Venture Capital

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


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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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Apple: https://podcasts.apple.com/us/podcast/venture-capital/id1575351789
Website: https://www.venturecapital.fm/

Follow Jon Bradshaw

LinkedIn: https://www.linkedin.com/in/mrbradshaw/

Instagram: https://www.instagram.com/mrjonbradshaw/
Twitter: https://twitter.com/mrjonbradshaw

Follow Peter Harris
LinkedIn: https://www.linkedin.com/in/peterharris1

Twitter: https://twitter.com/thevcstudent

Instagram: https://instagram.com/shodanpete

Youtube: https://www.youtube.com/@peterharris2812

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Venture CapitalBy Jon Bradshaw, Peter Harris

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