Venture capital isn’t dead — it’s evolving. Carta’s Head of Insights, Peter Walker, joins Jon Bradshaw and Peter Harris to unpack what the data really says about the 2025 market. From the AI-fueled bifurcation to shrinking equity packages and a wave of secondaries, this episode breaks down how founders, VCs, and LPs are adapting in real time.

Peter shares Carta’s inside view on:

The comeback of deal flow and valuations
Why down rounds are easing but hiring hasn’t rebounded
How founder dilution and equity norms have shifted
The rise of liquidity via secondaries and fund-to-fund capital
What signals matter most heading into 2026

If you care about where venture is heading next — this is the episode.

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The State of Venture 2025: AI Bifurcation, Down Rounds, and Secondaries with Carta’s Peter Walker

Venture Capital

The State of Venture 2025: AI Bifurcation, Down Rounds, and Secondaries with Carta’s Peter Walker