State of Venture, Global 2025 recap

CB Insights

Research

284 Pages

CBB published their annual state of venture recap with global data and analysis on dealmaking, funding, and exits by private market venture companies.

Key Takeaways

Annual Venture Funding: Global venture funding rose 47% to $469B — with Q4 hitting $152B, the best since Q1’22. However, overall dealcount fell 17%, even as mega-round deals increased 77% for 65% of total funding.
Venture Funding for AI Companies: AI companies raised $226B in 2025, capturing 48% of total venture funding — the largest share on record. The biggest rounds went to AI startups, led by OpenAI and Anthropic.
Value of the Top 10 Private Companies: The top 10 private companies reached $2T+ in combined valuations. OpenAI ($500B) and Anthropic ($350B) commanded massive premiums, but ByteDance ($480B) and SpaceX ($400B) proved that non-AI companies can compete.
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