2025年全球AI状况报告：私募市场交易、投融资和退出数据及分析

StateofAI

Global|2025recap

Globaldataandanalysisondealmaking,funding,andexitsbyprivatemarketaicompanies

StateofAI

Actionisbetter.

Wetrackandcomparetheworld’scompanies.OurAIagentskeepyouastepaheadofcompetitorsand

disruption.Trustedbytheworld'ssmartestcompanies:

Everybigtechcompany.Everytopprofessionalservicesfirm.26ofthetop30banks.AlltenFortune10companies.PutourAIagentstoworktoday.

.StartfreetIriaIlIII

CBINSIGHTS

©2026CBInsights|2

escBNSGHTS©2026CBInsights|3

StateofAI

“Steal”ourdata.

Downloadtheunderlyingdatainthisreport.Ifyoucreate

anyanalysisorvisualizationswiththisdata,senditour

wayandyoucouldbefeaturedintheCBInewsletter.

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▮DownloadtherawdIataIII

eCBNSGHTS©2026CBInsights|4

Yourrundownon AIin2025

TL;DR

$225.8B

AIfunding—nearlydouble2024levels

GlobalAIfundingreachedarecord$225.8Bin2025,

propelledbymassivedeals.Mega-rounds($100M+

deals)accountedfor79%oftotalfunding,reflectingthehighcostsofAI

development.

LLMdevelopersalone

captured$93.1B(41%of

totalfunding),withOpenAI,Anthropic,andxAIraisingacombined$86.3Bin2025.

Seethedata→

1,550

DealsinQ4’25,down11%YoY

DealactivitypeakedinQ2'25at1,937dealsbefore

declininginthelatterhalfoftheyear.Meanwhile,fundingwasup61%quarter-over-

quarterinQ4’25.

Thisdivergencehighlights

howtop-heavythelandscapehasbecome:investorsare

funnelingcapitalintofewer,largerbets.Checksizesgrewatthemedianacrosseverystagein2025vs.2024.

Seethedata→

11.4%

ShareofAIdeals

capturedbyrobotics

Roboticshardware&

softwarecompanies

capturedthethelargestshareofAIdealsamongmajortechsectors.

BothfundinganddealstoAIroboticsstartupshitrecordhighsin2025,withadvancesenablingrobotstoperformcomplextasksacross

defense,humanoidapplications,and

autonomousdriving.

Seethedata→

782

M&Aexits,over

1.5x2024levels

PrivateAIcompanies

continuetobesnatchedupatrecordpace,withAI

representing7.5%ofventureM&Aexitsin2025(upfrom4.9%in2024)astechgiantsacquiretheirwayintoAI.

Roughly10%ofAI

acquisitionswererelatedtoAIagentsandinfrastructure,includingMeta’s$3BManusdealandWorkday’s$1.1BpurchaseofSanaLabs.

Seethedata→

75

NewAIunicorns—61%oftotalnew

AIstartupsnowdominatenewunicornformation,andthey’rereachingunicorn

statuswhilealready

operatingatcommercialscale.

63%ofnewAIunicornsin2025arealreadyata

CommercialMaturitylevel4(scalingstage)comparedtojust23%in2024.This

indicatesamaturingAImarket.

Seethedata→

TL;DRStateofAI

LLMdevelopersdriveglobalAI

fundingtorecordhighin2025

▮▮Track50+LLMdevelopersI

StateofAI2025

©2026CBInsights.Equityfundingonly.ExcludesDatabricksfromLLMdeveloperfunding.

TL;DRStateofAI

WhileAIfundingexplodes,dealactivitysoftensinlast2quartersof2025

Quarterlyequityfundinganddealcount

▮▮Getlivedat▮aon40K+A▮IcompaniesI

CBINSIGHTS

StateofAI2025

©2026CBInsights.Equitydealsonly.

CBINSIGHTS

StateofAI2025

©2026CBInsights.Dealsmaybedouble-countediftheybelongtomultipleindustries.

TL;DRStateofAI

RoboticsleadsnextwaveofAIinnovation

Top5techandindustrysectorsrankedbyshareofannualAIequitydeals

TL;DRStateofAI

AcquisitionsofAIstartupsspike,ledbyUS

AnnualM&Aactivitybytargetregion

▮▮SeeeveryA▮IM&Aexitin20I2I5II

StateofAI2025

©2026CBInsights.

TL;DRStateofAI

NewAIunicornsareborn

commercial-ready

Shareofnewunicorns

($1B+valuation)by

CommercialMaturityscore

▮▮Trackall1,300+unicorInIsII

StateofAI2025

©2026CBInsights.CBInsightsCommercialMaturityscoresmeasureacompany’sabilityBINSIGHTS

tocompeteforcustomersorserveasapartner.Excludes8companieswithoutscores.

escBINSIGHTS©2026CBInsights|10

StateofAI

Contents

GlobalTrends11

InvestmentTrends12

HeadcountTrends36

Unicorns43

ExitTrends49

Investors56

GeographicTrends60

US61

SiliconValley69

NewYork73

LosAngeles77

Boston81

Seattle85

DC89

Austin93

Miami97

Philadelphia101

Canada105

Asia113

China121

India125

Singapore129

Japan133

Europe137

UnitedKingdom145

Germany149

France153

Israel157

Netherlands161

Sweden165

LatAm169

Oceania177

©2026CBInsights|11

GlobalTrends

©2026CBInsights|12

InvestmentTrends

escBINSIGHTS©2026CBInsights|13

StateofAI|GlobalTrends|InvestmentTrends

Annualequityfunding&deals

Funding

$225.8B

6,934

6,1486,065

6,085

$76.5B

$65.6B

$114.9B

$114.4B

Deals6,913

20212022202320242025

StateofAI|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|14

Quarterlyequityfunding&deals

s0

1,937

1,840

1,748

1,586

$49.4B$41.1B$49.8B$51.7B

Q4Q1Q2Q3Q4

2025

1,811

1,674

$27.9B$19.5B

Q2Q3

2024

1,613

1,371

$29.9B$28.1B

Q2Q3

2021

1,512

1,428

$20.3B$14.6B

Q2Q3

2022

1,893

$28.4B

Q1

1,701

$17.6B

Q1

1,676

$21.1B

Q1

1,581

$29.4B

Q4

1,520

$27.6B

Q1

1,442

$13.8B

Q4

1,315

$13.2B

Q4

$15.5B$15.2B

Q2Q3

2023

Funding$83.2B

Deal1,55

1,490

1,457

StateofAI|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|15

Funding&dealsbyglobalregioninQ4’25

Africa

$7M

11Deals

LatAm

$61M

19Deals

Oceania

$0.4B

15Deals

28Deals

US

$71.3B

794Deals

Asia

$4.6B

336Deals

Europe

$6.3B

347Deals

Canada

$0.6B

StateofAI|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|16

Percentofquarterlydealsbyglobalregion

AllOtherRegions,0%Oceania,1%

Africa,1%

Canada,2%LatAm,1%

Europe,22%

Asia,22%

US,51%

22%

22%

51%

Q3Q4

17%

31%

46%

Q3

21%

29%

46%

Q3

21%

20%

54%

Q1

21%

19%

55%

Q1

22%

20%

54%

Q2

20%

22%

52%

Q3

21%

27%

45%

Q4

25%

22%

48%

Q4

22%

23%

48%

Q3

23%

20%

51%

Q2

22%

27%

44%

Q2

23%

26%

45%

Q1

23%

24%

46%

Q4

22%

21%

50%

Q2

24%

17%

53%

Q1

22%

25%

45%

Q2

23%

25%

45%

Q1

25%

24%

43%

Q4

20212022202320242025

escBINSIGHTS©2026CBInsights|17

PrivateEquity,5%CVC,8%

Incubator/Accelerator,8%

Asset/InvestmentManagement,8%Corp,10%

Angel,12%

Other,17%

VC,33%

Percentofquarterlydealsbyinvestorgroup

6%

7%

7%

6%

6%

6%

5%

9%

9%

9%

8%

9%

9%

9%

8%

7%

9%

8%

8%

8%

8%

8%

8%

9%

7%

8%

10%

6%

8%

7%

9%

7%

10%

8%

16%

7%

10%

8%

11%

9%

12%

9%

10%

11%

8%

7%

9%

10%

8%

8%

9%

8%

9%

9%

8%

8%

8%

7%

9%

8%

8%

6%

7%

7%

9%

7%

8%

7%

9%

6%

8%

7%

8%

6%

9%

7%

8%

7%

8%

7%

9%

7%

9%

10%

10%

11%

11%

10%

12%

10%

11%

9%

10%

10%

11%

11%

12%

11%

12%

11%

12%

12%

16%

14%

14%

16%

14%

18%

17%

18%

16%

17%

18%

19%

17%

18%

18%

18%

16%

17%

16%

35%

35%

34%

34%

34%

33%

33%

34%

35%

36%

36%

35%

36%

34%

32%

36%

35%

33%

35%

Q1

Q2Q3

2021

Q4

Q1

Q2Q3

2022

Q4

Q1

Q2Q3

2023

Q4

Q1

Q2Q3

2024

Q4

Q1

Q2Q3

2025

Q4

StateofAI|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|18

Annualaverage&mediandealsize

MedianDealSize

$4.1M

$4.8M

$3.7M

$2.8M$3.0M

202120232025

$26.7M

$24.6M

$17.3M

$15.7M

202120232025

AverageDealSize

$44.8M

escBINSIGHTS©2026CBInsights|19

Annualmediandealsizebyglobalregion

US

$6.4M

$5.0M

202120232025

$4.0M

Asia

$5.0M

$3.0M

$2.0M

202120232025

Europe

$3.8M

$3.0M

202120232025

$2.5M

LatAm

$1.9M

$1.1M

$0.8M

202120232025

Canada

$2.9M

$2.3M

202120232025

$1.8M

Africa

$1.6M$1.5M

$0.5M

202120232025

Oceania

$2.7M

$2.0M

202120232025

$2.0M

escBINSIGHTS©2026CBInsights|20

Annualmediandealsizebyinvestorgroup

Angel

$4.6M

$4.3M

202120232025

$4.7M

Asset/InvestmentManagement

$50.0M

$18.0M

$12.0M

202120232025

CVC

$19.0M

$15.4M

202120232025

$20.0M

Corp

$13.0M

$8.4M

202120232025

$15.0M

$40.0M

$27.8M

$20.0M

202120232025

PrivateEquity

VC

$13.0M

$10.0M$7.0M

202120232025

StateofAI|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|21

Annualmega-roundfunding&deals

Funding

$178.1B

302

183

148

120

$69.1B$34.8B$34.7B$76.6B

Deals289

20212022202320242025

StateofAI|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|22

Quarterlyfunding&dealsfrommega-rounds(dealsworth$100m+)

s

2831303029

16

$19.0B$17.8B$15.7B$16.6B$15.1B$8.3B$5.8B$5.6B$13.8B$7.5B$7.5B$5.9B$9.8B$18.7B$9.4B$38.8B$29.7B$37.3B$39.9B

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

20212022202320242025

75

67

46

43

36

49

38

82

74

71

Funding$71.2B

Deal89

75

66

67

StateofAI|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|23

Mega-roundfunding&dealsbyglobalregioninQ4’25

1Deal

US

$63.7B

57Deals

Asia

$3.1B

14Deals

Oceania

$0.3B

1Deal

Europe

$3.6B

16Deals

Canada

$0.5B

StateofAI|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|24

Quarterlymega-rounddealsbyglobalregion

36

6

3

1

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

2021202220232024

US,57

50

47

Europe,16Asia,14

Oceania,1Canada,1LatAm,0

Q2Q3Q4

2025

8

7

1

1

Q1

9

8

1

1

9

5

2

51

escBINSIGHTS©2026CBInsights|25

Quarterlymega-roundsaspercentoffunding

21%

28%

35%33%

44%44%47%44%

52%50%52%

59%60%58%57%

79%

72%

65%67%

56%56%53%56%

48%50%48%

41%40%42%43%

Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1

Non-mega-rounds,14%

23%

Mega-rounds,86%

77%

Q3Q4

31%

40%

69%

60%

Q1Q2

25%

75%

Q2

20212022202320242025

StateofAI|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|26

Global:TopequitydealsinQ4’25

Company

RoundAmount

Round

Date

RoundValuation

SelectInvestors

Country

1

OpenAI

$22.5B

CorporateMinority

2025-10-26

N/A

SoftBank

UnitedStates

2

Anthropic

$15.0B

SeriesG

2025-11-18

$350.0B

Microsoft,NVIDIA

UnitedStates

3

xAI

$7.5B

SeriesD

2025-10-08

N/A

ValorEquityPartners,BossaInvest,NVIDIA,ApolloGlobalManagement

UnitedStates

4

Anysphere

$2.3B

SeriesD

2025-11-13

$29.3B

Accel,Coatue,AndreessenHorowitz,DSTGlobal,ThriveCapital

UnitedStates

5

ReflectionAI

$2.0B

SeriesB

2025-10-09

$8.0B

NVIDIA,DSTGlobal,LightspeedVenturePartners,SequoiaCapital,CRV

UnitedStates

6

Lambda

$1.5B

SeriesE

2025-11-18

N/A

TWGGlobal,USInnovativeTechnologyFund

UnitedStates

7

Crusoe

$1.4B

SeriesE

2025-10-23

$10.0B

MubadalaCapital,ValorEquityPartners,SparkCapital,AtreidesManagement,FoundersFund

UnitedStates

8

Kraken

$1.0B

Undisclosed

2025-12-29

$8.7B

D1CapitalPartners,DurableCapitalPartners,FidelityInternational,OntarioTeachers'PensionPlan

UnitedKingdom

8

OpenAI

$1.0B

CorporateMinority

2025-12-11

N/A

TheWaltDisneyCompany

UnitedStates

10

LumaAI

$900M

SeriesC

2025-11-19

$4.0B

Humain,AndreessenHorowitz,AMDVentures,AmplifyPartners,MatrixPartners

UnitedStates

StateofAI|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|27

Annualpercentofdealsbydealstage

Early-stage,74%

Other,7%

Late-stage,7%Mid-stage,11%

6%

8%

16%

70%

7%

6%

13%

73%

7%

5%

10%

78%

7%

10%

78%

20212022202320242025

StateofAI|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|28

RegionaldealsharebydealstageinQ4’25

21%

31%

24%

7%

49%

52%

56%

71%

25%

15%

16%

17%

Early-stage

Mid-stage

Late-stage

Other

USAsiaEuropeLatAmCanadaAfricaOceania

StateofAI|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|29

Annualmedianfundingbydealstage

$84.0M

$63.4M$56.1M

$42.1M$40.5M

202120232025

Late-stage

Mid-stage

$23.0M

202120232025

$35.0M

$30.0M

$27.2M

$35.5M

$2.5M$2.5M$2.0M$2.1M$3.1M

202120232025

Early-stage

StateofAI|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|30

Global:Topseed/angeldealsinQ4’25

Company

RoundAmount

Round

Date

SelectInvestors

Country

1

UnconventionalAI

$465M

SeedVC

2025-12-08

AndreessenHorowitz,LightspeedVenturePartners,SequoiaCapital,DCVC,DatabricksVentures

UnitedStates

2

GeneralIntuition

$134M

SeedVC

2025-10-16

GeneralCatalyst,KhoslaVentures,TheRaineGroup

Netherlands

3

MindRobotics

$115M

SeedVC

2025-11-04

Eclipse

UnitedStates

4

TalaHealth

$100M

Seed

2025-11-04

SofrehCapital,PindarosRoyVagelos

UnitedStates

5

Gradium

$70M

SeedVC

2025-12-02

Eurazeo,FirstMarkCapital,DSTGlobal,AmplifyPartners,KorelyaCapital

France

6

InceptionLabs

$50M

SeedVC

2025-11-06

MenloVentures,Mayfield,DatabricksVentures,InnovationEndeavors,M12

UnitedStates

7

UniXAI

$42M

SeedVC

2025-12-05

SeineVentures,ECOFund,SichuanEntrepreneurFund,TahoeVenture

China

8

MireloAI

$41M

SeedVC

2025-12-15

AndreessenHorowitz,IndexVentures,AtlanticLabs,TriplePointCapital,AlexBerriche

Germany

9

RemedyRobotics

$35M

SeedVC

2025-10-06

DCVC,BlackbirdVentures,KdTVentures,PathbreakerVentures

UnitedStates

9

Viven

$35M

SeedVC

2025-10-15

FPVVentures,FoundationCapital,KhoslaVentures,OperatorCollective

UnitedStates

StateofAI|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|31

Global:TopSeriesAdealsinQ4’25

Company

RoundAmount

Round

Date

SelectInvestors

Country

1

AA-ITechnologies

$200M

SeriesA

2025-11-18

LightspeedVenturePartners,BRMGroup,DellTechnologiesCapital,Pitango,BessemerGroup

Israel

2

ROBOTERA

$141M

SeriesA

2025-11-13

GeelyCapital,BAICCapital,BeijingAIIndustryInvestmentFund,JingguoruiEquityInvestment

China

3

7AI

$130M

SeriesA

2025-12-04

IndexVentures,GreylockPartners,SparkCapital,CRV,BlackstoneInnovationsInvestments

UnitedStates

4

LilaSciences

$115M

SeriesA

2025-10-14

AlumniVentures,AnalogDevices,CatalioCapitalManagement,DauntlessVentures,IQT

UnitedStates

4

NestAI

$115M

SeriesA

2025-11-20

FinnishIndustryInvestment,Nokia

Finland

6

Antithesis

$105M

SeriesA

2025-12-03

JaneStreetGroup,SparkCapital,AmplifyPartners,TamarackGlobal,FirstInVentures

UnitedStates

7

Cartesia

$100M

SeriesA

2025-10-29

IndexVentures,KleinerPerkins,LightspeedVenturePartners,NVIDIA

UnitedStates

7

Parallel

$100M

SeriesA

2025-11-13

IndexVentures,KleinerPerkins,SparkCapital,FirstRoundCapital,KhoslaVentures

UnitedStates

7

Wonderful

$100M

SeriesA

2025-11-11

IndexVentures,BessemerVenturePartners,InsightPartners,InstitutionalVenturePartners,VineVentures

Israel

10

DualEntry

$90M

SeriesA

2025-10-02

KhoslaVentures,LightspeedVenturePartners,Contrary,GoogleVentures,VeseyVentures

UnitedStates

StateofAI|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|32

Global:TopSeriesBdealsinQ4’25

Company

RoundAmount

Round

Date

SelectInvestors

Country

1

ReflectionAI

$2.0B

SeriesB

2025-10-09

NVIDIA,DSTGlobal,LightspeedVenturePartners,SequoiaCapital,CRV

UnitedStates

2

PhysicalIntelligence

$600M

SeriesB

2025-11-20

CapitalG,IndexVentures,JeffBezos,LuxCapital,ThriveCapital

UnitedStates

3

Apptronik

$331M

SeriesB

2025-11-06

UndisclosedInvestors

UnitedStates

4

Lovable

$330M

SeriesB

2025-12-16

Accel,CapitalG,MenloVentures,DSTGlobal,Creandum

UnitedStates

5

BlackForestLabs

$300M

SeriesB

2025-12-01

AMP,SalesforceVentures,AndreessenHorowitz,BainCapitalVentures,GeneralCatalyst

UnitedStates

5

Galbot

$300M

SeriesB

2025-12-19

ChinaMobileInvestmentHoldings,CCTVFinancialMediaFund,CICCCapital,SuzhouCapitalGroup

China

7

MainFunc

$275M

SeriesB

2025-11-20

HongShan,Box,EmergenceCapital,LGTechnologyVentures

UnitedStates

8

Sesame

$250M

SeriesB

2025-10-21

SparkCapital

UnitedStates

9

SakanaAI

$135M

SeriesB

2025-11-17

NEA,GeodesicCapital,KhoslaVentures,LuxCapital,MitsubishiUFJFinancialGroup

Japan

10

ChaiDiscovery

$130M

SeriesB

2025-12-15

GeneralCatalyst,OakHC/FT,LachyGroom,MenloVentures,Neo

UnitedStates

10

DUOS

$130M

SeriesB

2025-10-09

FTVCapital,ForerunnerVentures

UnitedStates

10

LiblibAI

$130M

SeriesB

2025-10-22

CMCCapitalPartners,HongShan,FutureCapital,INCECapital,ShunweiCapital

China

StateofAI|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|33

Global:TopSeriesCdealsinQ4’25

Company

RoundAmount

Round

Date

SelectInvestors

Country

1

LumaAI

$900M

SeriesC

2025-11-19

Humain,AndreessenHorowitz,AMDVentures,AmplifyPartners,MatrixPartners

UnitedStates

2

MoonshotAI

$500M

SeriesC

2025-12-31

IDGCapital,Tencent,AlibabaGroup,WangHuiWen

China

3

Mercor

$350M

SeriesC

2025-10-27

Felicis,GeneralCatalyst,Benchmark,RobinHoodVentures

UnitedStates

4

TsingMicro

$283M

SeriesC

2025-12-02

BeijingEnergyHolding,SenseTimeGuoxiangCapital,Z&YCapital,BOFOFund,Beichuangtou

China

5

d-Matrix

$275M

SeriesC

2025-11-12

BullhoundCapital,Temasek,TriatomicCapital,IndustryVentures,M12

UnitedStates

6

BendingSpoons

$270M

SeriesC

2025-10-30

T.RowePrice,CoxEnterprises,DurableCapitalPartners,BaillieGifford

Italy

7

Suno

$250M

SeriesC

2025-11-19

MenloVentures,LightspeedVenturePartners,MatrixPartners,HallwoodMedia,NVentures

UnitedStates

8