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Q1 2024
US VC Valuations Report
May 8, 2024
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Table of contents
VC-backed companies narrowly guard valuations
Though median VC valuations rose in Q1 across all stages, those prices were only modestly higher than companies’ prior valuations, according to PitchBook’s latest US VC Valuations report, sponsored by Morgan Stanley at Work.
Takeaways include:
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Companies are also exiting at low step-ups and occasionally taking large haircuts—as was the case in Reddit’s IPO, which priced about 40% below its $10 billion valuation from 2021.
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In the growing secondary markets, shares are trading at a 28% discount on average.
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Flat and down rounds continue to rise as a share of all VC deals, hitting 27.4% in Q1.
Table of contents
| Key takeaways | 4 |
| Dealmaking | 5 |
| A word from Morgan Stanley At Work | 10 |
| Deals by sector | 12 |
| Fintech | 12 |
| Gaming | 14 |
| Investor trends | 16 |
| Liquidity | 18 |
| Deal terms | 21 |