CB Insights – State of Venture Global, 2025

The report provides global data and analysis on dealmaking, funding, and exits by private market venture companies in 2025.

Total global venture funding rose 47% to $469 billion in 2025, with Q4 hitting $152 billion, the best since Q1 2022. Despite the funding increase, overall deal count fell 17%, while mega-round deals increased 77%, accounting for 65% of total funding. US startups raised $328 billion, representing 70% of global funding, indicating the US market's dominant influence on global venture trends. AI companies raised $226 billion in 2025, capturing 48% of total venture funding, the largest share on record, led by OpenAI and Anthropic. Robotics companies raised a record $40.7 billion, 9% of total venture funding, with industrial humanoid robots leading the market. The top 10 private companies reached over $2 trillion in combined valuations, with OpenAI ($500B) and Anthropic ($350B) commanding massive premiums, alongside ByteDance and SpaceX. The leading Smart Money VCs made 213 deals in 2025, focused heavily on AI markets.