The market is moving faster than it has in years. Carta's Q3 State of Private Markets says startups on its platform raised more than $100 billion over the past two quarters — the strongest six-month stretch since late 2021. Median valuations are higher at every stage than in 2025, median dilution keeps falling, and the typical time between priced rounds is shrinking.
But the money is concentrating. Cash raised in Q3 was 157% higher than in Q1 2023 while the round count was 8% lower, so the average round size has more than doubled. Globally, CB Insights counts $698.3 billion through Q3 — an all-time annual high — with about 80% of Q3 funding going to just 299 rounds of $100 million or more. And the Bay Area took more than 40% of the cash on Carta's platform this year, more than three times New York.
Two rounds from the last two days show what the faster market rewards. RadianX raised a $9 million seed for ultra-thin perovskite solar modules — TÜV certified, with a first automated 6MW production line being built. Marble Imaging raised a €6 million seed extension toward a 30-satellite constellation — first satellite fully funded and tested, launching early 2027, with more than 10 customers in hand. Proof first, money second.
The lesson: judge your market by the deal count, not the dollar total — and move. As I wrote in The Impact Factor: "If you are passionate or desperate, you take action." And: "Depth of action is what makes you more likely to succeed."
Founders: start with a 21-day free trial of Founder Pro at connectlab.live/founders. Funds: connectlab.live/join/funds.
Sources: Carta, 'State of Private Markets: Q3 2026' (published Nov 5, 2026); CB Insights, 'State of Venture Q3'26' (published Oct 6, 2026); Mercom (Nov 9, 2026); Tech.eu (Nov 9, 2026). Not legal or investment advice.