Private markets have no price feed, so this dashboard is not a daily price refresh but a ledger backfilled each quarter. It covers global and US deployment, AI share and concentration, stages and valuations, exits and secondaries, fundraising, and China's fundraising, investment and exits. Every cell expands into a data table, and every number states its basis.
Total funding hit a record, but the record belongs to a short list: five companies took over half and twenty took 60%. Take away the list and there is still plenty of money left; what is missing is companies.
Of the $510bn deployed globally in H1, two companies took 43%, the top five 52% and the top nineteen 58.5%. US deals of $100M+ took 87.5% of capital, and North American seed YoY −27%. Strip out the entire list and about 190bn remains, roughly 40% above the same period last year on the same basis; what has truly returned to 2023 levels is the non-AI line (about 120bn) and deal count. The exit window is open (SpaceX's 75bn IPO, its 60bn acquisition of Cursor, 24 $1B+ M&A deals in Q2), and fundraising is back (US H1 74.8bn), but both flow first to the same set of names. China's equivalent structure: state capital supplies the money (41%), AI takes it in (48.6% of dollars, 22.5% of deals), and Hong Kong IPOs provide the exit (87 listings, HKD 210.1bn).
Crunchbase global data, Q1 2021 through Q3 2026, plus monthly 2026 data through August. Q1's 305bn is the largest quarter on record, Q2's 205bn is second (Crunchbase's Oct 5 quarterly report also cites a revised Q2 figure of 212bn, not yet backfilled on this page); Q3's official figure of 159bn (MoM -25%, YoY +53%) is 2026's lowest quarter, yet still above any quarter in 2025. AI's share rose from 18% in early 2024 to 80% in Q1 and 70% in Q2, before falling back to 64% in Q3 (the third consecutive quarterly decline, still 14 percentage points above the same period last year).
Single series; Q3 2026 highlighted in accent color. Hover to see the reading.
AI funding reported by Crunchbase / quarterly total; Q4 2025 estimated as annual minus the first three quarters.
The February and May peaks were each a single round, from OpenAI and Anthropic. July's 13 $1B+ rounds were the most in any month, and August fell back to $42bn.
PitchBook-NVCA; Q2 2025 and Q2 2026 backed out from annual / half-year totals.
Crunchbase; North America accounts for two-thirds, down from 83% in Q1. Asia is at its highest in more than three years, with China at 30bn, YoY +424%.
Eight measures, one direction. The shorter the list, the higher the share. This holds in both the US and China; the US list is companies and GPs, while China's list is LPs and sectors. Below, the "fewer than twenty" are listed one by one: H1 had 30 rounds of $1B+, which consolidate to 24 verified companies.
The x-axis is company rank; the y-axis is cumulative share of $510bn. The top 5 take over half, the top 19 take 58.5%, and all $1B+ rounds take about 60%.
Each row uses its own basis; rows cannot be added.
The "doubling" of early-stage capital came from AI companies' huge Series A/B rounds, not from more companies getting funded. Seed is the only stage that shrank in absolute dollars. Down-round share is back to 2019–2020 levels, but median Series A valuations have split into two tracks based on "AI or not". Carta's Q2 stage data shows the same thing: seed capital +37% while rounds −20%, Series A capital +16% while rounds −12%. Money is concentrating in fewer, larger rounds.
Crunchbase; seed YoY −27%, early stage nearly doubled YoY but deal count was the lowest in five quarters.
Only quarters with public data are shown; Q1 2024's 24.2% was a five-year high.
Carta 2026 Q1.
US exit value hit $297.8bn in 2025, the highest since 2021; the H1 2026 exit total was distorted by SpaceX alone (about $1.7 trillion, including its IPO and its acquisition of Cursor's parent Anysphere); PitchBook's Q3 report (released Oct 8) did not break out an H1 figure, but disclosed Q3 total exit value of about $113bn, with SpaceX's acquisition of Cursor accounting for 53.1% of that; on Carta's basis, H1 already topped $2 trillion. The real liquidity absorber was the secondary market: a record $240bn in 2025, and another half-year record of $120bn in H1 2026, with GP-led deals accounting for 53.7%.
PitchBook-NVCA; of 2021's 774.1bn, 681.5bn came from 296 public listings; 2026H1 is a half-year figure, including SpaceX.
Jefferies annual / Evercore 2026 H1; 2026H1 is a half-year figure.
US fund fundraising peaked at $162.6bn in 2022, then fell to $66bn in 2025, the lowest since 2017; H1 2026's $74.8bn is close to the full-year 2025 total, but a16z, Thrive, and Founders Fund together accounted for 48.1%, while first-time fund formation slowed to its lowest pace since 2016; the Q3 report (Oct 8) shows YTD (first three quarters) fundraising of $108.5bn, with top firms' share rising to 88.2% (highest in the dataset) - a16z alone raised $23.8bn, over one-fifth of the total, pushing concentration even higher than the H1 reading.
PitchBook-NVCA; 2026H1 is a half-year figure.
PitchBook-NVCA; the 2026H1 half-year figure already exceeds any full year.
Zero2IPO basis. Fundraising peaked at CNY 2.2 trillion in 2021, fell to CNY 1.44 trillion in 2024 and recovered to CNY 1.65 trillion in 2025. Investment was CNY 928.7bn in 2025 (+45.6%), and the trend continued with CNY 828.5bn in 2026 H1 (+44%). State platforms provided 41% of H1 commitments, AI took 48.6% of financing, and Hong Kong had 87 listings in H1, a five-year high.
Both series use the same unit; 2026H1 is a half-year value.
2026H1 is a half-year figure; 4,606 new funds were launched over the same period, YoY +134%.
IT Juzi; 1,203 deals, over CNY 300bn; the three large-model companies total CNY 93bn, with DeepSeek's single round at CNY 51bn.
HKEX; 2026 is Jan–Aug cumulative, already above full-year 2025. See table for counts.
Private markets have no free market-data feed, so this page is backfilled quarterly and updated once after each provider publishes. Sources by section: Crunchbase for global and regional, PitchBook-NVCA for the US, Carta for valuations, Jefferies (annual) and Evercore (half-year) for secondaries, Zero2IPO (full VC/PE coverage) and IT Juzi (AI-specific) for China, and HKEX for Hong Kong listings. Providers differ in coverage, currency and cutoff dates, so figures are comparable only within the same source and must not be added or subtracted across sources; values for the same quarter get revised up in later reports as data is backfilled, historical values always follow each provider's latest release, and quarterly values backed out from annual or half-year totals are marked in chart notes. This page is a research tool and personal notes, not investment advice.