PitchBook年第三季度企业SaaS风险投资趋势

EMERGING TECH RESEARCH Enterprise SaaSVC Trends VC activity across the enterprise SaaS ecosystem REPORT PREVIEWThe full report is available throughthe PitchBook Platform. Contents Enterprise SaaS landscapeEnterprise SaaS VC ecosystem market mapQuarterly analysisKey takeawaysVC activityAI themesConclusionsEnterprise SaaS VC deal summary Institutional Research Group Analysis Derek HernandezSenior Research Analyst,Enterprise SaaS and Infrastructure SaaS DataOscar AllawayData Analystpbinstitutionalresearch@pitchbook.com PublishingReport designed byJenna O’MalleyPublished on November 14, 2025 EnterpriseSaaS Customer relationshipmanagement Enterprise SaaSVC ecosystem market map Quarterly analysis Key takeaways •Quarterly VC funding value grew 28.3% due solely to a $10 billion xAI megadeal, which maskedan otherwise 13.9% decline. Venture deal volume stabilized at a healthy postbubble level, •The IPO market reopened with major successes from Figma ($15.7 billion) and Klarna ($14.9billion), causing total exit value to skyrocket by 206.6%. Despite high-profile IPOs, a low •AI has transitioned from an add-on to a core operational component in established SaaS,exemplified by its integration into Microsoft’s CRM and Hyland’s KMS. •OpenAI’s “Instant Checkout” feature signals a major strategic pivot from discovery toconversion, directly challenging traditional e-commerce and search-ad models. •New FASB guidance on software cost capitalization will impact how all software companies VC activity In Q3 2025, enterprise software-as-a-service (SaaS) companies grew deal value by 28.3% QoQ.This was buoyed by a $10 billion debt and equity raise by xAI in July, which represented one-third QUARTERLY ANALYSIS three largest deals were $600 million, $514 million, and $500 million. Without this xAI deal, totaldeal value for the quarter would have fallen 13.9% QoQ. While deal value continues to move higher sizes and multiples. By comparison, at the high-water mark in 2021, 446 out of 464 exits, or 96.1%,disclosed valuations. Without a meaningful decrease in the cost of capital, valuations could remain AI themes Aside from these large swings in deal value, deal count remained surprisingly stable. Q3 saw 829deals, up 0.2% from 827 in Q2 and averaging 826 in the most recent four quarters altogether.This is a healthy level for the market and is well below the roughly 1,400 deals per quarter done This influx of capital into AI solutions was reflected by the continuing technological shift acrossestablished software categories to include AI as a core operational component. In customer relationship management (CRM), AI is now being positioned as the fundamental operatingsystem for proactive lead scoring and personalization—a trend highlighted by Microsoft’s reportof outsized growth in its AI-powered Dynamics 365 platform.1This integration was also evident On the other hand, exits in Q3 increased significantly in value as IPOs proliferated across thelandscape. Figma and Klarna represented the lion’s share of the $39 billion disclosed, with IPOsizes of $15.7 billion and $14.9 billion, respectively. The next largest exit was the $2.1 billionacquisition of Regrello, producer of a supply chain workflow tool designed for cross-company In addition, OpenAI shifted its strategy with its Q3 introduction of Instant Checkout, whichmoves ChatGPT from discovery to conversion. This seeks to monetize completed purchases, Exit valuation disclosures remained low, with 28 out of 105 valuations disclosed, or 26.7%. Weinterpret this as a generally weaker environment for sellers as disclosures can be a proxy for exit QUARTERLY ANALYSIS In the near term, we expect US-exclusive rollouts, single-item flows, and a careful ramp-up offraud, attribution, and seller fees for OpenAI. Merchants will gain a new acquisition channel asOpenAI tests how commerce may exist within chat. In the longer term, if consumers normalize“buy in chat,” this will challenge ad-funded discovery and marketplace browsing paradigms, Conclusions Q3 2025 delivered long-awaited positive signals across the market and highlighted its continuedbifurcation. The successful IPOs of Figma and Klarna provided a crucial, confidence-building path Activity in Q3 confirms that generative AI has evolved from a market theme into the market’sprimary engine, distorting traditional metrics and redrawing strategic lines. This was reflected Finally, the quarter also saw significant regulatory and financial developments that will havebroad implications for the industry. The Financial Accounting Standards Board issued modernized QUARTERLY ANALYSIS About PitchBookIndustry and Technology PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Research and Market IntelligencePaul CondraGlobal Head of Private Markets Research Industry and Technology Research team PitchBook’s Industry and Technology Research team providescomprehensive updates on over 20 different coverage areas.