Startup down rounds are at a ten-year high, according to PitchBook data

Ryan King, co-founder of Chime Financial Inc., center left, and Chris Britt, cofounder and chief executive officer of Chime Financial Inc., center, during the company's initial public offering at the Nasdaq (Credit: Bloomberg/Getty Images)

The soaring valuations of the early 2020s are, finally, coming back to earth.

This week, PitchBook data revealed that 15.9% of venture-backed deals in 2025 so far have been down rounds, marking a decade high. Additionally, almost every major IPO listing in Q2 hit the public markets below its peak valuation, the data from PitchBook adds. Some examples include MNTN (at IPO, valuation was down from $2 billion to $1.1 billion), Circle (dropping from $7.7 billion to $5.8 billion), Hinge (valuation at IPO was $6.2 billion, down from the $23 billion high), and Chime (going public at $9.1 billion from a $25 billion peak valuation).