On-Demand Webinar
Q3 2025 PitchBook-NVCA Venture Monitor Webinar - PitchBook
 

While a few IPOs generated headlines, just 15 companies completed listings during the quarter, putting the year on pace with 2023 and 2024 for total new listings. AI has driven dealmaking and a narrative of venture rebound, but nearly all other verticals continue to experience stagnation and further declines in dealmaking.

In this webinar, experts from PitchBook, NVCA, J.P. Morgan, Dentons, and EisnerAmper discussed findings from the Q3 2025 PitchBook-NVCA Venture Monitor, current VC trends, and how upcoming headwinds may affect the market.

To download the presentation slides and watch the recording, please fill out the form.

Key topics

  • Just $45.7B has been raised by VC funds through Q3, on pace for the lowest year since 2017
  • Mega-deals, largely into AI startups, are set to surpass 450 deals this year, falling behind only 2021 and 2022
  • Exit activity continues to lag, prompting VCs to explore ways to generate liquidity through secondaries or continuation vehicles
Featuring
  • Kyle Stanford is the director of US venture capital research at PitchBook, where he oversees a team of analysts covering the US venture market. He has developed PitchBook’s coverage areas within nontraditional VC investment, venture debt and VC ecosystem development, as well as our breakout of the venture growth stage of the VC market. He also contributes to quarterly core reports, produces thematic analyst notes on various topics and speaks at industry conferences such as SXSW and Collision. He is regularly cited in top-tier publications, including The Wall Street Journal, The Financial Times, and Axios, and has been featured in segments on CNBC, Bloomberg, and Yahoo Finance. Prior to this role, he worked on PitchBook’s publishing team, building custom reports across all asset classes and managing the development of analyst core research reports. 

    Stanford received a bachelor’s degree in history from the University of Washington and is a CAIA charterholder. He is based in PitchBook’s Seattle office. 

  • Shiloh Tillemann-Dick serves as the research director at NVCA. His work focuses on the development of qualitative and quantitative analytical products that provide the rest of the team with the material they need to tell NVCA’s story. Before joining NVCA, Shiloh was the political director at the Leadership Now Project, where he developed the organization’s political strategy, oversaw expansion into eight new states, and organized the group’s 2022 candidate program. Shiloh is a graduate of Yale University and has lectured on analytics, public policy, and project management at the University of Maryland.
  • Andy Kelly is a managing director and relationship executive in the Venture Capital coverage group for J.P. Morgan Commercial Banking, within the Middle Market Banking & Specialized Industries business. In this role, he is responsible for developing relationships with key VC firms from his base in the Bay Area. He is a current independent board member for US Speedskating, as well as a former board member for the American Red Cross Bay Area chapter and a former advisory board member for USAA.
  • Victor Boyajian is the global chair of Dentons Global Venture Technology and Emerging Growth Companies Group. Victor leads a global team focused on representing emerging growth technology companies, venture capital firms, corporate strategies, and private equity firms in a broad array of financing and strategic transactions from Silicon Valley to Boston to New York and around the globe.
  • Gautham Deshpande is an Audit Partner in the Financial Services Group, with more than 15 years of accounting, audit and consulting experience in the securities and investment management industries. He leads the audits of private equity funds, venture capital funds, hedge funds, real estate partnerships, alternate investment vehicles, and investment advisors. Gautham’s expertise includes fair value measurements, complex financial instruments, and consolidation matters.

    Gautham regularly speaks at industry conferences and is a frequent contributor to the firm’s thought leadership in the securities and investment management space.

Watch webinar

I agree to PitchBook’s privacy policy

Thank you!
Thank you for your submission!