PitchBook：2026年第一季度美国风险投资公司IPO前景报告（英文版）

Liquidity conditions in US VC improved meaningfully in 2025 as a handful of highprofile IPOs delivered much-needed exit value and renewed confidence in public markets. However, this exit value was highly concentrated: Just 48 companies went public, consistent with other post-pandemic years, and only 17 were unicorns. This level of activity falls short of what the venture ecosystem needs to fully recover, leaving more than $4.3 trillion of value locked in private unicorns alone. After four con