Q3 2026 PitchBook-NVCA Venture Monitor

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

Featuring:

• Carly Roddy: Managing Director and Co-leads the Global Banking Venture Capital Coverage, J.P. Morgan
• Jennifer Cuello: Partner, EisnerAmper
• Kyle Stanford: Director, VC Research
• Shiloh Tillemann-Dick: Research Director, NVCA
• Victor Boyajian: Global Chair, Venture Technology and Emerging Growth Companies, Dentons