Venture Monitor Q2 2025 (PitchBook / NVCA)
Summary
- In Q2 2025, VC firms deployed $69.9 billion across an estimated 4,001 deals, marking a 24.8% QoQ decline in total deal value.p.8
- Venture-growth-stage deal activity reached $83.9 billion deployed across an estimated 499 deals in H1 2025.p.8
- AI sector transactions represented 64.1% of deal value and 35.6% of deal count in H1 2025.p.8
- The US VC direct secondary market size is estimated between $48.1 billion and $71.5 billion, with a midpoint of $60 billion.p.5
- Q2 exit activity generated $67.7 billion across 394 exits, representing the highest quarterly exit value since Q4 2021.p.30
- US VC fundraising totaled $26.6 billion across 238 funds in H1 2025, placing the annualized pace near a decade low.p.36
Key insights
- The median time to close a US venture capital fund expanded to 15.3 months in Q2 2025, up from 12.6 months in 2024.p.36
- Five AI deals exceeded $1 billion in Q2 2025, including Scale AI, Safe Superintelligence, Thinking Machine Labs, Anduril, and Grammarly.p.8
- Corporate venture capital participation dropped to 22% of all VC deal count, with 42% of CVC deals going to AI companies in 2025.p.22
- Only 1,112 corporate investors closed a deal in 2025, representing 35.7% of the total in 2022.p.22
- Pre-seed median pre-money valuations expanded 42.3% YoY in Q2 2025.p.9
Topics and entities
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