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Fortune
Fortune
Allie Garfinkle

In Q1 2025, AI commanded 71% of total VC deal value, according to PitchBook

Dario Amodei (Credit: Stefan Wermuth—Bloomberg via Getty Images)

The venture capital market reminds me of a roller coaster—but probably not the kind you’re imagining.

Think about that moment right after you’re seated and strapped in. The car is climbing—click, click, click—and you’re working your way up, expecting freefall any minute. But what if that drop never quite materializes? What if you’re stuck on the way up? 

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