So the NVCA — National Venture Capital Association — does quarterly reviews with Pitchbook of all VC activity.
The latest data from Q1’25:
2025 so far has started off about the same as 2024, with about 4,000 VC deals inked so far:
AI is 71% of All VC Dollars and 33% of All Deals:
The mega AI rounds are pushing that 71% number
66% of All Venture Dollars Went Into the SF Bay Area:
Much less by deal volume. The data is a bit murky but it does seem like 20% of VC deals went into SF Bay, but 66% of VC Dollars.
And finally, Exits Remain Way Down
We’re investing again at a very healthy pace. But the exits, and especially the IPOs? We’re still waiting :). For now at least. Coreweave’s IPO boosted the relatively meager numbers.
And $3 Trillion of Unicorns Are Still Waiting to IPO
That’s quite a backlog.
