Q3 2026: Billion-Dollar Rounds Steal the Show, but Mask a Narrowing Market

According to Q3 data from Crunchbase, roughly one third of all global VC capital went to just 27 companies raising billion-dollar-plus rounds. Even though total funding for the quarter trailed the first two quarters of the year, Q3 set a record for the most rounds of this size. Two companies raised $5 billion rounds, and six more raised in excess of $3 billion.

SPAC 4.1: Plenty of SPACs, Plenty of Targets — So Who Is Paying for the Deal?

A year ago, we argued that SPACs had entered a fourth, more disciplined era: experienced sponsors, longer search periods, promotes tied to performance, and targets with real revenue.[1] Twelve months on, that thesis has held. This article discusses where the bottleneck would move. In 2021 the scarce resource was a credible target. In 2026, it […]

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