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The state of consumer AI: Concentration and bifurcation have emerged as the key themes in the sector. Learn about shifting dynamics and evolving challenges for consumer AI startups in our new analyst note.
The state of physical AI: Defense became a dominant destination for venture capital in the sector, with drones fueling a 142% increase in deal value for the segment. The surge comes at the expense of industrial robotics. Read more.
Brace for impact: Anthropic, OpenAI and SpaceX are rumored to be going public in 2026. These mega IPOs would add much-needed liquidity to VC, but they could also add challenges to many companies looking to go public this year. Read our report. |
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| The exit market is back, but how broad is the recovery? |
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Expansion-stage exit markets staged a meaningful comeback in 2025, with total exit value more than doubling YoY to $484 billion. Yet exit counts held steady, underscoring a recovery driven by a relatively small group of large transactions rather than broad-based liquidity. The latest edition of Deloitte’s Road to Next series explores where momentum is building and where selectivity still defines the market. Highlights include:
- A sharp rise in exit value led by VC-backed unicorns, which accounted for more than one-third of total value across 62 transactions
- A more than 200 percent increase in median exit size for unicorns, compared to an approximate 75 percent rise for non-unicorns
- Regional momentum extending beyond the Bay Area and New York into markets such as Dallas, Houston, Indianapolis, Nashville, and Seattle
Read it now |
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| Full-court press: Middle market deals and exits see second-best year ever | | | | | |
