2025 U.S. VC deal value soared to $339.4 billion, says PitchBook. But there’s a catch.

Just because VCs are flooding AI favorites with cash doesn’t mean the industry has made a comeback. 

That’s what PitchBook and the National Venture Capital Association’s newly-released 2025 data on venture capital shows—an uneven market that’s consolidated around a few perceived winners in the most-talked-about sector, AI.

2025 U.S. VC deal value soared to $339.4 billion, not far from 2021 highs of $358.2 billion. And yet: 50% of that 2025 deal value was invested in just 0.05% of the completed deals. And those deals are...