In the second quarter of 2025, the U.S. venture capital (VC) exit market experienced a notable resurgence, with total exit value soaring to $67.7 billion, the highest quarterly figure since 2021, according to the latest data from PitchBook and the National Venture Capital Association (NVCA). This marks a significant increase from $38.5 billion in Q2 2024, reflecting a nearly 76% year-over-year growth and signaling a strong rebound in liquidity events for venture-backed companies.
The $67.7 billion in exits encompasses the combined value of public listings (IPOs), acquisitions, and buyouts, illustrating a broad-based recovery across exit types. Despite this impressive total exit value, the number of deals remained roughly flat compared to the previous year, and the deal value actually declined 25% from Q1 2025. This suggests that while fewer transactions occurred, several large, high-value exits drove the surge in total exit value.
One of the standout transactions in Q2 was the $14.3 billion investment in ScaleAI, where Meta acquired a 49% stake. This deal alone was among the largest VC deals ever and represented a strategic move by Meta to potentially circumvent Federal Trade Commission scrutiny that might arise from a full acquisition. The top 10 largest deals in the quarter accounted for 39% of the capital raised, highlighting the concentration of capital in a few blockbuster transactions.
However, the VC ecosystem still faces challenges. New VC fundraising remains subdued, with only $26.6 billion raised in new U.S. VC funds during the first half of 2025, on track to be the lowest annual total in a decade. Limited partner (LP) caution persists due to poor liquidity and the slow pace of distributions from prior investments, which dampens enthusiasm for committing fresh capital to venture funds. This scarcity of new capital contrasts with the strong exit environment and underscores an ongoing imbalance between supply and demand in the venture market.
Public listings, while contributing to the overall exit value, remain relatively muted. The number of completed IPOs is on pace to be the lowest in over a decade, reflecting continued market uncertainty and the lingering effects of macroeconomic factors such as trade tensions and tariff policies. Despite this, the exit market’s strength in Q2 2025 is a positive sign that venture-backed companies are finding pathways to liquidity through multiple channels.
The PitchBook-NVCA Venture Monitor highlights that the exit market’s revival is occurring amid a backdrop of cautious investment activity and fundraising. Deal counts are steady, but capital deployment is focused on fewer, larger deals. Middle-market private equity firms have increased their activity in buyouts of VC-backed companies, contributing to the growing share of buyouts in total exits, which now stands at nearly 22%.
In summary, Q2 2025 represents a pivotal moment for the U.S. venture capital exit landscape. The $67.7 billion in exit value—through public listings, acquisitions, and buyouts—is the strongest quarterly performance since 2021, driven by a handful of large deals and a recovering appetite for liquidity. Yet, the market remains cautious, with fundraising at decade lows and IPO activity subdued, suggesting that while exits have rebounded, the venture ecosystem continues to navigate a complex and evolving environment