Series A
Series A dilution typically 20-25%. The 2026 AI bifurcation matters most here: AI Series A pre-moneys median $78M, non-AI $42M. If you're non-AI, the headline 'Series A median is $48M pre' is AI-inflated for your benchmark. Pull AI deals out before averaging your comps.
The full distribution
Series A post-money valuations vary widely. Median is $64M but the P25-P75 range spans $32M to $110M — a 3.4x spread between the bottom-quartile and top-quartile deal. For founders, this means there's genuine room to negotiate up if your story is strong; the median is just the middle, not a ceiling.
Check size and option pool
Series A round checks typically range $5M to $25M. Option pool refresh is typically 10-12% of post-money. The option pool comes out of pre-money allocation, not post-money — so a 12% pool refresh on a $$48M pre-money is essentially $$5.8M of founder dilution that doesn't fund anything operational.
AI-labelled series a rounds in 2026 transact at +85% over non-AI deals at the same stage. AI Series A pre-money median is approximately $89M vs $48M for non-AI. If you're non-AI, strip AI deals out of your comparable benchmarks before using a comp-based valuation method — otherwise the inflated comp set will produce an unrealistic anchor that VCs will reject. See the AI premium deep-dive.
Source
↗ https://nvca.org/wp-content/uploads/2026/04/Q1-2026-PitchBook-NVCA-Venture-Monitor.pdfSource: PitchBook-NVCA Q1 2026 + Carta Q4 2025 · Verified 2026-06-03.