§01The London technology leadership market has continued the recovery that began in Q3 2024, with senior search volumes in H1 2026 now 38% above the trough of 2023 and 12% above the 2021 peak. The recovery is uneven across sectors and stages, and this report unpacks where the heat is — and where it is not.

§02At the headline level, three sectors are running materially hotter than the broader market: AI infrastructure (volumes up 84% YoY), climate-tech (volumes up 41% YoY), and B2B fintech (volumes up 34% YoY). Three sectors are running materially cooler: consumer marketplaces (-11% YoY), gaming (-18% YoY), and Web3 / crypto (-32% YoY).

§03On compensation, the structural shift toward equity at Series B+ that we documented in our recent CTO compensation report is now visible across the broader senior population. Median equity-to-base ratios for VP Engineering, VP Product, and Head of Data have all crossed 0.5 for the first time at Series B in our dataset.

§04On time-to-fill, the market is running fast. Median time from engagement to start date for a senior technology hire in London is now 14.2 weeks, the lowest figure we have recorded since the dataset began. The constraint is no longer candidate availability — it is calendar, with stakeholder and reference scheduling now the dominant cause of overruns.

§05Twelve predictions for H2 2026: 1. AI-infrastructure search volumes will continue to outpace the broader market. 2. Climate-tech equity packages will compress as new entrants normalise on standard market bands. 3. B2B fintech compensation will continue to track parity with B2B SaaS at equivalent stages. 4. Series A CTO base salaries will not move materially from current levels. 5. Equity-to-base ratios at Series B will continue to expand. 6. Time-to-fill will compress further as more searches use AI-augmented sourcing. 7. The repatriation of senior US-based engineers to London will accelerate. 8. Pre-IPO CFO mandates will continue to grow at 25%+ YoY. 9. The AI-policy-counsel role will mature into a board-adjacent function at every Series C+ AI lab. 10. The "Staff IC" market will continue to bifurcate between top-tier and median. 11. Hybrid arrangements will continue to centre on 3-day on-site as the new default. 12. The first London-based founder-on-record sub-£100M ARR IPO of an AI-native company will close before year-end.