The global venture capital landscape experienced a significant surge in 2025, with an astounding $512 billion in deal value—nearly matching the record high set in 2022, as detailed in the latest PitchBook-NVCA Venture Monitor report released on Wednesday. This year was particularly notable for the dominance of artificial intelligence, which comprised over 50% of total deal value and approximately one-third of all venture deals completed worldwide.
Despite a year-on-year improvement in overall dealmaking, activity exhibited uneven trends across different investment stages. Late-stage funding led capital deployment, while early-stage investments stabilized but remained below previous highs. Notably, global VC exit value soared to $549.2 billion, marking an increase of more than $200 billion from 2024. Although public listings contributed to about half of this exit value, they accounted for only around 10% of completed exits, indicating a selective approach in public markets.
However, fundraising conditions painted a different picture for 2025. Global VC fundraising plummeted to $118.6 billion, nearly $100 billion less than the previous year, making it the lowest total seen in a decade. The number of newly closed funds fell to a 10-year low, with only 537 funds raising $66.1 billion—far below the 1,777 new funds that amassed $222.9 billion in 2022.
Regionally, Asia displayed late-year momentum, deploying nearly 40% of its $76.3 billion annual deal value in the fourth quarter. While AI maintained some traction, its penetration and exit activity varied compared to the U.S. and Europe. In Europe, the VC deal value remained stable at €66.2 billion ($77.38 billion), with fewer but larger late-stage rounds emphasizing reliance on AI-driven ventures.
In the U.S., venture capital investment rebounded impressively, achieving its second-highest annual level, primarily driven by AI companies that claimed nearly two-thirds of the total capital. Exit value here nearly doubled from 2024, but liquidity remains subdued, influencing fundraising expectations as we look toward 2026. The U.S. saw 16,707 deals completed—a year-over-year increase of 9.6%—with 1,636 exits, up 28.5% from 2024, culminating in an exit value of $297.8 billion, a remarkable 92.7% year-over-year rise.
