Market Insights
5 charts: Anthropic’s S-1 offers the first view into the financials of an AI lab
The numbers reveal a race between revenue and the cost of compute.
Q3 FIRST LOOK DASHBOARDS
Our exclusive data shows a PE dealmaking slowdown in the US and Asia-Pacific, as heightened volatility dampened the industry’s mood in Q2. For VC, global data shows strain as broad liquidity remains a challenge. See all the details in our newly released Global VC First Look Dashboard and Global PE First Look Dashboard. PitchBook clients can access the complete, extensive data packs via the Research Center in the PitchBook Platform.
Global PE First Look
Exits, not deals, defined Q3: Realizations approached record highs globally and set an outright record in APAC, while dealmaking moved sideways and fundraising kept sliding.
Global VC First Look
Global venture markets remain in transition. The First Looks are a preliminary release of top-line venture industry figures for the global, US, European, and Asia-Pacific markets, intended as a first-to-market source of key datasets and findings.
LATE-STAGE COMPANY RESEARCH
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.
OpenAI: Priced on a Target It Has Not Hit
This analyst note examines OpenAI’s accelerating revenue growth, widening losses, and proposed funding round, assessing whether its valuation is justified by targets it has yet to reach.
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.
TRENDSPOTTING
RESEARCH
Private Equity
Top US Take-Private Candidates
PitchBook’s Take-Private Predictor reveals the top 30 US companies most likely to be taken private as of September 30.
PitchBook Private Capital Indexes
The Q2 2026 PitchBook Private Capital Indexes report provides quarterly return benchmarks for each of the seven asset classes in the private market industry.
Venture Capital
OpenAI: Priced on a Target It Has Not Hit
This analyst note examines OpenAI’s accelerating revenue growth, widening losses, and proposed funding round, assessing whether its valuation is justified by targets it has yet to reach.
European Venture Report
The Q3 2026 European Venture Report presents a data-driven overview of the key trends defining the European venture capital landscape.
Credit
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.
Global CLO Weekly Wrap
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.
Industry Research
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.
Food & Beverage CPG PE First Look
The Food & Beverage CPG PE First Look is a preliminary release of top-line PE industry figures for the food & beverage CPG sector, intended as a first-to-market source of key datasets and findings.
Emerging Tech Research
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.
Inference Chip Startups Are Just Starting Their Bull Run
Inference AI chip VC hit $4.2 billion through August 2026, on pace to top 2025’s $5.2 billion. Median valuations surged from $194 million to $1.7 billion. We map five segments reshaping the compute landscape.
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
Private by Choice: Europe’s Rise in PE Take-Privates
Europe is nearing one of its strongest years for public-to-private buyouts—driven by megafunds and waning public market appeal. We examine why the UK leads and what it means for GPs and LPs.
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.
Europe
European PE Breakdown
The Q3 2026 European PE Breakdown presents a data-driven overview of the key trends defining the European private equity landscape.
When Will Europe Have a $1 Trillion Company?
This analyst note examines why Europe has yet to produce a $1 trillion company, exploring the structural barriers to scale and forecasting when the continent’s top contenders could reach that milestone.
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
KKR to sell railcar lessor Infinity to Ares for $2.9B
With the acquisition of Atlanta-based Infinity, Ares is investing in a sector marked by rising cargo volumes and an aging fleet of railcars to move them.
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
Europe’s private credit managers compete on structures as AI reshapes software underwriting
Large-cap managers at PitchBook LCD’s London breakfast briefing said they are competing through creativity rather than looser terms.
CoreWeave debt tumbles anew as Korean neocloud IPO tanks
Analysts and investors point out that there are alternative funding paths available to highly leveraged neoclouds such as CoreWeave.
Technology
PitchBook VC Dealmaking Indicator
The indicator leverages deal-level data to quantify how startup friendly or investor friendly the capital raising environment is.
Almost all surveyed UK defence groups expect to raise outside capital
A White & Case survey finds that 97% of companies asked hope to raise significant external funding in the next year.
Allocators
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.
CoreWeave’s not-so-secret weapons: Price hikes and an Nvidia trump card
The neocloud’s bond selloff shocked the market, but the turbulence should settle thanks to price increases and support from Nvidia.
Europe
Partech growth team spins out to launch new firm
Aletheon Investments will advise Partech Growth I and II after investors approve the split.
Longer holds push more GPs to sell stakes mid-life
Co-investors skip the riskiest stretch, but may pay more than the sponsor did.
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