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.
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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