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Turner Novak points to a key trend in venture funding, highlighting that several large funds are currently raising or closing single rounds that surpass in size all the first-time fundraising combined.
He comments on the lack of firms conducting true early stage investing, indicating a shift in the venture capital landscape.
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Novak previously noted that venture capital firms rushed to join Instinct at a $50 billion valuation after missing its earliest funding rounds, as detailed in one report. In another observation, he reported that Anthropic led startup secondary share demand in Q3 2026, with OpenAI ranked second. Novak also pointed to strong investor interest in the defense sector during that period.