Market Insights
2 charts: SpaceX closes $60B acquisition of Cursor
The all-stock deal closed Friday, giving SpaceX two of the largest acquisitions of VC-backed companies on record.
UK Private Capital Breakdown
The 2026 UK Private Capital Breakdown examines the region’s PE and VC markets and analyzes recent events’ impacts on these spaces.
Southern Europe Private Capital Breakdown
The 2026 Southern Europe Private Capital Breakdown examines the region’s PE and VC markets and analyzes recent events’ impacts on these spaces.
APAC Private Capital Breakdown
The H1 2026 APAC Private Capital Breakdown examines the region’s PE and VC markets in Greater China, India, Japan, South Korea, Australia & New Zealand, and Southeast Asia.
Germany Market Snapshot
The Q2 2026 Germany Market Snapshot provides an overview of macroeconomic and microeconomic trends in the region spanning both private and public markets.
Australia & New Zealand Private Capital Breakdown
The 2026 Australia & New Zealand Private Capital Breakdown examines the region’s PE and VC markets and analyzes recent events’ impacts on these spaces.
LATE-STAGE COMPANY RESEARCH
Global Unicorn Tracker: The One-Horned Market
The Q2 2026 Global Unicorn Tracker provides a comprehensive analysis of VC-backed companies valued at $1 billion or more, covering deal activity, valuations, exits, and the PitchBook Business Quality framework and offering perspective on the biggest trends shaping the unicorn landscape.
Anthropic Is Winning on Value, Not Price
This analyst note argues that pricing AI models by completed tasks rather than token cost reveals a different competitive picture, with implications for buyers and providers.
SpaceX Update: What the IPO Reveals and What to Watch For Next
This analyst note concludes the SpaceX private-company series by evaluating the post-IPO valuation, introducing a management credibility ledger, and outlining key catalysts for the stock’s first 18 months.
TRENDSPOTTING
Lagging liquidity over the last five years have pushed LPs to concentrate capital into large funds and established managers. As company life cycles stretch and returns stay poor, that narrowing is expected to continue.
See more: Q2 2026 US VC Valuations Report
RESEARCH
NEWS
Private Equity
LA Lakers sale makes team the most valuable in US sports
Josh Kushner and Bob Iger are set to buy the basketball team for $12.5B from the embattled CEO of Guggenheim Partners.
Private equity’s pro sports ties
PE has emerged as a major financier of major league sports. We mapped every connection between buyout firms and pro sports teams.
Credit
Top BDC portfolios contract in Q2 as origination activity falters – LCD analysis
Ares Capital, the largest publicly traded BDC, was one of only two lenders to report a year-over-year increase in funding activity.
NVIDIA forms $500B partnership with six asset managers to fund AI infrastructure
Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR all formed strategic partnerships with NVIDIA to establish independent financing platforms.
Technology
Half of AI’s record $407B went to OpenAI, Anthropic in H1 2026 as mega-deals reign
VC’s concentration in AI companies is reaching a new dimension.
Meet the most active VCs powering AI infrastructure
Alumni Ventures takes the top spot among firms fueling the future foundation of AI.
Allocators
You don’t need to be a big fish to co-invest
There are ways for smaller LPs to get in on the no-fee investment action.
Sponsors pushed for a bigger slice of continuation fund profits in H1
More than a third of continuation fund deals in H1 featured super carry, compared with 15% in full-year 2025, according to investment bank Evercore.
Europe
PE-backed UK companies shirk IPOs while delistings mount
Since 2022, the number of companies coming off the LSE has vastly outpaced the total of new listings.
UK VC bets big on AI, leaving other sectors starved for cash
AI took over 70% of deal value in H1, with just 18 deals accounting for almost 60% of the total.
MORE FROM PITCHBOOK
RECENT WEBINARS
UPCOMING WEBINARS
VIDEOS
EVENTS
How PitchBook brings transparency to a $15.5 trillion global ecosystem
Featured Video
How PitchBook brings transparency to a $15.5 trillion global ecosystem
For decades, private capital was a black box reserved for a select few, with limited data and little transparency.
