Market Insights

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.

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.

This analyst note examines OpenAI’s IPO delay as a valuation signal, and its implications for Anthropic’s IPO timing and the broader AI IPO pipeline.

SpaceX’s latest valuation sets a market benchmark for frontier AI. We derive what it implies for the two pure-play AI labs now in IPO registration and map the key catalysts.

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.

The Q2 2026 Construction & Engineering Report provides in-depth analysis of industry trends and evolving PE investment strategies, including deals data and maps of key PE-backed companies and investors.

The Q2 2026 Aerospace & Defense Report provides in-depth analysis of industry trends and evolving PE investment strategies, including deals data and maps of key PE-backed companies and investors.

This analyst note explores why most of the over 24,000 APAC companies funded during the 2020 to 2021 VC boom remain active and private—but stuck. We track the boom-era cohort through the market reset.

This analyst note explores how AI-driven private valuation inflation and widening public-private pricing gaps have structurally shifted when and why VC-backed companies go public.

The Global CLO Weekly Wrap combines breaking commentary with the latest CLO and loan data for the US and European markets. Data includes individual deal details as well as broad market volume and spreads, divided by coupon, deal type and ratings. All charts and underlying data are provided in a corresponding data pack.

The Global Distressed Credit Weekly Wrap provides a comprehensive summary of the latest news for leveraged loans and high-yield bonds, and a rundown of courtroom bankruptcy activity.

The Q2 2026 Pharma Services Report provides in-depth analysis of industry trends and evolving PE investment strategies, including deals data and maps of key PE-backed companies and investors.

The H1 2026 Healthcare IT PE Update highlights recent PE deal activity and dominant trends in healthcare IT.

The H1 2026 Foodtech Report provides an analysis of recent VC activity and includes a link to our proprietary market map of leading VC-backed companies in the space.

The H1 2026 Mobility Tech VC Trends report provides an analysis of recent VC activity and includes a market map of leading VC-backed companies in the space.

The Private Capital Return Barometers provide a data-driven, factor-based assessment of US private market fund performance, offering timely estimates of quarterly returns and insights into market conditions across asset classes.

The Q3 2026 Quantitative Perspectives: US Market Insights report examines how private capital markets are navigating macro volatility and persistent liquidity constraints.

This analyst note examines private capital opportunity in obesity therapeutics as first-generation GLP-1 assets mature and investment shifts toward next-generation biological mechanisms.

This analyst note examines the growing backlog of aging PE-backed companies, the deferral mechanisms sponsors use to avoid resolution, and the implications for LP returns, lenders, and market liquidity.

The Q2 2026 European VC Valuations Report delves into the sizes and valuations of European venture deals.

This analyst note examines Europe’s IPO recovery in 2026, noting favorable market conditions alongside a shrinking pipeline of high-quality listing candidates.

Adams Street spinout Fairway Capital Management is betting that small, nimble funds hold an edge when it comes to an asset class that is inherently capacity-constrained.

A growing number of companies remain active but underfunded.

Software loan prices gained 127 bps in August, to 87.73% of par, while non-software loans gained 22 bps, to 97.06.

The current payment default rate (by amount) falls below the running 5-year and 10-year average monthly default rates.

CEO Jensen Huang estimates that around 70% of all AI venture dollars are spent on compute.

Vehicle is among the largest in the venture market covering Australia and New Zealand.

Franklin Templeton’s $1.5 billion deal is the latest in a wave of CFOs, even as regulators grow warier of the insurance risks the structures are meant to manage.

Accounting treatment and record secondary transaction volumes drove the 20.6% gain, a new study shows.

Commitments to a closed-end fund strategy are made on a formulaic, capital-weighted basis, using each underlying fund’s target capitalization.

Three huge transactions drove European dealmaking in the sector to a multi-year high.