超现实2025/26；全球科技和风险投资包装

GLOBAL TECH & VC WRAPPED 9 Jan 2026 Snapshot 2025 was the yearwinners pulledahead After the 2022–23 correction, ventureactivity rebounded in 2025. But it didso unevenly. Capital returned, butconcentrated at the top, lifting decacornsand $100M-revenue companies, whileearly stages stayed disciplined. Exits reopened mainly via M&A, with IPOsselective and backlogs building. What you need to know ●2025 was a breakout year for value creation:global tech enterprise value jumped to$55T(+29%), driven more byfundamentalsthan frothyentry multiples.●Venture rebounded — but with discipline:global VC rose to$434B(+27%), still reshaped by post-2021 scar tissue and tighter underwriting.●AI became the gravity well:$198Bwent into AI—almost half of all VC—pulling talent, capital, and outcomes into fewer, bigger platforms.●The mega-round era is back:$2B+ roundsroared back (19 in 2025), led by frontier-model labs and AI infrastructure.Concentration is the story:theUS reached ~65%of global VC, and theBay Area captured ~46% of scaleup capital—scale, compute, and powerare compounding advantages.●Hard tech returns to center stage:manufacturingʼs share rises sharply inChina(and increasinglyEurope), as startups build atoms—materials,molecules, medicines, hardware—not just bits.●Defense is now strategic infrastructure:security, resilience, drones, cyber, space, and dual-use moved from niche to priority—especially asEurope accelerates.●Liquidity reopened through M&A:first-time M&A exits hit a record$131B, while IPOs improved but remain far below the 2021 bonanza.●The exit queue is massive:private unicorns + thoroughbreds form the biggest-ever pipeline, with~$7Tin combined value waiting for wider publicwindows.●2026 outlook:AI isnʼt “over”—itʼs industrializing. The next race iscompute + energy, with global GPU capacity projected to grow~50x by 2030and new leaders emerging alongside the US. Global Startup Funnel ±59K venture-scalestartups foundedin 2025; 21K raisedtheir first VC round 1,836NEW BREAKOUTS 1Value Creation & Fundamentals 2Investment Activity 3Sectors & Themes 4Exits & Outlook Value Creation Global tech enterprise value jumps 29% to $55T Combined enterprise value of tech companies founded since 1990 Enterprise Value Recent cohorts are creating value faster (with less capital, as weʼll see in Chapter 2) Combined enterprise value by year founded cohort Entry Valuation Multiples Rising enterprisevalues are driven byfundamentals, notinflated multiples Strong revenue growth in a moredisciplined market. Explosive AI-fueled expansion blursmultiples in hot sectors. Thoroughbreds🐎 The ultimate flex:$100M+ revenues Thoroughbreds firmly entered thevocabulary as founders are flexing theirrevenues. The United States dominateswith 27 new $100M revenue companies,reflecting its robust startup ecosystem.Europe shows strong momentum acrossmultiple countries. This geographicdistribution reveals how venture-backedsuccess is spreading globally beyondtraditional hubs. Outside Europe, revenue data relieson companies sharing voluntarily,which does happen increasingly inthe United States but less in China New Unicorns🦄 New unicorns arerising again — butfar below the 2021zero-interest-ratepeak, signalinggreater investordiscipline New Unicorns🦄 The US leads with132 new unicorns,followed by China,but newpowerhousesemerge UAE enters the top 10, Swedenand Switzerland are on fire, andthe UK maintains strongmomentum in unicorn creation. New Decacorns New decacornssurge back to 2021peak levels in 2025,driven by the AIboom North America leads with 36,while Europe adds 8 and Asiacontributes 7, signaling aselective, high-growth revival. 1Value Creation & Fundamentals 2Investment Activity 3Sectors & Themes 4Exits & Outlook After years ofcorrection, VCinvestment growsback to $434B (up27%) Against the backdrop of recordrevenues, this indicates ahealthier, more efficient, anddisciplined startup funding era. VC Investment Stages Scaleup Capital $2B+ rounds: all the rage The era of the $2B+ mega-round has arrived. After apost-2021 funding winter that saw these massive dealsnearly vanish—dropping to just 3 rounds in2023—2025 has witnessed an extraordinaryresurgence, with 19 rounds already closed at thisscale. The surge is overwhelmingly driven by AIinfrastructure and frontier model companies. OpenAIalone has closed multiple rounds exceeding $40B intotal, while xAI secured $12B and Anthropic raised$8B. Beyond the headline-grabbing foundation modelplayers, companies like Databricks ($12.6B) and SafeSuperintelligence, and Mistral AI have joined the $2B+club, signaling that capital is concentrating at the verytop of the AI ecosystem. Investor Groups Microsoft, Alphabet, Amazon,Apple, Meta, NVIDIA, Tesla,Salesforce, Intel, Samsung,Oracle, IBM, Tencent, Alibaba,Sony QIA, PIF, Mubadala, GIC, Temasek,KIA, NBIM, CDPQ, Future Fund,ADIA, GPIF, PBoC, BoJ, SNB, APG A16Z, Sequoia, Accel, Lightspeed,General Catalyst, Index, Bess