Crunchbase Data: The AI Boom Has Drastically Changed Who’s Funding The Hottest Companies In 2025 Vs. 2021

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• Venture capital has reclaimed its lead in this AI wave, as private equity, overindexed in private companies, has scaled back significantly since 2021

  80% confidence

• The number of companies raising rounds of $50 million or more drastically shrunk roughly by half to a cohort of just 1,440 in 2025

  80% confidence

• The question remains: Will this new cohort of highly valued companies deliver outsized returns in the coming years?

  80% confidence

• Tiger Global Management and SoftBank Vision Fund have cut back more than 95% by count from 2021 to 2025

  80% confidence

• Silicon Valley's traditional VC firms have reclaimed ground in leading rounds of $50 million and over

  80% confidence

• In 2025, eight of the 10 most active firms leading $50M+ deals were venture capital firms

  80% confidence

• The firms that dominated in larger financings in 2021 were 4x more active by counts when compared to those at the top two slots in 2025

  80% confidence

• In 2025, large rounds and valuations picked up once again, setting the stage for a very active funding environment in 2026

  80% confidence

Cited in these Via News reports

• Private Companies Now Take 20+ Years to IPO as Credit Facilities Replace Exit Liquidity →
• Tiger Global, SoftBank Cut Mega-Deals 95% as Global Venture Capital Reclaims Lead →
• Traditional VCs Reclaim 80% of Major Deals as Tiger Global, SoftBank Cut Activity 95% Globally →
• Venture Capital LPs Face 30-60% Haircuts on Exits, Shift to Credit Solutions →
• Venture LPs Turn to Collateralized Loans as Secondary Markets Demand 60% Discounts Globally →