QQQ•Claret Capital Partners’ analysis says 2026 exit activity is concentrated among a few companies. SpaceX accounted for 83% of nearly $90 billion raised in US venture-backed tech IPOs, while technology buyout deal value fell 70% from the fourth quarter of 2025 to the first quarter of 2026.
Claret Capital Partners’ analysis says many growth businesses lack clear exit routes as 2026 exit activity concentrates among a few companies. SpaceX’s $60 billion acquisition of Cursor represented roughly half of US startup M&A spending, while technology buyout deal value fell 70% between the fourth quarter of 2025 and the first quarter of 2026. The analysis highlights venture debt as a way to extend funding runways or finance shareholder liquidity through share buybacks without new equity dilution.
