PitchBook：2025年人工智能、巨额交易和集中风险市场的形成报告（英文版）

Despite ongoing liquidity challenges, deal value for the US venture market surged in 2025, reaching $250 billion through Q3. However, this total has been much more concentrated than in previous years. The 10 largest deals accounted for 38.9% of the total capital invested, with just four deals totaling $77.5 billion. • AI has been a significant driver of this deal value concentration. The sector itself contributed 65% of deal value in the US, yet leading LLM providers such as OpenAI, Anthropic