PitchBook：2026年第二季度美国风险投资二级市场深度解析报告（英文版）（12页）.pdf

1、Q2 2026 US VC SECONDARY MARKET WATCH1Institutional Research GroupEmily Zheng Senior Research Analyst,Venture Capital Caleb Wilkins Data APublished on July 28,2026ContentsKey takeaways 1The next era of venture secondaries 2Growth invites pushback 5Appendix:Methodology for direct secondaries market si

2、zing 10References 11Key takeaways From Q3 2025 to Q2 2026,the US venture secondary market grew to a TTM value of$121.7 billion and is now fast approaching its peak.We estimate that$90.3 billion to$123.9 billion in direct secondaries was traded in this period,a deliberately wide range to accommodate

3、the trillion-dollar outliers of OpenAI and Anthropic.After those mega-IPOs,the secondary markets concentration is expected to ease slightly due to increased distributions and new public comp data on the biggest AI and space names.However,a truly broad venture secondary market is likely still years a

4、way,as many secondary trades lack information rights,and primary dealmaking and exit activity have been too muted to provide sufficient insights.On Hiive,the top 20 startups accounted for 86%of secondary trading value in Q2 2026,and the top five alone represented 50.3%.1 We curated a list of the nex

5、t top-10 startups in venture secondaries based on company maturity,valuations,and sector concentration trends.AI dominates both volume and pricing,and startups older than 6 years and valued above$20 billion capture the most activity.Issuers are tightening control over secondary trading.Anthropic,Ope

6、nAI,and Anduril Industries have all reasserted board-approval requirements and voided unauthorized transfers.In practice,this will affect new SPVs,not existing shareholders,and will concentrate access among trusted secondary providers with established startup relationships.The association of SPVs wi