Current Startup and Venture Capital News as of February 28, 2026: Mega-Rounds in AI Chips, Revitalization of IPOs and SPACs, M&A Deals, Secondary Market, and Trends for Global Venture Funds. Analytics for Investors.
The end of the week has solidified two main lines that will define the agenda for venture investors and limited partners (LPs) in 2026. First, capital continues to concentrate in AI infrastructure—primarily in AI chips, cloud inference infrastructure, and corporate platforms that help businesses reduce computing costs and accelerate the implementation of models. Second, the liquidity market is revitalizing: some mature companies are returning to public offerings, while alternative routes like SPACs and secondary deals are once again being discussed as viable portfolio management tools.
For venture funds, this means increased competition for "quality" rounds (Series B-D), heightened demands for term sheets (liquidation preferences, anti-dilution, option structure), and the necessity for stricter discipline on valuation and unit economics—especially in segments where revenue relies on the cost of computation and data access.
USA: AI Hardware and Corporate Platforms Drive Mega-Rounds
In the USA, venture investments continue to revolve around two centers of attraction: (1) developers of AI accelerators and inference systems, and (2) companies building "lanes" for AI implementation in corporations—from orchestration to security. Recent deals confirm that investors are willing to pay a premium for teams capable of offering alternatives to dominant suppliers and reducing total cost of ownership (TCO) for large customers.
- AI Chips and Accelerators: Large Series B and late rounds indicate the market’s readiness to finance capital-intensive roadmaps if there’s a chance to occupy a niche in inference and corporate clusters.
- Partnerships as Part of the Round: Increasingly, funding is accompanied by strategic agreements with large tech players, which mitigates go-to-market risk and improves revenue quality.
- Valuation and Expectations: Investors demand a more transparent gross margin model, a detailed supply plan, and confirmed demand (LOI, pilots, initial contracts) before agreeing to a "premium" valuation.
Biotech and Medtech: IPOs as a Litmus Test for Appetite for Venture Stories
Biotech and AI medical platforms are once again in the spotlight as the public market begins selectively accepting "venture" stories—especially where there is clinical progress and a clear monetization roadmap. For venture investors, this is an important indicator: the IPO window may not necessarily widen but opens "specifically" for companies with strong science, defendable technology, and a clear regulatory track.
- Liquidity Signal: Successful offerings increase the attractiveness of late rounds and could drive growth in the secondary market for shares (secondaries) in mature companies.
- Term Sheet and Round Structure: Funds are increasingly offering hybrid structures (primary + secondary) to balance risk and partially secure gains for early investors and employees.
- Valuation: Multiples become more "punitive" for projects lacking clinical/commercial milestones—disciplining the market and reducing the share of "marketing" rounds.
Europe: More Selective Venture Investments and a Bet on Deeptech
The European startup market maintains a high pace of deals, yet selectivity has noticeably increased. The focus is on deeptech (quantum technologies, cybersecurity, industrial AI), climate solutions, and applied corporate products. For funds, this combination of opportunities and limitations presents a challenge: on one hand, there is a strong engineering school and grant ecosystems; on the other, companies need to build a global go-to-market to maintain high valuations in late rounds.
- Quantum Companies: Discussions about going public via SPACs raise questions about revenue maturity and investors' willingness to accept technological risks in exchange for long-term potential.
- Series A-C Rounds: More stringent conditions regarding governance, KPIs, and investor rights are appearing in term sheets, especially if a startup requires funding for the next 18-24 months.
- Cross-Border Strategy: Companies are enhancing their presence in the USA and Asia to broaden their customer base and support valuations in the next round.
Asia and the Middle East: Sovereign Capital and "Infrastructure" Bets
In Asia, the growing interest in AI infrastructure is complemented by government and quasi-government programs, as well as the involvement of large corporations as strategic investors. In the Middle East, sovereign funds and corporate groups continue to act as anchor LPs and co-investors in later stages, preferring deals with a clear role for the region in the value chain (data centers, energy for computations, industrial platforms).
For global venture funds, this means a more complex landscape: access to capital is increasing, but demands for compliance, deal structure, and rights allocation on technologies and data are also rising.
M&A and Secondary Market: A "Quiet" Reboot of Liquidity
Alongside targeted IPOs, the market is increasingly returning to M&A as a practical exit mechanism. For strategists, the key motive is to accelerate product plans in AI and cybersecurity as well as acquire teams with competencies that are difficult to hire. Simultaneously, the secondary market for shares is expanding: funds and employees are more frequently considering partial sales of their stake in late rounds to reduce personal risk and "unfreeze" capital without waiting for a full exit.
- Corporate Buyers: Are increasingly interested in teams and technology modules rather than "the entire business," impacting deal structure and valuation.
- Secondaries: Are becoming a standard option in large rounds, especially when valuations are high and there is demand from new investors.
- Valuation: For M&A, the quality of revenue and synergies matter more than "venture storytelling," leading to stricter due diligence processes.
Investor Practice: How to Read a Term Sheet and Avoid Overpaying for Valuation
Amidst capital concentration and rising competition for the best deals, funds and LPs should maintain a checklist to help distinguish sustainable stories from overheated ones. This is particularly relevant in the AI segment, where the cost of computation and access to data directly impact margin.
- Check the Compute Economics: How does cost-per-inference change with volume growth, and is there an optimization strategy (model, hardware, caching, quantization)?
- Demand and Contracts: Are there commercial KPIs, not just pilots? How are the terms for termination and contract expansion structured?
- Governance: Board rights, protective clauses, budget control, approval process for M&A?
- Liquidity: What's the possibility for secondary sale, triggers for IPO/SPAC, restrictions on share transfers?
- Anti-Dilution: What type (full ratchet vs. weighted average), thresholds, consequences for future rounds?
What Today’s Agenda Means for Startups and Venture Funds
Saturday, February 28, 2026, marks a market shift toward "pragmatic growth": venture investments remain willing to finance significant bets in AI and deeptech but require more stringent evidence of demand and realistic liquidity exit plans. Startup teams should prepare for more detailed due diligence and proactively consider their round structure—including secondary components, option programs, and a transparent economic model. For venture funds, the key challenge is to maintain valuation discipline, carefully build portfolios across stages, and utilize a combination of IPOs, M&A, and secondaries as a set of tools for managing risk and returns.
