Hardware startup valuations
Where hardware companies are priced at pre-seed in the US, for each round size.
- Data as of Q2 2026
- Updated 20 August 2026
- Sources: Carta
The numbers
At a glance
- Median SAFE cap
- $18M
- Hardware, raising $1M–$2.5M, post-money
- Carta, Q2 2026 · Estimated
- Top quarter
- $36M
- 75th percentile, raising $1M–$2.5M
- Carta, Q2 2026 · Estimated
- Median cap, large rounds
- $41M
- Hardware, raising $2.5M or more
- Carta, Q2 2026 · Estimated
- All industries, same round size
- $18M
- Median cap, raising $1M–$2.5M
- Carta, Q2 2026
Our reading
What the numbers say
Hardware companies raising $1M–$2.5M on a US SAFE had a median cap of about $18M, the same as the $18M for all industries. The difference shows at the top and in bigger rounds.
A quarter of these rounds were capped above about $36M, and rounds of $2.5M or more had a median cap of about $41M. Hardware companies often raise more before they have revenue, and caps follow the amount raised.
The data
The full tables
| Amount raised | 25th percentile | Median | 75th percentile | 90th percentile |
|---|---|---|---|---|
| Under $250k | $5M | $10M | $19M | $34M |
| $250k–$500k | $8.4M | $14M | $24M | $40M |
| $500k–$1M | $10M | $18M | $31M | $51M |
| $1M–$2.5M | $12M | $18M | $36M | $58M |
| $2.5M and up | $23M | $41M | $70M | $140M |
Post-money valuation caps, by the amount raised on the SAFE. Carta's figures for this industry, moved to Q2 2026's level, so all of them are estimated.
Sources: Carta, State of Pre-Seed: Q2 2026
- Carta prints SAFE caps by industry for several quarters together. We move them to the level of Q2 2026 by the same factor as all industries, so every US figure here is an estimate.
Check your round
See where your round sits
Question 4 of 7
How much are you raising?
The whole round, not one investor's check.
About this data