Dealroom：2025/26年超现实-全球科技和风险投资总结报告（英文版）

2025 was the yearwinners pulledahead After the 2022-23 correction, ventureactivity rebounded in 2025. But it didso unevenly. Capital returned, butconcentrated at the top,lifting decacornsand $100M-revenue companies, whileearly stages stayed disciplined.

Exits reopened mainly via M&A, with IPOsselective and backlogs building.