人工智能现状：全球私募市场AI公司的交易、融资和退出数据及分析

State of AI Global | Q3 2025 Global data and analysis on dealmaking, funding,and exits by private marketAIcompanies 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 “Steal” our data. Download the underlying data in this report. If you createany analysis or visualizations with this data, send it ourway and you could be featured in the CBI newsletter.@ us on social–LinkedIn X (Twitter)Instagram ▮▮▮▮▮IIIIDownload the raw data TL;DRYour rundown onAIin Q3’25 $104.3M -22%Decrease in dealactivityQoQ. 172M&A deals,staying elevated. 7GEO deals. Valuation per employee. AI M&A activity remained nearrecord highs with 172 deals inQ3’25, just behindQ2’25’s181deals. Global AI startup deals dropped to1,295 in Q3’25, yet funding stayedstrong above $45B for the fourthstraight quarter. Lean AI teams are commandingextraordinary valuations.Humanoid robotics companyFigure topped the charts at$104.3M per employee based onits $39B valuation. Generative engine optimization(GEO) broke into the most activetech markets this quarter with 7deals. These platforms help brandsimprove their discoverability on AI-powered search tools likeChatGPTand Perplexity. WithOpenAIrecently rolling out shoppingfeatures inChatGPT, AI platformsare becoming critical newcommerce channels. Notably, three of thequarter’s5biggest acquisitions involved AIagent companies. Legacyenterprise software players areaggressively acquiring to fast-track their AI product roadmaps. Deal sizes have swelled, with the2025 YTD average hitting $49.3M—an 86% jump from last year.Investors are making moreconcentrated bets as they chase AIwinners amid high infrastructurecosts and fierce competition inmodel development. These premium multiples reflectinvestor confidence, but the realtest will be whether these startupscan hit their aggressive revenuetargets in coming years. See the data→ See the data→ See the data→ See the data→ TL;DRState ofAI Bigger bets arethe new normalin AI TL;DRState ofAI AI acquisitionshit all-timehighs, led byagenticsolutions TL;DRState ofAI Generative engineoptimization (GEO)emerges amongmost active techmarkets Top markets by equity deal activityin Q3’25 TL;DRState ofAI Small teams,big valuations Humanoid robotics developerFigure leads top deals in Q3’25by valuation per employee ContentsState of AI Canada96Asia102China108India112Singapore116Japan120Europe124United Kingdom130Germany134France138Israel142LatAm146Brazil152Oceania156 Geographic Trends Global Trends Investment Trends Annual equity funding & deals State of AI|Global Trends|Investment Trends Quarterly equity funding & deals State of AI|Global Trends|Investment Trends Percent of quarterly deals by global region State of AI|Global Trends|Investment Trends Percent of quarterly deals by investor group State of AI|Global Trends|Investment Trends Annual average & median deal size State of AI|Global Trends|Investment Trends Annual median deal size by global region State of AI|Global Trends|Investment Trends Annual median deal size by investor group State of AI|Global Trends|Investment Trends Quarterly funding & deals from mega-rounds (deals worth $100m+) State of AI|Global Trends|Investment Trends Quarterly mega-round deals by global region State of AI|Global Trends|Investment Trends Quarterly mega-rounds as percent of funding State of AI|Global Trends|Investment Trends Annual percent of deals by deal stage State of AI|Global Trends|Investment Trends Regional deal share by deal stage in Q3’25 State of AI|Global Trends|Investment Trends Annual median funding by deal stage NEW! Headcount Trends State of AI|Global Trends|Headcount Trends Fastest-growing markets by YoY headcount change State of AI|Global Trends|Headcount Trends Share of M&A exits by number of employees State of AI|Global Trends|Headcount Trends Equity deal share by number of employees State of AI|Global Trends|Headcount Trends Shareof deals by Commercial Maturity and headcount ValidatingTesting andrefining product DeployingGrowing commercialdistribution Unicorns State of AI|Global Trends|Unicorns State of AI|Global Trends|Unicorns State of AI|Global Trends|Unicorns Quarterly new unicorns by global region State of AI|Global Trends|Unicorns Global: Top unicorn births in Q3’25 State of AI|Global Trends|Unicorns Global: Top unicorns by valuation in Q3’25 Exit Trends Quarterly exits State of AI|Global Trends|Exit Trends Percent of quarterly exits by global region Global: Top M&A exits in Q3’25 Global: Top IPOs in Q3’25 State of AI|Global Trends|Exit Trends Global: Top SPACs in Q3’25 Investors State of AI|Global Trends|Investors State of AI|Global Trends|Investors