CB Insights – State of AI, 2Q 2025

The main theme of the report is the analysis of the state of the artificial intelligence (AI) market in the second quarter of 2025, including deals, funding, and company exits.

Key findings include a record number of mergers and acquisitions (M&A) deals in Q2 2025, totaling 177, which is double the average over the past five years. The United States played a significant role in the increase in deals, with active participation from companies like IBM. AI companies attracted funding with high valuations, such as xAI securing funds at a $75 billion valuation. 72% of the deals in 2025 were related to early-stage companies, particularly in the areas of AI agents and voice AI applications. The total funding for AI startups amounted to $47.3 billion, marking the second-largest figure in history.