A Friendly Foreword – Reading Between the Lines

Peter Walker's work at Carta deserves credit. In a space flooded with hype, he delivers actual data—methodically documenting what's really happening in venture capital. His latest AI Fundraising Trends report continues this tradition, presenting the numbers with refreshing clarity.

But here's the thing: Carta can't afford to alienate anyone. As the cap table infrastructure for the entire ecosystem, they have to play nice with both sides. They'll show you that 46% of seed rounds are now bridge rounds. They'll reveal that only 9% of Q1 2024's seed cohort has reached Series A after one year—half the historical rate of 15-20%. They'll even note that AI companies mysteriously command 50% valuation premiums while everyone else drowns.

They just won't tell you what it means.

But I will.

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