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The Global Private Market Trends report explores the forces shaping venture capital (VC) ecosystems around the world. The report focuses on three key sectors at the center of VCs evolving role globally: AI, cyberAI and defense tech.
Global AI unicorns grew by 163 over the past year.
OpenAI has raised 7.8 times more venture capital than all known Chinese AI companies combined since 2023.
Global venture capital investment in defense tech increased 75 percent from 2024 to 2025.
The report provides venture capital market analysis across major economies and sectors. The data highlights both the obstacles and the resilience of founders, investors and ecosystems worldwide.
While US venture funds largely raise from developed markets, new pools of capital are opening up in the Middle East and other areas. This shift reflects evolving venture capital fundraising trends as LPs diversify their geographic allocations.
Defense tech has gone from a taboo topic in polite VC conversation to one of today's defining venture capital trends. Investment in dual-use technology continues to accelerate as geopolitical factors reshape capital flows.
While private capital is more abundant for US AI companies, Chinese models are among the lowest cost and highest performing on the market today. This dynamic is central to the current global private markets landscape.
India's startup ecosystem is entering a true flywheel effect, as a wide-open IPO window injects liquidity into the market.
Get the context behind the pulse of global VC, founders, investors and ecosystems worldwide.
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