Executive summary
The Series A market in Q3 2026 is really several markets. Our all-sector Series A benchmark is an $11.0M check on a $36.4M pre-money valuation. AI raises the largest checks, about 1.9x the market, at a valuation about 59% above it. Cyber has the highest valuation, about 2.3x the market and within 1% of its peak, while its check is still about 20% below its end of 2025 level. Fintech and HealthTech raise less than half of the market check, and Fintech is the only sector where both the check and the valuation fell this quarter. A valuation premium does not always mean less dilution: a Cyber Series A takes about a sixth of the company, while an AI Series A takes a little over a quarter. Founders should benchmark against their own sector first.
The market median is not your benchmark
Most founders quote the market median when they set a Series A target. In our Q3 2026 data that is an $11.0M check on a $36.4M pre-money valuation, and a typical round takes a little under a quarter of the company.
Very few companies actually raise at that number. AI and Cyber raise well above it. Fintech and HealthTech raise less than half of the market check. If you are a Fintech or HealthTech founder and you set your target off the market median, you are aiming well above what the typical company in your sector raises.
AI: the largest check, and more dilution than the market
If you are raising an AI Series A, expect a check about 1.9x the market median at a valuation about 59% above it. Both are close to their records from the end of 2025.
The premium does not protect your ownership at this stage. The check sits further above the market than the valuation does, so an AI Series A takes a little over a quarter of the company, more than a typical round. At Seed it works the other way: AI pre-money is about 44% above the market, and the round takes about a quarter of the company, less than a typical Seed.
Cyber: the valuation is on your side
If you are raising a Cyber Series A, you are negotiating from the highest valuation in our data, about 2.3x the market median and within 1% of its peak. The check grew this quarter but is still about 20% below its end of 2025 level.
A high valuation with a moderate check keeps dilution low. A Cyber Series A takes about a sixth of the company. The trade-off is round size: the price is back, the amount raised in one round is not yet. At Seed, Cyber writes the largest checks of any sector, at a valuation about 31% above the market, and the round takes about a third of the company, close to the market.
HealthTech: the only Series A price above Q4 2025
HealthTech is the only sector whose Series A valuation is above its end of 2025 level, by about 4%. It never took the sharp Q1 correction that hit the other sectors. The check is the smallest of any sector, so the round takes about a sixth of the company.
Fintech: the challenge is the amount, not the dilution
Fintech is the only sector down on both the check and the valuation, at Seed and at Series A. The Series A valuation is well below its 2025 average of about $34.7M. Because the check is small relative to the valuation, a Fintech Series A takes only about a seventh of the company, the smallest share of any sector. At Seed, the Fintech check is about 24% below its end of 2025 level and the smallest Fintech has recorded in our dataset. If you are raising in Fintech, plan the business around a smaller round.
How we suggest using these numbers
· Start from your sector median, not the market median.
· Use the market median as context in the conversation, since it is the number investors know.
· Look at the gap between the two. It tells you how your sector is being priced right now, and where. you have room to push.
Frequently asked questions
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