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Venture Monitor Q4 2025 (National Venture Capital Association (NVCA))

ReportNational Venture Capital Association (NVCA)January 202638 pages57 min readOriginal source
Key number
$339.4 billion
Total US VC deal value in 2025 p.8
Largest segment
65.4%
AI & ML share of 2025 deal value p.9
What changed
131.1%
YoY growth in venture-growth deal value p.8

Summary

  • In Q4 2025, $91.6 billion was deployed across an estimated 4,482 VC deals in the US market.p.8
  • Artificial intelligence dominated funding, accounting for 65.4% of total deal value and 39.4% of deal count in 2025.p.9
  • Geographic concentration intensified as the San Jose-San Francisco-Oakland area captured 52.4% of total US VC deal value in 2025.p.10

Key insights

  1. Late-stage VC and venture-growth deal values grew by 45.4% and 131.1% YoY, respectively, in 2025.p.8
  2. Companies with all-female founding teams raised $3.9 billion in 2025, representing 1.1% of total VC deal value.p.18
  3. Startups acted as buyers in 38.4% of VC-backed M&A transactions, representing 22.3% of total acquisition value in 2025.p.31
  4. Cumulative net cash flows to limited partners have reached negative $196.9 billion since 2022.p.33
  5. Total US venture capital dry powder stood at $299.3 billion as of June 30, 2025.p.35

Topics and entities

USAI in financeCorporate venture capitalIPOs and listingsM&A and exitsPrivate debt and venture debtPrivate marketsStartup ecosystemsStartup fundingVenture capitalAnthropicCircleCoreWeaveFood and Drug AdministrationJ.P. MorganNational Venture Capital AssociationOpenAIPitchBookSecurities and Exchange Commission

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