CB Insights – State of AI, 3Q 2025

The main topic of the report is the analysis of global data on deals, financing, and market exits of private companies working in the field of artificial intelligence.

Key findings include: 172 M&A deals in Q3 2025, matching record levels of the previous quarter; the emergence of Generative Engine Optimization (GEO) as one of the most active tech markets with 7 deals; high valuations for companies with small teams, such as Figure with a valuation of $104.3M per employee; and a 22% drop in deal activity compared to the previous quarter, although funding remains strong, exceeding $45B.