Tech & Capital Weekly Market Snapshot

Feb 02, 2026

∙ Paid

Mega-round momentum remains AI-led (frontier AI + “agentic” AI + AI compute + cloud security), with multiple $250M–$300M+ rounds and multi‑billion valuations announced during the week.
Early-stage is getting “later-stage sized.” Crunchbase data shows 40%+ of 2026 seed + Series A dollars (YTD) has gone to $100M+ rounds—suggesting higher entry prices, more concentrated ownership, and greater need for reserve planning.
Geographic concentration risk is intensifying. Crunchbase estimates California captured 63% of all US startup funding in 2025, vs New York 11%, Massachusetts 5%, Texas 4%—important for portfolio diversification assumptions and manager sourcing.
Fundraising is “selectively open” for differentiated managers. Two notable US VC fund closes were reported this week (Basis Set, Voyager), each highlighting thematic positioning and institutional LP participation.
Liquidity path remains mixed: strategic M&A continues (notably digital health consolidation), while the IPO window is described as “open, but not fully” by PitchBook research released this week—implying continued DPI pressure and a larger role for secondaries/structured outcomes.

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