Startup Valuation by Stage: What Companies Are Worth at Each Round in 2026

How much is a startup worth at each funding round? The answer changes with the market, the sector and the company, but benchmarks help founders and investors know what is normal. This guide sets out typical valuations at pre-seed, seed, Series A and Series B in 2026, based on data from Carta and other trackers, explains what drives the numbers at each stage and shows how much ownership founders typically give up along the way.

Benchmarks at a glance

The figures below are medians or typical ranges from published 2026 data. Medians hide wide variation: AI companies, repeat founders and hot sectors often raise at several times these levels, while many others raise below them or not at all.

Sources: Carta's Q2 2026 data on SAFE caps (Carta); seed, Series A and Series B medians as summarised from Carta benchmarks by Startupa.ge. Figures are US-focused and approximate.

Pre-seed: valuation caps, not prices

At pre-seed, most startups do not set a priced valuation at all. In the second quarter of 2026, 93% of pre-seed rounds on Carta used SAFEs, simple agreements for future equity, according to Carta. A SAFE converts into shares at the next priced round, usually with a valuation cap that sets the maximum price at which it converts. Caps for small raises commonly sit in the low tens of millions of dollars, but for SAFEs above US$2.5 million the median cap was US$35 million, up 40% from a year earlier. Our guide to SAFEs versus convertible notes explains the mechanics.

At this stage, the valuation reflects the team's track record, the size of the market and any early technical progress. Methods such as the scorecard and Berkus approaches are used to justify a number, as explained in our guide to pre-revenue valuation methods.

Seed: the first real price

Seed rounds fund building the product and finding early customers. Median seed post-money valuations were around US$24 million in 2026, a record, according to Carta-based benchmarks. The top end has moved even faster: Carta reported that the 95th-percentile seed valuation reached about US$200 million in Q2 2026, up from about US$72 million a year earlier (Carta), driven largely by AI companies raising very large seed rounds. Typical seed rounds sell 15% to 25% of the company.

Series A: proving product–market fit

By Series A, investors expect evidence that customers want the product and that growth can be repeated: for software companies, often US$1 million to US$3 million of annual recurring revenue growing quickly, or strong usage metrics for consumer products. Median Series A post-money valuations were about US$76 million in 2026. Many seed-funded companies never reach Series A; the gap between the two stages has widened as investors concentrate on fewer, stronger companies. See what VCs look for in a Series A.

Series B: scaling

Series B funds expansion: more sales staff, new markets and product lines. Investors focus on revenue growth, efficiency and unit economics, such as customer acquisition cost and net revenue retention. Median Series B post-money valuations were about US$166 million. At this stage valuations start to be benchmarked against revenue multiples, as covered in our guide to SaaS valuation multiples. Our comparison of Series A and Series B goes deeper.

Later stages and mega-rounds

From Series C onwards, valuations vary enormously. Many companies raise at a few hundred million dollars, while the largest AI companies raise billions at valuations of tens or hundreds of billions. In 2026, for example, companies such as Anthropic and OpenAI raised or were valued at levels once reserved for the largest public companies. These outliers pull up averages, which is why medians are more useful for most founders.

How much dilution to expect

Each round typically sells 15% to 25% of the company to new investors, plus an expansion of the employee option pool. A founder team that starts with 100% might own roughly 75% to 85% after seed, 55% to 65% after Series A and 40% to 50% after Series B, depending on round sizes and option pool changes. Our guides to startup dilution and option pools explain the calculations.

Why AI companies command premiums

AI startups have raised at significantly higher valuations than other sectors at every stage since 2023. Investors are competing to back AI teams, revenue at the fastest AI companies has grown far faster than in previous software cycles, and some companies need large amounts of capital for computing from the start. That premium skews benchmarks: a non-AI company comparing itself with AI medians may set unrealistic expectations, while an AI company may find investors willing to pay well above the overall median.

What moves a valuation up or down

• Traction: revenue, growth rate and retention are the strongest drivers after seed.
• Team: repeat founders and well-known technical leaders raise at higher prices.
• Market size: investors pay more for companies that could become very large.
• Competition among investors: multiple term sheets push prices up.
• Market conditions: interest rates and public market valuations affect private prices.
• Terms: a higher valuation with harsher terms, such as liquidation preferences above 1x, may be worth less than a lower clean one. See term sheet clauses to negotiate.

Pre-money versus post-money

Benchmarks may quote pre-money valuations (before new investment) or post-money valuations (after). The difference is the amount raised: a company raising US$5 million at a US$20 million pre-money valuation has a US$25 million post-money valuation, and the new investors own 20%. Always check which figure a benchmark uses. Our post-money valuation guide walks through examples.

Using benchmarks wisely

Benchmarks are a starting point for negotiation, not a target. Founders should consider how much capital they need to reach the next milestone, how much dilution they can accept, and whether a high valuation now creates a risk of a down round later if growth does not keep pace. Investors use benchmarks to sanity-check prices but ultimately value each company on its prospects.

Key takeaways

In 2026, typical US benchmarks were SAFE caps in the low tens of millions at pre-seed, about US$24 million post-money at seed, about US$76 million at Series A and about US$166 million at Series B, with AI companies far above those levels. Each round usually sells 15% to 25% of the company. Medians vary widely by sector and region, so use them as context rather than rules.

How investors actually set the price

At the earliest stages, there is no formula. Investors start from the amount a startup needs to reach its next milestone and the ownership they want, often 10% to 20% for a lead seed investor, and work backwards to a valuation. If a startup needs US$3 million and the lead wants about 15%, the post-money valuation lands near US$20 million. Competition then moves the price: several interested investors push it up, while a thin market pushes it down. From Series A onwards, investors look harder at revenue, growth and comparable companies, and apply multiples to forward revenue, adjusted for growth, margins and retention.

The VC method is a common cross-check. An investor estimates what the company could be worth at exit, divides by the return multiple it needs, often 10 times or more at early stages, and adjusts for dilution from future rounds. If the resulting price is below the asking valuation, the investor either negotiates or passes.

Valuation by region and sector

Benchmarks differ outside the US. European and Canadian startups have typically raised at lower valuations than US peers at the same stage, though the gap has narrowed for strong AI and deep-tech companies. India and Latin America have their own ranges, influenced by local investors and exit markets. Sector matters as much as geography: software and AI command the highest prices, while hardware, consumer and climate companies are often valued lower at early stages because they need more capital and take longer to scale. When comparing your company with a benchmark, use data for your region, sector and round size.

Common mistakes founders make

• Optimising only for valuation: a higher price can bring tougher terms or a weaker investor.
• Raising too much too early: a large round at a high price raises the bar for the next one.
• Ignoring the option pool: a pool created before the round reduces founders' effective price.
• Comparing with outliers: headline AI rounds are not typical.