Record $2.26T Exit Wave Largely Bypasses Los Angeles as Bay Area, Dallas Grab the Spoils

A record $2.26 trillion in U.S. expansion-stage company exits during the first half of 2026 flowed overwhelmingly to the Bay Area and a few outsized deals in Dallas and Denver, leaving Los Angeles among the country's top exit markets by count but on the sidelines of the mega-IPO windfall reshaping liquidity nationwide, according to a new Deloitte and PitchBook report.