The main theme of the report is the analysis of valuations and funding trends in the field of artificial intelligence (AI) for 2025.
Key findings include the growth of the Aventis AI index, which has significantly outperformed the S&P 500 since its launch. The report highlights the diversity of the AI value creation chain, including both applications and materials, as well as a large supply chain. Corporate investors remain among the largest and most aggressive investors in AI companies in 2025. The number of funding rounds in the AI sector has been steadily increasing over the past 14 years, except for the period of 2022-2023. There is a significant difference in valuations of private AI companies, with revenue multiples ranging from 7.3x to 140.0x.