2026 Venture Capital Report
Summary
WilmerHale published its 2026 Venture Capital Report reviewing US venture capital financing and liquidity activity. The report covers SAFE financings and decisions that can lead to unexpected founder dilution, the resurgence of mega-rounds, and implications of the One Big Beautiful Bill Act for qualified small-business stock and R&D expense deductions. It also analyzes trends in convertible note and SAFE terms and venture capital financing terms.
What changed
WilmerHale published its annual venture capital report for 2026 analyzing US VC financing activity. The report discusses SAFE financings and their potential to cause unexpected founder dilution, the continued resurgence of mega-rounds, and the regulatory implications of the One Big Beautiful Bill Act for qualified small-business stock and R&D expense deductions. It also examines trends in convertible note and SAFE terms and broader venture capital financing terms.
For startups, investors, and legal professionals, this report provides regulatory context for venture financing structures and highlights areas requiring attention in deal structuring. Companies raising capital should review their SAFE and convertible note terms to understand dilution implications, while founders should be aware of how the One Big Beautiful Bill Act may affect qualified small-business stock benefits and R&D expense deductions.
What to do next
- Monitor VC financing trends
- Review SAFE and convertible note structures for dilution implications
- Consult legal counsel regarding One Big Beautiful Bill Act implications
Archived snapshot
Apr 16, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
April 15, 2026
2026 Venture Capital Report
Eric Hanson, C.S. Avery Reaves WilmerHale + Follow Contact LinkedIn Facebook X Send Embed This year’s Venture Capital Report offers a detailed review of US venture capital financing and liquidity activity and discusses key factors that will shape the coming year. We discuss SAFE financings and decisions that can lead to unexpected founder dilution, track the continued resurgence of venture financing “mega-rounds,” and examine the implications of the One Big Beautiful Bill Act for qualified small-business stock and R&D expense deductions. In addition, we analyze trends in convertible note and SAFE terms and venture capital financing terms.
Please see full publication below for more information.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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