US pre-seed valuations
Most US pre-seed rounds are SAFEs, and their caps rise with the amount raised. Here is where caps sit for each round size.
- Data as of Q2 2026
- Updated 20 August 2026
- Sources: Carta
At a glance
- Median SAFE cap
- $18M
- Raising $1M–$2.5M, post-money
- Carta, Q2 2026
- Top quarter
- $30M
- 75th percentile, raising $1M–$2.5M
- Carta, Q2 2026 · Estimated
- Top 10%
- $48M
- 90th percentile, raising $1M–$2.5M
- Carta, Q2 2026 · Estimated
- Median cap, small rounds
- $10M
- Raising under $250k, post-money
- Carta, Q2 2026
- Median cap, large rounds
- $35M
- Raising $2.5M or more, post-money
- Carta, Q2 2026
What the numbers say
On a US pre-seed SAFE, the cap rises with the amount raised. A round of under $250k had a median cap of $10M, a round of $1M–$2.5M $18M, and a round of $2.5M or more $35M.
Within one round size the spread is wide. Raising $1M–$2.5M, a quarter of SAFEs were capped above about $30M and one in ten above about $48M. Caps that high usually come with revenue, a repeat team, or several investors competing for the round.
These caps are post-money: they include the SAFE money itself. On a $20M post-money cap, a $2M SAFE converts into about 10% of the company.
The full tables
| Amount raised | 25th percentile | Median | 75th percentile | 90th percentile |
|---|---|---|---|---|
| Under $250k | $5.3M | $10M | $15M | $28M |
| $250k–$500k | $7.2M | $12M | $18M | $30M |
| $500k–$1M | $8.8M | $12.5M | $23M | $38M |
| $1M–$2.5M | $12M | $18M | $30M | $48M |
| $2.5M and up | $23M | $35M | $58M | $120M |
Post-money valuation caps, by the amount raised on the SAFE. The medians are Carta's for Q2 2026; the other percentiles are estimated.
Sources: Carta, State of Pre-Seed: Q2 2026
- Carta prints SAFE caps for several quarters together. We move each round size to the level of Q2 2026 with the median it prints for that period, so the other percentiles are estimates.