Q3 brought the US venture market a heavy dose of uncertainty: rates climbed as inflation surged, geopolitical tension kept markets guessing, and oil prices stayed elevated, but the more consequential shift for venture was company-specific. OpenAI and Anthropic both pushed back their IPOs, putting two of tech’s most closely watched liquidity events on hold and raising real questions for the quarter ahead: does capital deployment slow while GPs wait? Or do LPs keep committing on the bet that both IPOs still land, just later?
What you’ll learn
- Whether the OpenAI and Anthropic IPO delays are slowing capital deployment or simply repricing when liquidity arrives
- How rising rates, inflation, and geopolitical pressure are showing up in Q3 venture data
- What LPs should watch for before deciding whether to hold allocations steady through the delay
