US Series A valuations
What US Series A rounds are priced at, from the middle of the market to the top, and how much of the company they sell.
- Data as of Q2 2026
- Updated 20 August 2026
- Sources: Carta
The numbers
At a glance
- Median pre-money valuation
- $46M
- Excluding AI-native companies
- Carta, Q1 2026
- Top quarter
- $100M
- 75th percentile pre-money, excluding AI-native
- Carta, Q1 2026
- Top 10%
- $300M
- 90th percentile post-money, all companies
- Carta, Q1 2026
- Median dilution
- 18%
- Share of the company a Series A sells
- Carta, Q1 2026
Our reading
What the numbers say
The median US Series A outside AI was priced at $46M pre-money. A quarter of those rounds were priced above $100M, and the top 10% of all Series A rounds above $300M post-money.
The spread is wide: the top quarter starts at about 2.2 times the median. In our calculator, revenue and growth decide 60% of where a company lands in that range, and the team the rest.
At the median, a Series A sold about 18% of the company. AI-native companies were priced higher at this stage.
The data
The full tables
| Companies | 25th percentile | Median | 75th percentile | 90th percentile |
|---|---|---|---|---|
| Pre-money, excluding AI-native | $27.3M | $46M | $100M | — |
| Pre-money, AI-native | $34M | $57.3M | $109.2M | — |
| Post-money, all companies | — | $62.8M | — | $300M |
Pre-money rows are Carta's quartiles; the all-company row is post-money, with its median and 90th percentile.
Sources: Carta, State of Private Markets: Q1 2026
- Seed and Series A figures are Carta's for Q1 2026, its latest. The AI-native split leaves out foundation-model companies, whose rounds are far larger. The all-company figures are post-money: they include the new money.
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