"2025 U.S. VC deal value soared to $339.4 billion, not far from 2021 highs of $358.2 billion. And yet: 50% of that 2025 deal value was invested in just 0.05% of the completed deals. And those deals are, of course, the ones you'd expect, from OpenAI's $40 billion funding round to Databricks's $4 billion Series L round that valued the company at $134 billion."
""If you look beyond AI, dealmaking isn't hitting new highs," said Kyle Stanford, PitchBook director of U.S. venture research, via email. "A majority of first-time financings are AI companies too. So venture has made a wholesale change in what is being funded. Despite deal value nearing the stratospheric heights of 2021, Stanford points out that exit value is just 34% of the 2021 peak."
U.S. VC deal value reached $339.4 billion in 2025, close to 2021 highs, but half of that value flowed into only 0.05% of completed deals. Mega-rounds included OpenAI's $40 billion and Databricks's $4 billion Series L that valued the company at $134 billion, with OpenAI previously valued around $500 billion and reportedly discussed at as high as $830 billion. A majority of first-time financings in 2025 were AI companies. Exit value fell to roughly 34% of the 2021 peak, and new fundraising commitments totaled only $66.1 billion. Private equity deal value hit $1.2 trillion across more than 9,000 deals, showing a more distributed market.
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