinQ2’26.

WhileUS-basedAndurilIndustriesraisedthelargestdefensetechfundingroundglobally($5billion)

duringthequarter,Europecontinuedtoseearobustenvironmentfordefensetechinvestment,attractinga$392millionraisebydual-usehybrid-electricaircraftcompanyAuraAero.

Spacetechalsosawagreatdealofinterest,giventherecord-breakingIPOofSpaceXduringthe

quarter.Otherspacetechfirmsalsoraisedsizablerounds;onenotableexamplewasIndia-basedlaunchvehiclecompanySkyrootAerospace,whichraised$60milliontobecomeIndia’sfirstspacetechunicorn.

Lifesciencesandbiotechseesomeresurgenceacrossjurisdictions

Globally,lifesciencesandbiotechsawgoodtractionduringQ2’26,evidencedbya$2.1billionraise

byUK-basedAIdrugdesignenginecompanyIsomorphicLabsanda$1.5billionraisebyUS-based

MiRus,abiotechfocusedontreatmentsolutionsforcardiovascularandorthopedicdiseases.InAfrica,concernsaboutaffordabilityandaccesstohealthcarearealsostartingtogaintraction;thiscouldleadtogrowinginvestmentinthehealthtechspaceintheregionoverthecomingyear.

5DongyanZheng,“DeepSeekCloses$7.4BillionDebutFundingRoundUnderFounder-ControlStructure”,16June2026,ChinaBizI,accessed5July2026./deepseek-closes-7-4-billion-debut-funding-round-under-founder-control-structure/

6ArjunKharpal,“ChipgiantsAMD,QualcommandArmbackdriverlesscarstartupWayvewithfreshfunds”,15April2026,CNBC.com,accessed5July2026./2026/04/15/wayve-fund-raise-amd-qualcomm-arm.html

7Legora,“LegoraextendsSeriesDwithadditional$50million,welcomesAtlassianandNVenturesasinvestors”,30April2026,L,accessed5July2026./newsroom/legora-extends-series-d-with-additional-50-million-welcomes-atlassian-and-nventures-as-investors

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GlobalUSAmericasEuropeAsiaAfrica

AftersurgingtoanewhighinQ1’26,globalVCinvestmentremainsstronginQ2’26,cont’d.

Interestinquantumcomputingcontinuestoattractinvestorinterestaftersurgein2025

WhileglobalVCinvestmentinquantumcomputinghasfallenoffpaceof2025’srecord,investor

interesthascontinuedtobubble,evidencedbyNetherlands-basedQuantWareraising$178million8andGermany-basedeleQtronraising$66million.IntheAmericas,publiclistingsbyquantumfirmshavealsogainedsomeattention.AtthetailendofQ1’26,Canada-basedXanaduhelda

$302millionSPACmergerwithCraneHarborAcquisitionCorp,listingonboththeNasdaqand

TorontoStockExchange.ThiswasfollowedinJunebyUS-basedQuantinuumraising$1.6billioninanIPOontheNasdaq,earningavaluationof$17.6billion.9

Onechallengewithmanyquantumcomputingsolutionsistheirperceivedtimetocommercialization,whichisoftenviewedaslongerthanmosttechnologyplaysoutsideofbiotech;thisiscausingsomeVCinvestorstotakemoretimetoconsiderpotentialinvestments.Long-term,thereisstillstrong

beliefinquantum’sabilitytosupportlong-termapplicationsacrossindustries,likemedicalresearch,particularlypairedwithAI.

RecordSpaceXIPOexpectedtocauseripplesintheglobalIPOmarketthroughtheremainderof2026

ExitactivitywasinthespotlightinQ2’26,particularlyontheUSIPOfront.Duringthequarter,severalAIfirmsheldIPOs,includingAIchipmakerCerebras,whichraised$5.5billioninitsIPOontheNasdaqinMay.ThisresultwaseclipsedinJunebySpaceX’sIPOontheNasdaq;thespacetechcompanyraised$75billion,withanadditional$10.7billionaftergreenshoeoptionswereexercised,atavaluationofover$2trillion.10,11

Duringthequarter,bothAnthropicandOpenAIalsofiledconfidentiallywiththeSEC,whichcouldseethecompaniesgoingpublicbeforeyearend.HowthiswillaffecttheIPOtimelinesofotherstartupsissomewhatofaquestionmark;activitycouldslowsomewhatasothercompanieschoosetoholdbacksoastoavoidbeingovershadowed.

InAsia,IPOactivityremainedstrongintheChineseMainlandandHongKong(SAR),withthelatter

increasingitseffortstoattracttheIPOsordual-listingsofinternationalcompanies.InEurope,however,exitactivityremainedexceptionallysubdued.

TrendstowatchforinQ3’26

HeadingintoQ3’26,AIisexpectedtoremainahighlyactiveareaofVCinvestmentgloballygivenitsgrowingreachintodifferentindustriesandverticals,andtheperceivedaddressablemarketsfordifferentsolutions.

Givenongoinggeopoliticaltensionsanduncertainties,VCinvestmentindefensetechisalsoexpectedtoremainverystrongheadingintoQ3’26,particularlyintheUSandEurope.Numeroussubsectorsarewell-positionedtoseegrowinginvestment,includingautonomoussystems,autonomousdronesandvehicles,defensesoftware,andspaceandsatelliteintelligence.Dual-usecapabilitieswillalsoremainveryhighontheradarofinvestorsascompaniesincreasinglylookathowciviliansolutionscanbeappliedwithindefensecontexts.

FintechisalsoexpectedtoremainasolidareaforVCinvestment,particularlyinregionslikeLatinAmericaandAfrica,alongwithhealthandbiotech.

8QuantWare,“QuantWareRaises$178MilliontoBuildWorld’sMostPowerfulQuantumProcessorsatanIndustrialScale”,5May2026,

Q

,accessed5July2026.

/news/quantware-raises-178-million

9PrakharSrivastava&PritamBiswas,“Honeywell’sQuantinuumvaluedat$17.6billionassharesriseinNasdaqdebut”,4June2026,ReutersviaYahooFinance,accessed5July2026.

/sectors/technology/articles/honeywells-quantinuum-heads-nasdaq-debut-104829320.html

10MaxZahn,“SpaceXsoarsaftertradingbeginsinlargestIPOofalltime”,12June2026,ABCN,accessed5July2026./Business/spacex-ipo/story?id=133713436

11BBCNews,“SpaceXIPOraised$10bnmorethanthought”,15June2026,BBC.com,accessed5July2026./news/articles/cgrk21wnvy9o

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GlobalUSAmericasEuropeAsiaAfrica

VCinvestmentkeepsuparapidpace

Globalventurefinancing

2020–Q2’26

$78.9

$79.1

$105.3

$118.8

$165.9

$180.6

$198.1

$206.2

$177.7

$145.5

$110.4

$94.9

$105.6

$85.6

$85.4

$85.7

$83.2

$93.8

$86.8

$133.5

$129.4

$127.5

$120.1

$131.2

$332.9

$227.4

$350

$300

$250

$200

$150

$100

$50

$0

Q1

20,000

18,000

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

Dealvalue($B)DealcountPre-seed/SeedEarlyVCLaterVCVenturegrowth

2020202120222023202420252026

Q3Q4Q1Q2Q3Q4Q1Q2Q3

Q4Q1Q2Q3Q4Q1Q2

Q3

Q3

Q1

Q2

Q2

Q2

Q4

Q1

Q4

Source:KPMGPrivateEnterpriseanalysisofPitchBookdata,Q2’26.DataasofJune30,2026.PitchBookdataisproprietaryandsubjecttofinalinternalvalidationpriortopublication.

AIisrapidlybecomingafinanceandgovernanceissueaswemovepast

theproofofconcept.Isitinmany

boardroomswheremoreandmore

questionsarebeingaskedaroundthetotalcostofownershipofAIinitiatives,includinginfrastructure,data,security,andcompliancecosts.

Themostchallengingquestionis

often:wherearethesavingsthatwilloffsetthosecosts?”

ConorMoore

GlobalHead,

KPMGPrivateEnterprise,

KPMGInternationalandPartner

KPMGintheUS

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GlobalUSAmericasEuropeAsiaAfrica

Cautiousoptimismcementsgains,butcautionremains

Globalmediandealsize($M)bystageGlobalup,flatordownrounds

2020–2026*2020–2026*

$30

$25

$20

$15

$10

$5

$0

$20.0

$7.0$5.0

$2.0

2020202120222023202420252026*

Pre-seed/SeedEarlyVCLaterVCVenturegrowth

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2020202120222023202420252026*

Up

Flat

Down

Source:KPMGPrivateEnterpriseanalysisofPitchBookdata,Q2’26.DataasofJune30,2026.PitchBookdataisproprietaryandsubjecttofinalinternalvalidationpriortopublication.

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GlobalUSAmericasEuropeAsiaAfrica

FinancingsizescontinuedtoriseinQ2'26

Globalmediandealsize($M)byseries

2020–2026*

$0.5

$121.7

$50.0

$29.0

$14.5

$2.7

2020202120222023202420252026*$0.2

Pre-seedSeedAngelABCD+

$140

$120

$100

$80

$60

$40

$20

$0

Source:KPMGPrivateEnterpriseanalysisofPitchBookdata,Q2’26.DataasofJune30,2026.PitchBookdataisproprietaryandsubjecttofinalinternalvalidationpriortopublication.

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GlobalUSAmericasEuropeAsiaAfrica

Valuationssprintpast2021levelsforSeriesD+

Globalmedianpre-moneyvaluation($M)byseries

2020–2026*

$6.3

$458.0

$166.5

$55.8

2020202120222023202420252026*$3.6

Pre-seedSeedAngelABCD+

Source:KPMGPrivateEnterpriseanalysisofPitchBookdata,Q2’26.DataasofJune30,2026.PitchBookdataisproprietaryandsubjecttofinalinternalvalidationpriortopublication.

$1,800

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$0

$1,697.5

$14.1

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GlobalUSAmericasEuropeAsiaAfrica

Capitalconcentrationsskewextremelytowardthelateststage

Globaldealsharebyseries

2020–2026*,numberofcloseddeals

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2020202120222023202420252026*

D+

wC

B

A

Angel

Seed

Pre-seed

Globaldealsharebyseries

2020–2026*,VCinvested($B)

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

Pre-seed

2020202120222023202420252026*

D+

C

B

A

Angel

Seed

0%

Source:KPMGPrivateEnterpriseanalysisofPitchBookdata,Q2’26.DataasofJune30,2026.PitchBookdataisproprietaryandsubjecttofinalinternalvalidationpriortopublication.

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privateEnterprise

GlobalUSAmericasEuropeAsiaAfrica

AI-drivensoftwaredwarfsallothersectorsinVCinvested

GlobalfinancingtrendstoVC-backedcompaniesbysector

2020–2026*,numberofcloseddeals

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2020202120222023202420252026*

Transportation

Commercialproducts&services

Consumergoods&services

Software

Pharma&biotech

Other

Media

IThardware

HCservices&systems

HCdevices&supplies

Energy

GlobalfinancingtrendstoVC-backedcompaniesbysector

2020–2026*,VCinvested($B)

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2020202120222023202420252026*

Transportation

Commercialproducts&services

Consumergoods&services

Software

Pharma&biotech

Other

Media

IThardware

HCservices&systems

HCdevices&supplies

Energy

Source:KPMGPrivateEnterpriseanalysisofPitchBookdata,Q2’26.DataasofJune30,2026.PitchBookdataisproprietaryandsubjecttofinalinternalvalidationpriortopublication.

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GlobalUSAmericasEuropeAsiaAfrica

First-timefinancingscouldoutpace2025

CorporateVCparticipationinglobalventuredeals

$38.4

$39.6

$58.4

$63.6

$82.8

$89.2

$112.3

$107.7

$92.0

$71.0

$53.3

$48.3

$58.8

$39.7

$42.8

$40.2

$41.2

$49.5

$41.8

$81.1

$83.1

$72.8

$66.9

$66.8

$274.6

$149.1

2020–Q2’26

Globalfirst-timeventurefinancingsofcompanies

$61.3

$99.8

$88.5

$63.5

$64.4

$74.5

$44.0

$120

$100

$80

$60

$40

$20

$0

2020202120222023202420252026*

Dealvalue($B)——Dealcount

30,000

25,000

20,000

15,000

10,000

5,000

0

2020–2026*

Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2

202120222023202420252026Dealvalue($B)Dealcount

5,000

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

$300

$250

$200

$150

$100

Q1Q2Q3Q4Q12020

$50

$0

Source:KPMGPrivateEnterpriseanalysisofPitchBookdata,Q2’26.DataasofJune30,2026.PitchBookdataisproprietaryandsubjecttofinalinternalvalidationpriortopublication.

Note:Thecapitalinvestedisthesumofalltheroundvaluesinwhichcorporateventurecapitalinvestorsparticipated,nottheamountthatcorporateventurecapitalarmsinvestedthemselves.Likewise,dealcountisthenumberofroundsinwhichcorporateventurefirmsparticipated.Thisappliestoallsubsequentdatasetsthataresimilar.

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GlobalUSAmericasEuropeAsiaAfrica

ExitactivityremainshighlyskewedbyoutsizedAItransactions

Globalunicornrounds

2020–Q2’26

$26.1

$36.8

$49.5

$46.8

$77.3

$81.7

$94.5

$87.3

$64.0

$46.6

$28.4

$25.9

$40.4

$20.3

$22.7

$25.0

$22.6

$32.0

$27.7

$65.7

$69.5

$61.4

$49.8

$59.7

$250.0

$149.5

$300

$250

$200

$150

$100

$50

$0

Q1Q2Q