Peter G Schmidt, Principal @ Refinery
The venture market in 2026 is heavily concentrated in mega-deals (87.5% of capital) and AI (86% of all VC dollars), with megafunds capturing most capital and traditional seed/Series A/B rounds stagnating outside the hype. Exit expectations remain misaligned with reality—unicorn valuations have soared but IPO activity lags, leaving many post-2021 companies unable to return capital to later-stage investors.
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Topics: Venture Capital & Startups · AI (Horizontal)
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