2025年上半年全球科技退出市场态势研究报告

State ofTech Exits GlobalH12025 Global data and analysis ontech exit activity and market liquidity Action is better. We track and compare the world’s companies. Our AIagents keep you a step ahead of competitors anddisruption. Trusted by the world's smartest companies:Every big tech company. Every top professional servicesfirm. 26 of the top 30 banks. All ten Fortune 10 companies.Put our AI agents to work today. ▮▮▮IIIIIIStart free trial TL;DRYour rundown ontech exitsin H1’25 $2T $100M+ raised in equityfunding by privatetech companies 122tech companieswent public 7th consecutive quarterof YoY growth insecondaries 1 new exit modelemerges amidstAI talent war deals drivetech M&Amomentum The global tech IPO markethas remained muted duringthe first half of 2025, with122 tech companies goingpublic,in line with thenumbers from 2024. The last 7 quarters haveseen YoY growth insecondary transactionactivity among VC-backedcompanies,with no signs ofslowing down.As techcompanies stay privatelonger and valuationscontinue to climb,secondaries are playing agrowing role in providingliquidity. The intensifying race for AItalent combined with tightregulation aredriving a newwave of unconventionalexits in the tech ecosystem,bypassing traditional M&A.Reverseacqui-hires—where acquirers buy theteam (fully or partially) andlicense the technology—inparticular are becomingincreasingly popular. Tech M&A activity hasremained stubbornly flatsince Q4’23,stagnating atjust over 2,000 transactionsper quarter,with AIcapturing a growingshare.Despite flat volume, thisyear is shaping up to be arecord year in terms of M&Adeal value, driven by anincrease in the number of$100M+ acquisitions. Private tech companies arestaying private longer andnow have more capital thanever to do so.Over $2T incumulative equity fundinghas poured into private techmarkets to date, with 90%raised in just the lastdecade.That funding hasenabled companies to keepscaling before tapping thepublic markets. See the data→ See the data→ See the data→ See the data→ See the data→ TL;DRState ofTech Exits AI and $100M+deals drive techM&Amomentum We project Q3’25 growth to beflat, with 2,040 deals TL;DRState ofTech Exits Signs point totech IPO marketrebound inH2’25 Recent activity such as Figma'sandBullish'sIPOs signals thingsmay be picking up TL;DRState ofTech Exits Private techmarkets top$2T in equityfunding 90% of it was raised in just thelast decade TL;DRState ofTech Exits Secondariesget biggerand pricier Average discounts in secondarymarkets have compressed tojust 13% below last-roundvaluations TL;DRState ofTech Exits New exit modelsemerge amidstthe AI talent war Reverseacqui-hiresaregainingmomentum among big techcompanies ContentsState ofTech Exits Contents General trends10 Private tech market trends12New exit models14Secondaries trends16 M&A trends21 AI M&A trends36 Tech trends43 General trends State of Tech Exits| General Trends | H1 2025 Tech companies stay private for longer, going public16 yearsafter being founded compared to 12 years in 2015 State of Tech Exits| General Trends | H1 2025 But they have no problem finding money, topping $2T in equityfunding with 90% of it raised in the last 10 years State of Tech Exits| General Trends | H1 2025 Private tech companies are raising ever-larger rounds acrossstages Which year saw the largest round by stage? State of Tech Exits| General Trends | H1 2025 Reverseacqui-hires gain traction as a new exit models amid AItalent war and regulatory pressures State of Tech Exits| General Trends | H1 2025 Top LLM developers have recently been opting foracqui-hiresover traditional acquisitions State of Tech Exits| General Trends | H1 2025 Secondary transactions are growing fast, providing liquidity toboth long-term investors and employees without formal exit State of Tech Exits| General Trends | H1 2025 Investor demand for secondary stakes in private companies isrising, driven by interest in younger companies State of Tech Exits| General Trends | H1 2025 Higher demand is leading to lesser discounts to last-roundvaluation State of Tech Exits| General Trends | H1 2025 In secondaries: AI dominates, SaaS is down, crypto makes acomeback The 10most popularcompaniesonEquityZen'splatformin Q2’25 Most popular industries for secondary transactionsAs of Q2'25Rank State of Tech Exits| General Trends | H1 2025 Top Mosaic score companies have gained in popularity amongsecondary investors Companies that grew the most in popularity onEquityZen'splatform in Q2'25, ranked by Mosaic score M&A trends State of Tech Exits| M&A Trends | H1 2025 Tech companies are getting acquired earlier, and at a higher priceStats for the typical acquired company in 2025 YTD Median headcountat acquisition Medianvaluation+$8M Average yearsto exit +2 employees -3.4 years 2025 is shaping up to be a record year in terms of M&A dealState of Tech Exits| M&A Trends | H1 2025 value, despite flat volume Glo