2025 年第一季度美国风险投资生态系统回顾报告

The definitive review of the US venture capital ecosystem PitchBook Data, Inc. NIZAR TARHUNIExecutive Vice President of Researchand Market Intelligence Analysis KYLE STANFORD, CAIADirector of Research, VCEMILY ZHENGSenior Analyst, VCKAIDI GAOSenior Analyst, VCCOLLIN ANDERSONSenior Data Analyst pbinstitutionalresearch@pitchbook.com Publishing Report and cover design byJENNA O’MALLEY, CHLOE LADWIG, andJULIA MIDKIFF Contents National Venture Capital Association (NVCA) BOBBY FRANKLINPresident & CEOSHILOH TILLEMANN-DICKResearch DirectorEVAN KELLERDirector of CommunicationsROBIN CEPPOSCommunications ManagerSAVANNA MALONEYCommunications Manager Contact NVCAnvca.orgnvca@nvca.org J.P. Morgan Commercial Banking MELISSA SMITHCo-Head of Innovation Economy and Head ofSpecialized IndustriesJOHN CHINACo-Head of Innovation EconomyPAMELA ALDSWORTHHead of Venture Capital Coverage Contact J.P. Morgan jpmorgan.com/innovationeconomy Dentons Global Venture Technology and EmergingGrowth Companies Group Contact Dentonsdentonsventurebeyond.comvictor.boyajian@dentons.com Deloitte & Touche LLP Audit & AssuranceHEATHER GATESPrivate Growth Leader Contact Deloittehgates@deloitte.com Methodology change update:To present a clearer picture of the true exitvalue of the market, we are implementing the extrapolation methodologyused for undisclosed M&A transactions for PE and global M&A reports intoventure reports. Most of the M&A transactions we collect have no valueattached, leaving a void in the data we present as exit value. Though thesedeals are much smaller than the values we are able to collect, they do provide Market overview With uncertainty dominating USfinancial markets throughout the firstquarter, our prior expectation that2025 would see a resurgence in venturecapital (VC) liquidity and dealmaking Demand/supply shows large gap With regard for first-quarter activity,there has been a marked bifurcationin the market as larger deals and exitsrepresent a greater share of totalactivity. The 10 transactions exceeding$500 million accounted for 61.2% of the than any quarter since Q4 2021, whilethe rest of the exit market has remainedrelatively silent. Fundraising exhibited a Despite a few significant transactionsfostering a narrative of marketresurgence, VC remains challenging Increasing VIX a bad sign for IPOs Trailing 12-month (TTM) VC-Backed IPO Index price/sales ratio versus VIX Index quarter. Additionally, M&A has beenfocused on younger companies,yielding returns that many VC firmswould find unsustainable. 76% ofcompleted acquisitions in Q1 occurredbefore a Series B was raised. Our VC IPO index drops quickly VC-Backed IPO Index and Morningstar US Unicorn Index (rebased to 100 in 2022) The recent tariff announcement hassignificantly impacted VC activity andIPO plans. The equity market sell-off reflects heightened uncertainty,leading many VC investors to adopta wait-and-see approach until clarityand stability return. Notably, Klarnaand Hinge Health have postponed their From seed stageto global stage We are the bank of the innovation economy. With decades of global experience, a robust professional andventure capital network and scalable money-management solutions, See how we can support your growth at jpmorgan.com/InnovationEconomy. NVCA policy highlights unnecessarily register as Registered InvestmentAdvisors. The DEAL Act would change what areconsidered as “qualifying investments,” enablingadditional investment among Exempt Reporting Below is an overview of NVCA’s current policypriorities and their states of play. capital markets solutions for both the public andprivate markets. NVCA continues to engage withthe Senate on the introduction of complementary Tax update Republicans began 2025 with control of the WhiteHouse, House, and Senate. The party plans toproceed with a large-scale budget reconciliation billanchored by Tax Cuts and Jobs Act (TCJA) of 2017extensions. Budget reconciliation allows legislation Crypto and blockchain update Stablecoin legislation moved swiftly in Q1 with theSenate Banking Committee passing its version—theGuiding and Establishing National Innovation for USStablecoins (GENIUS) Act—in March and the HouseFinancial Services Committee passing its version—the Stablecoin Transparency and Accountabilityfor a Better Ledger Economy (STABLE) Act—atthe beginning of April, both on a bipartisan basis.The bills both create a regulatory framework for Among other things, the DEAL Act addressesinvestment challenges in: •Secondary investments:Under currentlaw, investing in secondaries is considered a“nonqualifying” investment, limiting firms’ability to remain ERAs. This bill would fix that, On February 6, President Donald Trump metwith Republican lawmakers to discuss budgetpriorities, proposing to end favorable taxationfor carried interest as an offset for his priorities,such as eliminating tax on tips. On the same day,Democrats introduced bills in both the House andthe Senate that