0 to 1 · Research note · 28 Sep 2026
The geography premium in early-stage valuations
A seed-stage software startup in the Bay Area is priced at 2.6 times one in the rest of the United States, and the rest of the country has not moved in a year. What that does to a founder deciding where to build and what to ask for.
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Every number, and where it comes from
The first five figures in the note.
The full table has 8 rows. Each figure is as published on the date shown, with its denominator.
| Figure | What it measures | Source |
|---|---|---|
| $33.3M | Median pre-money valuation of a seed-stage SaaS startup in the Bay Area, Q1 2026, a record high for the metro. Software and SaaS companies on Carta cap tables; a pre-money valuation is a priced-round measure, and Carta does not state whether SAFEs are excluded. | Carta, In seed-stage software valuations, SF and NYC are pulling away from the pack (Kevin Dowd), 21 Jul 2026 |
| $24.5M | Same measure for New York, Q1 2026, up 80% over the past year. Premium over the rest of the country 1.9x. | Carta, seed-stage software valuations by geography, 21 Jul 2026 |
| $12.7M | Same measure for the rest of the United States, Q1 2026, unchanged over the past year. This is the 1.0x baseline for the 1.9x and 2.6x premiums, both of which Carta states. Carta attaches the 2.6x to San Francisco and the $33.3M to the Bay Area. | Carta, seed-stage software valuations by geography, 21 Jul 2026 |
| $1.26B | Pre-seed capital raised by Bay Area startups on Carta in Q2 2026, up 64% year on year, out of $3.19B nationally across 11,546 pre-seed transactions. All sectors, one stage earlier and one quarter later than the valuation figures above. | Carta, Six ways the map of U.S. pre-seed funding shifted in the past year, 9 Sep 2026 |
| 18% | Share of US pre-seed dollars on Carta going to startups in Connecticut, Massachusetts, New Jersey, New York and Pennsylvania in Q2 2026, against 27.4% in Q2 2025. Share of dollars, not of transactions. | Carta, Six ways the map of U.S. pre-seed funding shifted in the past year, 9 Sep 2026 |
3 more figures in the PDF, each with its source.
Sources
4 primary releases.
- Carta, In seed-stage software valuations, SF and NYC are pulling away from the pack (Kevin Dowd) (21 Jul 2026)Median pre-money seed valuation for SaaS startups, Q1 2026: Bay Area $33.3M, a record high; New York $24.5M, up 80% over the past year; rest of US $12.7M, unchanged over the past year. Premium over the rest of the country 1.9x for New York and 2.6x for San Francisco, both stated by Carta.carta.com
- Carta, Six ways the map of U.S. pre-seed funding shifted in the past year (Kevin Dowd) (9 Sep 2026)US total $3.19B across 11,546 pre-seed transactions; Bay Area $1.26B, up 64% year on year; Connecticut, Massachusetts, New Jersey, New York and Pennsylvania combined 27.4% of US pre-seed dollars in Q2 2025 falling to 18% in Q2 2026; Texas 9%, second to California after passing New York; New York $242.9M (8.6%) against $417M (14.8%) a year earlier; Austin $227M against $43.3M a year earlier, third-highest metro.carta.com
- Carta, VC Startup Fundraising Benchmarks From 1000 Rounds (Peter Walker) (10 Jul 2026)Software companies only, all rounds in the last six months before 10 July 2026, no bridges or extensions, more than 1,000 rounds; Carta estimates at least half AI-native. Seed median valuation $24.3M on $4.1M raised; Series A median $80M on $14.4M raised; median dilution 18% at both stages. Pre-money or post-money not stated.carta.com
- Carta, State of Pre-Seed: Q2 2026 (Hamza Shad) (13 Aug 2026)Defines pre-seed instruments as SAFEs and convertible notes; US startups on Carta raised $3.19B across more than 11,500 such instruments in Q2 2026; Texas 9% of US pre-seed dollars; New York third among states.carta.com