PitchBook：2025年第三季度美国风险投资估值与回报报告（英文版）

The US venture market continues to evolve and adapt to the broad lack of liquidity. VC valuations have continued to increase quickly, while deal activity has started to pick up from the lows of the past few years. 2025’s IPO market has provided some positive signs for market progress, but the current government shutdown threatens to prevent IPOs from surpassing the totals of the past couple years. The expectation should be of a further rebound for IPOs and liquidity in 2026. With the Federal