The PitchBook-NVCA Venture Monitor is the authoritative quarterly report on US venture capital. Q2 2026 report shows H1 deal value exceeding 2025 full-year. AI dominance continues. IPO potential from SpaceX, OpenAI, and Anthropic could generate nearly $2.5 trillion in exit value. For most investors, single-digit IRRs and sub-1x distributions remain the norm despite headline records.