PitchBook-2025年二季度人工智能风险投资趋势（英）-2025_12页_5mb

AI VC deal activity in Q2 2025 showed moderation compared to Q1, with deal counts and values dipping but remaining elevated overall. Horizontal platforms dominated capital deployment in deal value, focusing on core infrastructure, while vertical applications accounted for most deal volume through sector-specific innovations.

Valuations surged, with a 63.3% Year-over-Year increase in median VC pre-money valuations, reaching $40 million, signaling strong investor confidence in scalable infrastructure and commercial potential at ventures. Venture growth stage saw the highest valuations at $622 million, despite a capital-deal count divergence where early and late stages showed modest step-up multiples.

Exits slowed, with Q2 activity totaling $9.8 billion across 284 deals, mainly through acquisitions and public listings; vertical applications and horizontal platforms led in exits, though IPOs showed slight recovery. Notable exits included CoreWeave's $17.1 billion IPO and Slide Insurance's public listing.

Segment-wise, horizontal platforms and vertical applications shaped the market, with autonomous machines and semiconductors attracting targeted investments. Deal values and valuations remained concentrated in infrastructure layers, reflecting investor preference for scalability and strategic integration opportunities.