SVB – State of the Markets, 2H 2025

The main theme of the report is the analysis of the state of the innovation economy and venture capital in the second half of 2025.

Key findings include the evolution of the venture ecosystem, which has become more complex and global. The impact of macroeconomic factors, such as tariffs and changes in US policy, on technology companies. AI continues to be a major driver of venture capital investments in the US, accounting for 58% of all investments. Changes in IPO prospects: the window for IPOs is partially open, although many are conducted at reduced valuations. Venture-backed tech companies have reached a new equilibrium with lower revenue growth rates but higher profitability.