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

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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