2026年第三季度风险投资脉动报告全球风险投资分析

VenturePulse

Q32026

Globalanalysisofventurefunding

Welcomemessage

WelcometotheQ3’26editionofKPMG’sVenturePulse,aquarterlyreportshowcasingthemajortrends,opportunities,andchallengeswithintheventurecapitalmarketgloballyandinmajorjurisdictionsaroundtheworld.

GlobalVCinvestmentreturnedtoamorenormalizedlevelinQ3’26followinganexceptionallystrongfirsthalfoftheyear,whichincludedthetwolargestVCfundingroundsonrecord:OpenAI’s$122billionraiseinQ1’26andAnthropic’s$65billionraiseinQ2’26,alongsideseveralotherroundsexceeding$10billion.

Despitethequarter-over-quarterdecline,globalVCactivityremainedwellabovehistoricalnorms,reaching$170.9billionacross8,341dealsinQ3’26.ThelargestfundingroundofthequarterwassecuredbyUS-basedDatabricksat$5billion,followedbyAIinfrastructurecompanyCrusoeintheUSat$3.9billion,BeijingMoonshotTechnologyin

Chinaat$3.5billion,andFrance-basedMistralAIat$3.5billion.

AIremainedthedominantthemeforVCinvestorsgloballyinQ3’26,

withinterestrangingfromAImodels,infrastructureandautonomoussystemstophysicalAIandindustry-focusedapplications.Defensetechandalternativeenergyalsocontinuedtoattractsignificantlevelsof

VCinvestment.

Onaregionallevel,theAmericascontinuedtocapturethelargestshareofglobalVCinvestmentinQ3’26,attracting$101.2billion.

TheUSaccountedfornearlyallofthattotal,with$98.4billioninvestedduringthequarterandarecord23fundingroundsvaluedat$1billionormore.

AsiaremainedrobustinQ3’26,attracting$39.8billioninVC

investment,supportedbyacontinuedresurgenceinfundingactivityinChina.MajorroundsincludedBeijingMoonshotTechnology,aswellas

a$3.0billionraisebyKlingAI.Europeattracted$28.4billioninVC

investment—a16-quarterhigh—ledbya$3.5billionraisebyMistralAIinFrance,$1.8billionforHelsinginGermany,and$1.2billioneachforWayveintheUKandQuantumSystemsinGermany.

Followingtherecord-shatteringIPOofSpaceXinQ2’26,theIPO

marketintheUSremainedrelativelystableduringQ3’26.IPOactivityinEuroperemainedsubdued,withsmartringcompanyOuradelayingitsplannedIPOinSeptember,whiletheIPOmarketinHongKong

continuedtoshowstrength.

HeadingintoQ4’26,globalVCinvestmentisexpectedtoremain

strongbuthighlyconcentratedinAIverticalsandinfrastructure,

defensetechandalternativeenergy.Exitactivitymaycontinueata

solidpace,althoughtheUSelectionsinNovembercouldpromptsomeVCinvestorsandIPO-readycompaniestopauseastheyassess

potentialmarketuncertainty.

Inthisquarter’seditionofVenturePulse,weexaminetheseandanumberofotherglobalandregionaltrends,including:

•ThesurginginterestinphysicalAIandrobotics

•Thecontinuedstrengthofdefensetech

•TheimprovementinVCfundraising,atleastatthelargestfundsizes

•ThegrowingfocusonAIecosystemsandinfrastructure

WehopeyoufindthiseditionofVenturePulseinsightful.Ifyouwouldliketodiscussanyoftheresultsinmoredetail,pleasecontacta

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EnterpriseLeader

KPMGBraziland

SouthAmericaCluster

Unlessotherwisenoted,allcurrenciesreflectedthroughoutthisdocumentareinUSdollars.

DatacorrectasofOctober5,2026,andissubjecttochange.

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privateEnterprise2

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Contents

04

Global

•GlobalVCinvestment

reaches$170.9Bin

Q3’26

•AIandinfrastructure

dominatelargefunding

rounds

•PhysicalAIandrobotics

attractgrowinginterest

•Fundraisingimproves,

ledbyverylargefunds

•AI,defenseandenergy

remainQ4priorities

19

US

•USVCinvestment

reaches$98.4BinQ3’26

•Record23roundsof

$1B+reflectAIdemand

•Secondariesbecomea

coreliquidityoption

•Publiclistingsexceed

2024and2025totals

•Fundraisingrebounds,

ledbyestablished

managers

34

Americas

•Americasattract$101.2B,

ledbyUSmegadeals

•Canadainvestmentfallsto

itslowestsinceQ3’18

•InvestmentrisesinMexico

andBrazil

•Fintechremainsafocus

acrossLatinAmerica

47

Europe

•Europeattracts$28.4B,a

16-quarterhigh

•Six$1B+roundssupport

investment

•AIanddefenseattract

majorfundingrounds

•Exitsremainmuted

despitestronginvestment

74

Asia

•Asiaattracts$39.8B,

supportedbyChina’s

rebound

•AImegadealsdrive

largefundingrounds

•Japan’sinvestors

remainhighlyselective

•HongKongIPOactivity

remainsstrong

93

Africa

•Investmentgrows,

concentratedinlarger

deals

•Early-stagestartupsface

fundingshortages

•Fintechleads,withMoove

raising$250M

•MoreAfricanstartups

targetglobalmarkets

GlobalUS

AmericasEurope

Asia

Africa

Globally,inQ3’26

VC-backedcompaniesraised$170.9billionacross8,341deals

#Q3VC

4

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privateEnterprise5

GlobalUS

AmericasEurope

Asia

Africa

GlobalVCinvestmentremainsstrong

GlobalVCinvestmentremainedstronginQ3’26,reaching$170.9billionacross8,341deals.ActivityreturnedtoamoretypicaltrajectoryafterthesignificantoutlierfundingroundsseeninQ1’26(OpenAI,$122billion;Anthropic,$30billion)andQ2’26(Anthropic,$65billion).

However,Q3stillhadmorethanitsshareoflargedeals,with35fundingroundsof$1billionormore

globally,includingarecord23intheUS.Thesemega-roundswereheavilyconcentratedinAIandtheinfrastructuresupportingit,frommodels,softwareandsemiconductorstodatacenters,energy,defenseandadvancedmanufacturing,highlightingwhereinvestorscontinuetoplacetheir

largestbets.

ThelargestdealsinQ3’26includeda$5.0billionraisebyUS-basedAIplatformDatabricks,a$3.9billionraisebyUS-basedAIinfrastructurecompanyCrusoe,anda$3.5billionraisebyChina-basedBeijingMoonshotTechnology(MoonshotAI).

AmericasattractsthehighestlevelofVCfundinginQ3’26,whileallthreecoreregionsrecord$1billion-plusdeals

TheAmericasattractedthelargestshareofglobalVCfundinginQ3’26,with$101.2billioninvestedacross3,947deals,ofwhichtheUSaccountedfor$98.4billionacross3,626deals.Asiafollowedwith$39.8billionacross2,698deals,whileEuropeattracted$28.4billionacross1,497deals.

WhiletheUScontinuedtodominatemega-dealactivity,largefundingroundswerebynomeans

confinedtotheUS.Severalothermarketsattractedbillion-dollar-plusinvestments,including

ChinawithMoonshotAI($3.5billion)andKlingAI($3.0billion),FrancewithMistralAI($3.5billion),AustraliawithFirmusTechnologies($2.0billion),GermanywithHelsing($1.8billion)andQuantum

Systems($1.2billion),theUKwithWayve($1.2billion),SingaporewithAntInternational($1.2billion),ItalywithDomyn($1.1billion),andIsraelwithCyera($1.0billion).

Acrossregions,thecompositionoftheselargeroundswasnotablyconsistent.AIcompaniesandthe

broaderinfrastructuresupportingAI,includingcompute,datacenters,semiconductorsandalternativeenergy,aswellasdefensetechaccountedforasubstantialshareof$1billion-plusfinancings,indicatingtheincreasinglyglobalnatureofinvestmentinstrategicallyimportant,capital-intensivetechnologies.

AIdrivesVCmarketgloballyinQ3’26,butcapacityviewedaskeybottleneck

WhileAIcontinuedtoattractanenormousamountofVCinvestmentgloballyduringQ3’26,VCinvestorsshiftedawayfromconsumerAIandtowardenterprisesolutions.PhysicalAIandroboticsinparticular

sawrobustinterest,giventheirhighperceivedvaluewithintheindustrialmanufacturingsector.

OnecriticalchallengegainingincreasingattentiongloballyintheAIspace,however,iscapacity:the

abilitytomeetskyrocketingdemandforrequiredAIinfrastructure.Investorsacrossthemarketglobally,fromVCsandcorporatestorealestatecompanies,PEfirmsandgovernments,aremakingbigplaystosecureorbuildcapacity.Thisisdrivingsignificantinvestmentintheend-to-endAIvaluechain,fromrealestateanddatacenterstoenergygeneration,semiconductorsandalltheassetsrequiredtosupportdatacenteroperationsandcomputecapacity.

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GlobalUS

AmericasEurope

Asia

Africa

GlobalVCinvestmentremainsstrong(Cont.)

IPOenvironmentremainssolid

FollowingSpaceX’srecordIPOinQ2’26,theIPOenvironmentintheUSremainedsolidduringQ3’26.Meanwhile,theIPOmarketinHongKongremainedactive.IPOactivityinmainlandChinaremainedselective.

IndiawasanotherbrightspotinAsiaduringQ3’26,withaparticularlystrongquarterforIPOactivitythathelpedreinforcemomentumacrosstheregion’spublicmarkets.Europe,bycontrast,remainedrelativelymuted,withIPOactivitycontinuingtolagthestrongermarketreopeningseenintheUSandpartsofAsia.

Fundraisingactivityonpositivetrajectory,drivenbyverylargefunds

Afteraverysoft2025,globalVCfundraisingactivityimprovedconsiderablyin2026,reaching

$157.9billionacross1,204fundsasoftheendofQ3’26.ThereboundhasbeendrivenprimarilybystrongerfundraisingintheUS,where$108.5billionwasraisedacross699funds,andEurope,

where$14.9billionwasraisedacross111funds.EuropeanfundraisingthroughQ3isapproachingthe2025full-yeartotal.Theyear-endoutcomewilldependonfourth-quarterfundclosings.

TrendstowatchforinQ4,26

LookingaheadtoQ4’26,globalVCinvestmentisexpectedtoremainbuoyant,with

continuedfundingdirectedtowardtheAIecosystem.InvestmentinAIinfrastructureis

expectedtoincrease,alongsideinvestmentinphysicalAI,industrialAIandrobotics.GivenconcernsabouttherisingcostsofenterpriseAI,corporateinvestorsmayincreasingly

prioritizeAIcompaniesthatcandemonstratequantifiablevaluefromimplementation,whileVCinvestorsmayfocusmorebroadlyondefensibility.Fromaregulatoryperspective,AIgovernanceisalsoexpectedtoreceivegreaterattentionglobally.

Givengeopoliticaluncertaintiesandthedriveofmanygovernmentsgloballytobuildup

sovereigndefensecapabilities,defensetechisalsoexpectedtocontinuetoseestrong

fundingoverthenextquarterandinto2027.AlternativeenergyisalsoexpectedtoremainakeypriorityforVCinvestors,inparttohelpaddresstheincreasingenergydemands

associatedwithAI.

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GlobalUS

AmericasEurope

Asia

Africa

QuarterlyVCretreatsfromQ1’srecordpeak

Globalventurefinancing

2020–Q3’26

$350

20,000

18,000

$300

16,000

$250

14,000

$200

12,000

10,000

$150

8,000

$100

6,000

4,000

$105.7

$119.4

$167.5

$181.3

$199.5

$205.0

$179.3

$145.5

$109.1

$115.4

$132.0

$130.3

$131.0

$119.5

$129.2

$317.0

$238.9

$170.9

$50

$78.5

$79.8

$94.3

$85.8

$84.9

$85.1

$81.5

$92.2

$87.6

2,000

$00

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3

2020202120222023Dealvalue($B)DealcountPre-seed/Seed

2024

EarlyVC

2025

LaterVC

2026Venturegrowth

Source:VenturePulse,Q3’26,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2026.DataprovidedbyPitchBook,October14,2026

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privateEnterprise8

GlobalUS

AmericasEurope

Asia

Africa

Mediandealsizesclimbateverystagebeyondseed

Globalmediandealsize($M)bystage

2020–2026*

$30

$25

$20

$17.0

$15

$10

$6.9

$5

$5.0

$1.6

$0

2020202120222023202420252026*Pre-seed/SeedEarlyVCLaterVCVenturegrowth

Source:VenturePulse,Q3’26,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2026.DataprovidedbyPitchBook,October14,2026

Globalup,flatordownrounds

2020–2026*

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2020202120222023202420252026*

Up

Flat

Down

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GlobalUS

AmericasEurope

Asia

Africa

Financingsizeskeepclimbing

Globalmediandealsize($M)byseries

2020–2026*

$120

$100

$80

$60

$40

$20

$0

$102.3

$54.0

$28.0

$14.6$2.5

$0.4

$0.2

20202021202220232024

20252026*

Pre-seedSeedAngelAB

CD+

Source:VenturePulse,Q3’26,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2026.DataprovidedbyPitchBook,October14,2026

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privateEnterprise10

GlobalUS

AmericasEurope

Asia

Africa

Late-stagevaluationspushpast2021highs

Globalmedianpre-moneyvaluation($M)byseries

2020–2026*

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$0

$1,501.0

$442.0

$160.8

$51.0

$12.5$5.1

$3.6

20202021202220232024

20252026*

Pre-seedSeedAngelAB

CD+

Source:VenturePulse,Q3’26,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2026.DataprovidedbyPitchBook,October14,2026

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privateEnterprise11

GlobalUS

AmericasEurope

Asia

Africa

Capitalconcentratesfurtherinlater-stagerounds

Globaldealsharebyseries

2020–2026*,numberofcloseddeals

100%

D+

90%

80%C

70%

B

60%

A

50%

40%

Angel

30%

20%

Seed

10%

Pre-seed

0%

2020202120222023202420252026*

Globaldealsharebyseries

2020–2026*,VCinvested($B)

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2020202120222023202420252026*

D+

wC

B

A

Angel

Seed

Pre-seed

Source:VenturePulse,Q3’26,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2026.DataprovidedbyPitchBook,October14,2026

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GlobalUS

AmericasEurope

Asia

Africa

GlobalfinancingtrendstoVC-backedcompaniesbysectorGlobalfinancingtrendstoVC-backedcompaniesbysector

2020–2026*,numberofcloseddeals2020–2026*,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

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:VenturePulse,Q3’26,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2026.DataprovidedbyPitchBook,October14,2026

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privateEnterprise13

First-timefinancingsstayresilient

CorporateVCparticipationinglobalventuredeals

2020–Q3’26

5,000

$300

4,500

$250

4,000

3,500

$200

3,000

$150

2,500

2,000

$100

1,500

1,000

$50

500

$00

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32020202120222023202420252026

Dealvalue($B)Dealcount

GlobalUS

AmericasEurope

Asia

Africa

Globalfirst-timeventurefinancingsofcompanies

2020–2026*

$120

$100

$80

$60

$40

$20

$0

$62.9

$102.1

$89.9

$73.6

$64.2

$73.6

$66.9

2020202120222023202420252026*

30,000

25,000

20,000

15,000

10,000

5,000

0

Dealvalue($B)Dealcount

$38.1

$39.8

$58.5

$63.5

$84.8

$88.9

$113.3

$104.7

$91.9

$71.2

$51.1

$47.6

$58.9

$39.6

$44.0

$40.2

$39.2

$47.6

$42.6

$80.3

$84.7

$76.3

$68.4

$64.7

$259.1

$177.5

$96.2

Source:VenturePulse,Q3’26,GlobalAnalysisofVentureFunding,KPMGPrivateEnterprise.*AsofSeptember30,2026.Dataprovidedb