2025年度全球风险投资状况回顾：私募市场交易、投融资和退出数据及分析

State ofVenture Global | 2025 recap Global data and analysis on dealmaking, funding,and exits by private market venture companies 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 ▮▮▮▮▮IIIIIDownload the raw data TL;DRYour rundown onventurein 2025TL;DRYour rundown onventurein 2025 $40.7BRobotics fundingin 2025. $469BAnnual venturefunding. $2T+Value of the top 10private companies. 48%Venture fundingfor AI companies. 213Deals from theleading SMVC. Global venture funding rose47% to $469B—with Q4hitting $152B, the best sinceQ1’22. However, overall dealcount fell 17%, even asmega-round deals increased77% for 65% of total funding. Robotics companies raised arecord $40.7B in 2025—9%of total venture funding.Industrial humanoid robotsled all markets with 80 deals,while physical AI modeldevelopers ranked amongthe top markets by Mosaicscore. AI companies raised $226B in2025, capturing 48% of totalventure funding—the largestshare on record. The biggestrounds went to AI startups,led by OpenAI and Anthropic. The top 10 private companiesreached $2T+ in combinedvaluations. OpenAI ($500B)and Anthropic ($350B)commanded massivepremiums, but ByteDance($480B) and SpaceX ($400B)proved that non-AIcompanies can compete. Smart Money VCs—the 25best-performing investorsover the past decade—wereled by General Catalyst with213 deals in 2025. The top 10 SMVC marketswere all AI-focused. Themost influential investors areessentially runningconcentrated AI funds, notdiversified portfolios. Investors are betting onwinner-take-all dynamics, butif technical limitations, costs,or regulations disrupt AI, fewother sectors can offset thedamage. Meanwhile, US startupsraised $328B—70% of globalfunding. This dominancemeans US market shiftscould cause outsizedimpacts on global venture. Momentum reflects investorconfidence in what coulddefine the next AI wave. The question is whetherthese premiums reflectfundamental value or apotential correction ahead. See the data→ See the data→ See the data→ See the data→ See the data→ TL;DRState of Venture Funding reaches$469B in 2025,with AI and mega-rounds dominating Annual equity funding and deal count TL;DRState of Venture The US dominatesglobal venturefunding while otherregions showmarginal growth Annual venture funding per region TL;DRState of Venture AI captures 48% oftotal venture funding,its highestpercentage ever Annual venture funding TL;DRState of Venture Robotics is thenext frontier,reaching a record$40.7B in 2025 Annual funding to companiesdeveloping robotics hardware andsoftware ▮▮▮▮▮▮▮▮▮▮IIIIIIITrack robotic companies funding & deals TL;DRState of Venture Physical AI modeldevelopers hold 4 ofthe top 10 highestmomentum markets Based on average Mosaic score; includesmarkets with 10 or more deals in 2025 TL;DRState of Venture The rich get richeras valuationsskyrocket in 2025 Valuation increase YoY for the top 10private companies TL;DRState of Venture Leading investorsbet all their chips onAI Top 10 SMVC investors and top 10markets for SMVC investors by 2025deal count ▮▮▮▮▮▮▮▮▮IIIITrack Smart Money VC portfolios ContentsState of Venture Europe212United Kingdom220Germany224France228Israel232Netherlands236Sweden240LatAm244Mexico252Brazil256Africa260Kenya268South Africa272Oceania276 Sector Spotlights62 Geographic Trends111 US112Silicon Valley120New York124 Global Trends Investment Trends State of Venture|Global Trends|Investment Trends Annual equity funding & deals State of Venture|Global Trends|Investment Trends Quarterly equity funding & deals State of Venture|Global Trends|Investment Trends Funding & deals by global region in Q4’25 State of Venture|Global Trends|Investment Trends Percent of quarterly deals by global region State of Venture|Global Trends|Investment Trends Percent of quarterly deals by investor group State of Venture|Global Trends|Investment Trends Annual average & median deal size State of Venture|Global Trends|Investment Trends Annual median deal size by global region State of Venture|Global Trends|Investment Trends Annual median deal size by investor group Annual mega-round funding & deals State of Venture|Global Trends|Investment Trends Quarterly funding & deals from mega-rounds (deals worth $100m+) State of Venture|Global Trends|Investment Trends State of Venture|Global Trends|Investment Trends Quarterly mega-round deals by global region State of Venture|Global Trends|Investment Trends Quar