0 to 1 · Research note · 21 Sep 2026
The first check got rationed, not cut
Pre-seed dollars in Q2 2026 held within a few percent of the prior year. The number of rounds did not. Fewer companies got a first check, and the ones that did got a larger one.
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Every number, and where it comes from
The first five figures in the note.
The full table has 7 rows. Each figure is as published on the date shown, with its denominator.
| Figure | What it measures | Source |
|---|---|---|
| $1.9B | Pre-seed dollars invested in US companies, Q2 2026 | PitchBook-NVCA Venture Monitor Q2 2026 |
| -3% | Change in pre-seed dollars versus Q2 2025 | PitchBook-NVCA Venture Monitor Q2 2026 |
| -21% | Change in the count of pre-seed rounds versus Q2 2025 | PitchBook-NVCA Venture Monitor Q2 2026 |
| $1.4M | Median pre-seed round size, Q2 2026 | PitchBook-NVCA Venture Monitor Q2 2026 |
| $1.1M | Median pre-seed round size, Q2 2025 | PitchBook-NVCA Venture Monitor Q2 2025 |
2 more figures in the PDF, each with its source.
Sources
3 primary releases.
- PitchBook and NVCA, Venture Monitor Q2 2026 (Jul 2026)Deal counts and dollar values by stage; pre-seed defined per PitchBook methodology.pitchbook.com
- Carta, State of Private Markets Q2 2026 (Aug 2026)Round sizes and valuations from Carta cap tables; US only.carta.com
- PitchBook and NVCA, Venture Monitor Q2 2025 (Jul 2025)Prior-year comparison base.pitchbook.com