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US VC 2025

Concentration at the top. Reset beneath. Recovery in progress.

Foreword

  • Half of unicorn value now sits in just 10 companies
  • AI is pulling growth-stage valuations higher, not equally
  • Returns are improving, but still far below the 2021 peak

Concentration at the top. Reset beneath. Recovery in progress.

Based on PitchBook's report.

First page of the report: US VC 2025

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