Market Insights
Anthropic: What the S-1 Proves
This report examines Anthropic’s S-1, the first full look at the financials behind the most closely watched AI company heading to the public markets. It explains what Anthropic’s filing confirms about growth and profitability, and where the risks lie for anyone weighing the IPO.
LATE-STAGE COMPANY RESEARCH
Anthropic: IPO Impact
This analyst note examines what Anthropic’s leaked draft IPO filing reveals about its revenue growth, cost structure, and whether the reported valuation is justified.
Anthropic: What to Look For in the S-1
This analyst note assesses Anthropic’s business quality, revenue outlook, and compute strategy ahead of its S-1 filing to evaluate whether its reported $2 trillion valuation is justified.
Prediction Markets Go Head-to-Head: Raising Estimates on Recent Momentum
This analyst note compares Kalshi’s and Polymarket’s growth, monetization strategies, and valuations as they compete for dominance in the rapidly expanding US prediction market.
The $100 Billion Entry Fee: Can Anyone Still Compete in AI?
This analyst note examines the unit economics of competing at the AI frontier, exploring capital requirements, financing dynamics, and investor returns across the AI value chain.
TRENDSPOTTING
Deals under $25M make up 48.4% of US PE deal count as of 2026 YTD, the largest share of any size bucket. Deals of $100M to $500 million account for 24.6%. With 28 transactions in Q3 2026, megadeals are poised to return to the strong levels of H2 2025.
See more: Q3 2026 US PE Breakdown
RESEARCH
Private Equity
Healthcare Services Report: Headwinds Persist With More Hot Air Out of Washington
The Q3 2026 Healthcare 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.
US PE Middle Market Report
The Q3 2026 US PE Middle Market Report offers a data-driven review of the key trends shaping PE investment in the US middle market.
Venture Capital
Midterm Election Impact on VC and Tech: Potential Boon for Defense, Light Touch on AI
A Republican election sweep would drive defense spending to $1.5 trillion and accelerate M&A. Democrats winning would trigger AI hearings and QSBS tax scrutiny.
Sweden Market Snapshot
The Q3 2026 Sweden Market Snapshot provides an overview of macroeconomic and microeconomic trends in the region spanning both private and public markets.
Credit
Global Distressed Credit Weekly Wrap
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.
US Private Credit and Middle Market Weekly Wrap
The US Private Credit & Middle Market Weekly Wrap highlights the latest activity in the private credit asset class, including in-depth stories, complemented by data on middle-market deals.
Industry Research
Investing in AI and Datacenters
This analyst note identifies the most promising datacenter-exposed segments across chips, energy, construction, and logistics, and examines how AI-driven capital is flowing into them.
Healthcare Services Public Comp Sheet: Payers and VBC Hand Back Some of the Q2 Rebound
Our Healthcare Services Public Comp Sheet tracks stock performances, valuations, and market caps of key publicly traded healthcare services companies.
Emerging Tech Research
Biopharma Report: A Disciplined Recovery, Led by Exits
The Q3 2026 Biopharma 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.
Inference Chip Startups, Ranked by Capital Efficiency
Inference will account for 75% of AI compute demand by 2030. We rank top VC-backed inference chip companies by capital efficiency. Etched leads at 12.3x on $1.7 billion raised.
Quantitative Research
VC Quantitative Perspectives: Is Venture’s Odyssey Epic or Myth?
The Q3 2026 Quantitative Perspectives report examines venture’s liquidity paradox, where record exit value coexists with historically low fund distributions and a growing IPO backlog.
Private Capital Return Barometers
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.
Analyst Notes
US VC Secondary Market Watch
This analyst note examines the US VC secondary market past its peak, exploring how shifting liquidity dynamics are reshaping platforms, trading patterns, and retail investor access.
Physical AI Software and Data Infrastructure
This analyst note examines the physical AI infrastructure landscape, assessing where durable commercial opportunities lie for suppliers of robot learning data and tools.
Europe
Germany Market Snapshot
The Q3 2026 Germany Market Snapshot provides an overview of macroeconomic and microeconomic trends in the region spanning both private and public markets.
UK Market Snapshot
The Q3 2026 UK Market Snapshot provides an overview of macroeconomic and microeconomic trends in the region spanning both private and public markets.
APAC
Five Years After APAC’s VC Boom, What Has Become of Its Companies?
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.
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.
NEWS
Private Equity
PE is piling into events as AI rattles the rest of business services
European events deal value is now above pre-pandemic levels, but valuations hinge on end-market exposure and only market leaders earn the premium.
Anthropic’s IPO: the who, what and why?
The maker of Claude filed to go public Monday, bringing a long-awaited exit for its VC backers, founders and strategic investors.
Credit
Analysis: Distressed loans reach a six-year high, pointing to rising defaults, lower recoveries
The credit profile of distressed loans is weaker than during the pandemic sell-off.
SpaceX strikes $40B GPU leasing deal with private credit players
SpaceX called the deal the largest-ever committed GPU financing.
Technology
Inference chip startup valuations soar on record fundraising
The median valuation of AI chip makers has grown 9x in two years, raising the bar for what makes a successful exit.
PitchBook VC Dealmaking Indicator
The indicator leverages deal-level data to quantify how startup friendly or investor friendly the capital raising environment is.
Allocators
Secondary buyers dispute the notion that continuation funds are a fad
Investors say continuation funds will keep growing, even if sponsor-to-sponsor M&A and IPOs bounce back tomorrow.
Duration risk is the secondary market’s big underwriting challenge
Secondary buyers are taking on the illiquidity burden of the buyout market and need to ensure they are adequately compensated for the risk.
Europe
Q&A: How to derisk backing independent sponsors
Federated Hermes’ Cameron Payne says long relationships, not fast deals, protect investors.
Visionaries Club investor Isabella Yamamoto moves to portfolio company Orbio
Yamamoto will step down from the Spanish HR startup’s board and remain a venture partner at the VC firm.
MORE FROM PITCHBOOK
RECENT WEBINARS
UPCOMING WEBINARS
VIDEOS
EVENTS
Introducing PitchBook AI
Featured Video
Introducing PitchBook AI
For decades, private capital was a black box reserved for a select few, with limited data and little transparency.
