Last year was the third-strongest on record for global venture funding, trailing only the peaks in 2021 and 2022. It was also a surprisingly strong year for IPOs and we saw an uptick in startup M&A numbers. All that sets the stage for what the industry insiders we spoke with expect will be another robust year for startup investment, acquisitions and new public-market listings. At the same time, there's growing concern about capital concentration as venture dollars accumulate in a relatively small cohort of companies, many of them based in the San Francisco Bay Area. Although the IPO window didn't stay open the whole year, 2025 turned into an unexpectedly strong one for new offerings. At least 23 U.S.-based companies listed above $1 billion in value in 2025 compared to nine in 2024. Total valuations at IPO price for those billion-dollar listings reached at least $125 billion ' more than doubling year over year. This year, experts we spoke with expect that momentum to continue. In...
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