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Fortune

Allie Garfinkle

2025 U.S. VC deal value soared to $339.4 billion, says PitchBook. But there’s a catch.

PitchBook Kyle Stanford a16z Databricks OpenAI

Databricks CEO speaking on stage. (Credit: Stuart Isett—Fortune)

Just because VCs are flooding AI favorites with cash doesn’t mean the industry has made a comeback.

That’s what PitchBook and the National Venture Capital Association’s newly-released 2025 data on venture capital shows—an uneven market that’s consolidated around a few perceived winners in the most-talked-about sector, AI.

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