PitchBook：2026年第二季度美国风险投资估值报告（英文版）

SpaceX perfectly encapsulates today’s state of venture valuations. In less than two years, its valuation skyrocketed 10x, from $180 billion to $1.8 trillion, yet its earliest investors have waited over two decades for liquidity. Venture’s cash Source: PitchBook • Geography: US • As of June 30, 2026 it as a valuation trap that VC has created over the past decade. However, it is more a reflection of the fundamental difference in how private and public investors price companies. One o