Dealroom.co_超现实2025-26；全球科技和风险投资包装.pdfVIP

Surreal

2025/26

GLOBALTECHVCWRAPPED

9Jan2026

Snapshot$434BVCinvestedglobally,up27%YoY(ater51NewDecacornsin2025,up89%YoYand

yearsofcorrectionfrom2021ʼs$722B)bringingtotalto322Decacornsglobally

2025wastheyear

winnerspulled

ahead

Aterthe2022–23correction,venture

activityreboundedin2025.Butitdid

sounevenly.Capitalreturned,but

concentratedatthetop,litingdecacorns

and$100M-revenuecompanies,while

$3trillioninnewprivatevaluecreated,$131BinVC-BackedExitsviaMA,morethan

earlystagesstayeddisciplined.

privatetechnow$18Tandpublictech$37Tpreviousfiveyearscombined

ExitsreopenedmainlyviaMA,withIPOs

selectiveandbacklogsbuilding.

Pag/2Source:Dealroom.co.

Whatyoundtoknow

●2025wasabreakoutyearforvaluecreation:globaltechenterprisevaluejumpedto$55T(+29%),drivenmorebyfundamentalsthanfrothy

entrymultiples.

●Venturerebounded—butwithdiscipline:globalVCroseto$434B(+27%),stillreshapedbypost-2021scartissueandtighterunderwriting.

●AIbecamethegravitywell:$198BwentintoAI—almosthalfofallVC—pullingtalent,capital,andoutcomesintofewer,biggerplatforms.

●Themega-rounderaisback:$2B+roundsroaredback(19in2025),ledbyfrontier-modellabsandAIinfrastructure.

Concentrationisthestory:theUSreached~65%ofglobalVC,andtheBayAreacaptured~46%ofscaleupcapital—scale,compute,andpower

arecompoundingad