In H1 2026, venture dollars continued to flow unevenly. Megadeals (412.7 billion deployed. AI deal value reached 87.2B; five went to AI companies. SpaceX’s $1.7T IPO generated more exit value in a single quarter than the prior decade combined. OpenAI and Anthropic have confidentially filed for public listings. Three firms — Andreessen Horowitz, Thrive Capital, and Founders Fund — took 48.1% of capital raised. First-time fund formation on pace for lowest year since 2016.