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Company

Pitchbook

PitchBook is a financial data and research firm providing information, valuations, and analysis on venture capital, private equity, and M&A markets.

Known aliases

  • Pitchbook
  • PitchBook Data

Current stories

productOne report1 publisher

New Constructs says a $2tn Anthropic IPO needs a 10% after-tax margin immediately and for a decade

New Constructs puts Anthropic's equity at as little as $144bn, 93% below the $2tn it is reportedly targeting for its IPO. That is its lowest scenario, built from reports of leaked financials because the prospectus was filed confidentially.

Publishers:thenextweb.com

Reality

Evidence55
Adoption78
Hype gap+20
Incentives40
Confidence60
investConfirmed3 publishers

General Atlantic targets a first-half 2027 IPO valued at up to $10 billion

General Atlantic plans a first-half 2027 IPO at a valuation of up to $10 billion, the Financial Times reported. Cryptopolitan says the date slipped from 2026, but one firm's calendar is thin evidence on how fast the alternative-manager window is reopening.

Perspective Coverage

3 publishers
Builder
Builder 3%
Operator
Operator 15%
Investor
Investor 82%

Reality

Evidence55
Adoption
Not scored
Hype gap+10
Incentives
Not scored
Confidence60
leadershipOne report1 publisher

Microagi's Shift offers free private chefs in San Francisco in exchange for footage of their work

Microagi's CEO says the company pays more than 35,000 people in over 15 countries to film physical tasks, Business Insider reported. Robotics is short of training data, so startups are buying footage of skilled work such as private cooking.

Reality

Evidence55
Adoption50
Hype gap+25
Incentives70
Confidence60
productOne report1 publisher

San Francisco investors cheer White House hands-off AI stance as Trump signs voluntary 308-word safety pact that leaves labs to monitor themselves

A 308-word voluntary White House pact leaves AI labs to monitor their own safety progress, Fast Company reported. Investors at San Francisco's Tech Week welcomed that stance. Anyone deploying agents is left to write their own controls.

Publishers:fastcompany.com

Reality

Evidence55
Adoption35
Hype gap+30
Incentives70
Confidence50
investOne report1 publisher

Private equity exits fell 14.1% in Q3 while asset growth ran near half its old 12% norm

US private equity deal value fell 13.6% and exit value fell 14.1% year over year in Q3 2026, according to PitchBook data. Analyst Kyle Walters says asset growth is closer to half its old 12% pace, a better test of a structural slowdown than one quarter's decline.

Publishers:fortune.com

Reality

Evidence50
Adoption
Not scored
Hype gap−10
Incentives
Not scored
Confidence55
productOne report1 publisher

PitchBook's record $515.8B venture tally rests on OpenAI and Anthropic rounds

OpenAI and Anthropic raised more than $200 billion of the record $515.8 billion invested in US startups through September, PitchBook-NVCA data shows. With IPOs slipping, a venture-backed vendor that exits is likelier to be sold, often below its last private price.

Publishers:siliconangle.com

Reality

Evidence60
Adoption
Not scored
Hype gap+5
Incentives35
Confidence55
investConfirmed8 publishers

RobCo's employee share sale values the Munich robot maker above $1 billion

RobCo staff sold most of a $40 million share block at terms valuing the Munich robot maker above $1 billion, twice January's price. Most of the cash went to the sellers, so the figure measures demand for physical AI more than it funds RobCo.

Perspective Coverage

11 publishers
Builder
Builder 15%
Operator
Operator 31%
Investor
Investor 54%

Reality

Evidence58
Adoption32
Hype gap+35
Incentives70
Confidence60
leadershipOne report1 publisher

Seed-strapping founders trade investor growth targets for a harder second raise

Founders who seed-strap on small sums from friends, family and members skip the Series A, as 62% of US companies seeded in 2022 have done, according to Carta. The price of keeping growth targets in their own hands, says Precursor Ventures' Charles Hudson, is fewer investors for the next few million.

Reality

Evidence55
Adoption55
Hype gap+25
Incentives50
Confidence55
investOne report1 publisher

An 11-year wait for IPOs pushes staff share sales into startup pay plans

Moneybox ran a 45 million pound secondary share sale aimed at long-serving staff as the average startup's wait to list reached 11 years, up from 6.9 in 2014. Outside buyers fund those payouts, so founders can reward tenure without spending company cash.

Publishers:sifted.eu

Reality

Evidence40
Adoption30
Hype gap+35
Incentives75
Confidence45
productConfirmed3 publishers

Modulate raises $25 million to sell voice-agent builders a separate audio-analysis layer

Modulate raised $25 million to put models that analyze raw call audio, not transcripts, in front of more developers. Its pitch to teams running voice agents is a separate layer that spots cloned voices and grades how agents handle callers.

Perspective Coverage

3 publishers
Builder
Builder 40%
Operator
Operator 33%
Investor
Investor 27%

Reality

Evidence58
Adoption45
Hype gap+20
Incentives65
Confidence60
investOne report1 publisher

Endorsed flags nearly half of US remote IT applications for North Korean patterns

The flag rate on US-based remote IT roles climbed from 11% in the third quarter of 2024 to an estimated 47%, which prices candidate verification into every application even as venture money for identity startups fell to $0.3bn in a quarter.

Publishers:fortune.com

Reality

Evidence35
Adoption25
Hype gap+45
Incentives75
Confidence40
productConfirmed3 publishers

OpenAI builds eleven licensed data providers into its finance ChatGPT

OpenAI's financial-services ChatGPT arrives with market data licensed from the vendors banks already pay, and without a published price the buy-or-keep comparison cannot be run. Its own benchmark still misses about three answers in ten.

Perspective Coverage

3 publishers
Builder
Builder 32%
Operator
Operator 40%
Investor
Investor 28%

Reality

Evidence55
Adoption
Not scored
Hype gap+35
Incentives65
Confidence60
investConfirmed7 publishers

Investors open talks that value OpenAI 20% above the IPO it postponed

The Financial Times says the suggestion came from investors: $1.2 trillion, 41% above the round OpenAI closed in March and 1,200 times the annualized advertising revenue it disclosed last month. The talks are early.

Perspective Coverage

8 publishers
Builder
Builder 9%
Operator
Operator 18%
Investor
Investor 73%

Reality

Evidence50
Adoption55
Hype gap+30
Incentives65
Confidence55
investOne report1 publisher

Generalist tech investors now sit beside Earthshot on 90% of its climate deals

PitchBook counts fundraising by climate-specialist venture firms down nearly 40% in 2025 from 2024. On stage at Climate Week NYC, Dawn Lippert and Mike Schroepfer described energy and critical-minerals rounds filling up with generalist money.

Publishers:fortune.com

Reality

Evidence48
Adoption35
Hype gap+30
Incentives72
Confidence45
investOne report1 publisher

BXPE's 3% quarterly gate would take almost six years to return half of its $25 billion

Blackstone's perpetual equity fund has gathered about $25 billion since January 2024, and holders can redeem up to 3% of net asset value a quarter. Its real estate fund ran past that limit for several quarters in 2022 and 2023.

Reality

Evidence34
Adoption62
Hype gap+22
Incentives48
Confidence38
productOne report1 publisher

Anthropic now ships a frontier model every 26 days, mostly by repricing the last one

Anthropic and OpenAI each launched a model on Tuesday that repackages capability their flagships already had. The faster release calendar behind those launches is mostly a pricing story for the people who buy them.

Publishers:fastcompany.com

Reality

Evidence55
Adoption45
Hype gap+12
Incentives78
Confidence62
investOne report1 publisher

Dilution alone cuts a 0.25% startup grant to 0.153% by Series C

Of Dollars And Data walks a quarter-point grant through vesting, dilution, preferences and exercise costs. Vesting ends years before a typical exit, and most of the markdown comes from events beyond the employee's control.

Publishers:ofdollarsanddata.com

Reality

Evidence58
Adoption
Not scored
Hype gap+15
Incentives22
Confidence62

Earlier coverage

  1. Positron's $875M round lands under four months before Asimov's tapeout target

    Build · September 13, 2026 · Confirmed2 publishers

  2. New York Passes the Bay Area on Tech Headcount and Stays Fourth in the Ranking

    Product · August 21, 2026 · Confirmed2 publishers