This report was updated on August 21, 2026, to adjust the HQ locations in the tables on pages 5 and 10.
PitchBook clients can access this report and the complete Excel data pack via the Research Center on the PitchBook Platform.
Interested in sponsoring future editions of this report? Visit our media partnerships page to learn more.
Late-stage resilience continues as European venture valuations diverge across the market
European venture valuations remained resilient through the first half of 2026, although pricing trends became increasingly uneven across stages and sectors. While later-stage rounds continued to command significant valuation premiums, early-stage markets showed signs of moderation, with pre-seed valuations declining despite larger deal sizes. Down rounds remained near historic lows, reflecting continued pricing stability, while AI continued to underpin activity across later-stage financings and Europe’s expanding unicorn cohort. At the same time, record-high exit valuations and sustained growth in the unicorn population point to improving market quality, although valuation strength remains concentrated in a relatively narrow group of high-growth companies.
Soonicorns become unicorns. The unicorn market continues to expand, driven mainly by AI companies. The aggregate value of the market now surpasses €600 billion, with robust deal values and unicorn counts.
