State of Climate Tech Q3’26
Venture equity rebounds as debt retreats.
A Net Zero Insights quarterly analysis of global Climate Tech funding and exits. Equity rose 17% to $15.8B in Q3, every equity stage grew, and firm power emerged as the defining theme of the quarter.
What happened in Q3 2026
Investors put risk capital back to work, while staying selective about where it goes.
Venture equity rebounds as debt retreats
Equity rose to $15.8B, while total funding eased to $19.6B as asset-backed debt roughly halved to $3.1B.
Growth across every stage, led by Series B
Every equity stage grew quarter on quarter. Series B jumped to $3.6B, reversing its 2025 to 2026 weakness.
Firm power is the defining theme
Fusion, fission, geothermal and storage raised about $6.3B across 17 rounds, including three $1B rounds for Commonwealth Fusion Systems, Valar Atomics and Base Power.
Exits cool after a strong Q2
78 exits against 99 in Q2. M&A still made up about 78% of them, as IPO and SPAC routes stayed narrow.
Quarterly funding by financing type
Equity is up 17% on Q2 and about 26% on Q3 2025, while deal count keeps falling.
Disclosed equity, debt and grants in private Climate Tech ventures. Historical data restated on the current methodology.
Every equity stage grew
Equity funding by stage, Q2’26 vs Q3’26 ($B)
Top countries by equity
Q3’26 equity funding and change on Q2
| Country | Funding | QoQ | Deals |
|---|
Get the full Q3’26 report
All the charts, data and analysis behind the quarter, built on the Net0 platform.
- Funding by financing type and deal count since 2021
- Equity by stage, continent, country and challenge area
- The ten largest rounds of the quarter
- Exit activity by type, region and challenge area
- Our Climate Tech taxonomy and data methodology
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