CB Insights – State of Tech Exits, H1 2025

The main theme of the report is the analysis of market exit activity and liquidity in the tech sector for the first half of 2025.

Key findings include: 122 tech companies went public in the first half of 2025, matching 2024 levels. Private tech companies raised over $2 trillion in equity capital, allowing them to remain private longer. There has been an increase in secondary transaction activity among venture-backed companies over the last 7 quarters. A new type of market exit is emerging in the competition for AI talent — reverse acqui-hire deals. M&A activity remains stable, but there is an increase in deals valued over $100 million.