PitchBook noted that venture valuations are surging as liquidity begins to creep back up. Now, with liquidity returning, though still relatively modest when compared with recent years, venture market pricing has started to rise. The researchers at PitchBook also mentioned that across all investment stages, median pre-money valuations are now reaching new highs, fueled by competition for AI deals.
The research report from PitchBook added that recent and expected interest rate cuts should continue to further enhance liquidity options and encourage LPs to reinvest in VC, offering more dry powder for investors to allocate.
While market-wide liquidity remains fairly limited for now, PitchBook pointed out that the venture sector continues to operate as if there are no major issues to be addressed. PitchBook further noted in the report that revenue multiples are lower than in 2021, but the so-called market frenzy feels quite similar, only with considerably higher interest rates.
According to the report from PitchBook, the challenges VC listings faced this year—such as tariffs and government shutdowns—are “unlikely to be problems in 2026, even though they were unpredictable this year.”
With valuations now being quite elevated, increased liquidity this coming year is likely to support both investors’ willingness to deploy funds and concerns of a potential bubble.
The report from PitchBook also stated that the rising prices paid now will require “higher returns in the future.”
In another recent report, it was noted that venture capital deal value in supply chain technology has now climbed by 26.1% as AI spurs investor confidence. This, also according to an update from PitchBook.
After several fairly sluggish quarters, venture capital is now said to be flowing back into high-potential supply chain technology. PitchBook further noted in the report that during Q3 2025, deal value increased considerably quarter over quarter to hit $3 billion—up almost 28% year over year.
