Startup and Venture Investment News – Sunday, September 28, 2025: AI Mega-rounds, IPOs, and M&A Deals

Current News on Startups and Venture Investments as of September 28, 2025: Mega Rounds in AI, Revival of IPOs, M&A Deals, Growing Interest in the Crypto Industry and Defense Technologies, New Venture Funds in Russia and Worldwide

By the end of September 2025, the global venture capital market is confidently emerging from a prolonged downturn and demonstrating a new upturn. Investors worldwide are once again actively investing in technology startups at all stages of development—from early seed rounds to large-scale initial public offerings (IPOs). In the first half of 2025, the aggregate volume of venture investments reached its highest level since 2021; for instance, in North America, startups raised approximately $145 billion, which is about 43% more than the previous year. The improving macroeconomic situation and increasing interest in innovations are strengthening confidence in the venture market: deals are growing larger and cover a wide range of industries—from artificial intelligence and fintech to biotechnology and defense projects. At the same time, investors remain somewhat cautious, directing capital primarily to the most promising companies in order to avoid overheating in specific niches.

The venture rise is being observed across all regions of the world. The United States continues to lead, accounting for about two-thirds of global investment volume (particularly dominating in the AI sphere). In the Middle East, startup funding nearly doubled over the year, thanks to multi-billion techno-projects in the Persian Gulf countries. Europe is undergoing structural changes: for the first time in a decade, Germany has surpassed the UK in the total volume of venture deals, although Europe’s overall share of global venture capital has slightly decreased. India and Southeast Asia continue to experience an investment boom fueled by foreign funds, while in China, activity remains relatively restrained due to domestic restrictions. The startup ecosystems in Africa and Latin America are also coming to life, attracting more capital and creating new growth points outside traditional tech hubs. Meanwhile, startups in Russia and the CIS are striving to keep pace with global trends—new funds and programs to support the technology business are emerging in the region despite external constraints.

Below are the key trends and events in the venture market as of September 28, 2025:

The return of megafunds and large investors. Leading venture players are forming record-sized funds and increasing their investments, replenishing the market with capital and reigniting risk appetite.
Record funding rounds and a new wave of "unicorns". Extremely large deals are raising startup valuations to unprecedented heights, particularly in the segments of artificial intelligence and robotics.
The revival of the IPO market. A series of successful tech company launches signals the opening of an "opportunity window" for exits and a return of liquidity to the venture market.
A wave of consolidation and M&A deals. Major mergers, acquisitions, and strategic investments are reshaping the industry landscape, creating new opportunities for exits and accelerated company growth.
Industry focus diversification. Venture capital is directed not only into AI but also into fintech, green technologies, biotech, defense projects, and crypto startups, broadening market horizons.
The resurgence of the crypto industry. A rally in the digital assets market has reignited investor interest in blockchain projects, leading to new significant funding rounds and the first public offerings in the crypto sector.
A boom in defense and space investments. Geopolitical factors are stimulating capital inflow into defense-tech and aerospace projects, prioritizing these sectors for venture funds.
Local initiatives in Russia and the CIS. New funds and support measures for startups are being launched in the region, while local projects attract foreign capital, gradually integrating into global trends.

The Return of Megafunds: Big Capital Back in the Market

The major investment structures are re-emerging in the venture arena, signaling a renewed surge in risk appetite. The Japanese conglomerate SoftBank, after a long pause, announced the launch of Vision Fund III, with a volume of about $40 billion, aimed at advanced technologies (primarily developments in artificial intelligence and robotics). Sovereign funds from the Persian Gulf countries have also become active: petrodollars are directed into technological initiatives and national megaprojects, creating their own tech hubs in the Middle East. Simultaneously, dozens of new venture funds are being established worldwide, attracting significant institutional capital for investments in high-tech sectors.

Veritas Capital Fund IX – $14.4 billion. An American fund focusing on technology and defense companies closed a new fund at a record amount, demonstrating a high level of trust from large institutional investors.
Great Hill Partners IX – $7 billion. One of the largest growth funds focusing on technology companies attracted significantly more funds than initially planned, substantially exceeding the original capital target.

Notably, the reputable firm Andreessen Horowitz aims to create its own "megafund" of around $20 billion, dedicated entirely to investments in AI companies. If successful, this would be the largest fund in the firm's history. The massive influx of capital from such megafunds is leading to an increase in the volume of uninvested funds ("dry powder") in the market. In the U.S. alone, venture funds have already accumulated more than $300 billion ready for investments as confidence returns. The excess of capital intensifies competition for the best startups, supporting high valuations for promising companies. The presence of large institutional players also strengthens the belief that the influx of investments in the sector will continue.

Megarounds in AI: A New Wave of "Unicorns"

The field of artificial intelligence continues to be the main driver of the 2025 venture rise, demonstrating record funding volumes. Investors are eager to secure their positions among the leaders of the new technological cycle, directing colossal sums into the most promising AI projects. In recent weeks, several unprecedented deals have confirmed this trend:

OpenAI (USA) – $8.3 billion. The developer of advanced AI technologies secured one of the largest funding rounds in history, raising its valuation to about $300 billion. Together with Microsoft, the company established a separate division for its future IPO to accelerate the commercialization of its products.
Mistral AI (France) – €1.7 billion. The generative AI startup received a record European funding, increasing its valuation to €11.7 billion. The leading investor was the Dutch corporation ASML, underscoring Europe's commitment to developing its AI infrastructure.
PsiQuantum (USA) – $1 billion. The quantum startup attracted the largest investment in its segment at a valuation of around $7 billion, confirming investors' readiness to fund high-tech projects beyond traditional applied AI.
Figure AI (USA) – over $1 billion. The humanoid robot developer secured over $1 billion in its C round at an approximate valuation of $39 billion, representing an unprecedented level for a robotics startup.

Such megaraound deals are forming a generation of new "unicorns" and bringing about the emergence of future tech leaders. Despite warnings of potential market overheating, investors' appetite for cutting-edge projects remains high. Not only are applied AI products funded, but also infrastructure solutions—specialized chips, cloud platforms, and data storage systems necessary to scale the AI ecosystem.

IPO Market Revives: Exit Window Opens

After the downturn of 2022–2023, the IPO market is once again showing signs of life. Successful public offerings of several high-tech companies indicate that investors are willing to buy shares in rapidly growing startups at high valuations. A new wave of IPOs is bolstering venture funds' confidence in the possibility of profitable exits. So far this year, there have been over 220 IPOs on U.S. exchanges, about 85% more than for the same period in 2024. Among the most notable recent listings:

Chime. The large American fintech unicorn (online bank) debuted on Nasdaq in June; its stock price soared 30% on the first day of trading, confirming strong investor demand for promising financial technology companies.
Klarna. The Swedish fintech giant successfully debuted on the New York Stock Exchange, becoming one of the first European "unicorns" to list in the U.S. after a long hiatus. Klarna's shares were sold above the initial price range.

The success of these IPOs signifies a return of liquidity to the venture market. Following the first "sparrows," other large startups are preparing for their public offerings—from the American payment service Stripe (which reportedly has already submitted a confidential IPO application) to highly valued AI companies like Databricks. The resumption of IPO activity is crucial for the entire ecosystem: successful exits allow investors to lock in profits and redirect released resources into new projects, fueling the next growth cycle.

A Wave of Mergers and Acquisitions (M&A)

High startup valuations and fierce competition for new markets are provoking a new wave of consolidation. Major tech corporations are eager to spend billions on strategic acquisitions to strengthen their positions and access advanced developments. A number of high-profile M&A deals in recent months confirm this trend:

Google → Wiz — ~$32 billion. Alphabet (Google) acquires the Israeli cloud cybersecurity startup in an effort to strengthen its data protection and cloud service capabilities. This record amount for the Israeli tech industry demonstrates big tech's readiness to pay huge sums for key cybersecurity developments.
SoftBank → Ampere — ~$6.5 billion. The Japanese investment holding buys the American developer of server ARM processors, Ampere Computing, aiming to become a leader in the chips for cloud and enterprise data centers. This deal could become one of the largest in the semiconductor industry this year.
Nvidia → OpenAI — up to $100 billion. The chip manufacturer is set to invest up to $100 billion in OpenAI under a strategic partnership, with Nvidia expected to acquire a non-controlling stake in OpenAI, providing the startup with advanced GPUs to scale new AI models.

The surge in acquisitions is changing the balance of power in the industry. Mature startups are either merging with each other or becoming targets for corporations. For venture investors, this opens opportunities for long-awaited exits through the sale of portfolio companies to strategic players. At the same time, consolidation removes excess competitors from the market and allows resources to focus on the most promising directions. It is expected that the trend towards consolidation will continue in the coming quarters, especially in segments with overheated competition or those requiring significant resources for scaling.

Diversification: Fintech, Biotech, and Green Projects

Venture investments in 2025 are no longer concentrated solely in AI—capital is actively flowing into other sectors. After last year's decline, fintech is gaining momentum again: major fintech startups are attracting significant sums and renewing partnerships with banks. Concurrently, interest in environmental and climate technologies is growing—from renewable energy and energy storage systems to electric vehicles and technologies for reducing carbon footprints. Investor appetite for biotechnology is gradually returning; the emergence of new drugs and digital medical services is once again attracting capital as company valuations in this sector begin to recover. Recent major deals outside the AI sector confirm the breadth of the venture market:

Kriya Therapeutics – $320 million. An American biotech startup specializing in gene therapy raised $320 million in its series D funding round.
Odyssey Therapeutics – $213 million. The biopharmaceutical company developing new treatments for severe diseases received $213 million in its series D round.
Nitricity – $50 million. The California-based eco-startup secured $50 million to develop technology for producing zero-emission fertilizers.

The expansion of industry focus is making the startup ecosystem more resilient, reducing the risk of overheating in specific niches. Investors are consciously seeking new growth points beyond the super-popular AI, which promotes the emergence of promising companies in various fields.

The Resurgence of the Crypto Industry

The digital assets market is experiencing a new boom in the second half of 2025, reigniting venture capital interest in crypto startups. Bitcoin has already surpassed the historic milestone of $120,000, setting an all-time high, and the prices of leading altcoins are quickly rising in its wake. Just a year ago, the blockchain sector was facing a crisis of confidence and stringent regulatory pressure; however, the current rally has radically changed investors' sentiments. Major funds that previously paused investments in crypto projects are rebooting their entry into this market. Significant funding rounds are being recorded, with some players even going public. For example:

Circle. The fintech company behind one of the leading stablecoins (USDC) successfully completed an IPO, becoming one of the first major "crypto-friendly" firms on the exchange.
Gemini. The cryptocurrency exchange is close to a public stock offering and recently raised $50 million from Nasdaq Ventures ahead of a potential IPO.
BlackRock. The investment giant launched an ETF linked to Bitcoin, signaling institutional recognition of crypto assets.

All these events indicate that the blockchain industry is once again viewed by investors as a promising growth direction.

Defense Technologies and Space at the Forefront

The geopolitical tensions of recent years have led to an unprecedented increase in investments in the defense and aerospace sectors. Investments in defense-tech startups have surged dramatically: significant rounds (for example, ~$2.5 billion raised by the American developer of autonomous systems Anduril) demonstrate the readiness of venture capital to finance security projects. Investors (and sometimes government structures) are actively supporting developments in drones, cybersecurity, military AI systems, as well as new space programs and satellite platforms.

The defense and space sectors are rapidly becoming a new priority for venture funds. Several "unicorns" in aerospace technologies have emerged in the U.S., and European defense startups have attracted significant funding amidst changing geopolitics. For example:

Apex – $200 million. The California manufacturer of standardized satellite platforms raised $200 million in its series D funding round to accelerate mass production of spacecraft in response to growing demand.

Overall, investments in these strategic sectors promise not only commercial gain but also an enhancement of security, making them attractive even to relatively conservative investors.

Russia and the CIS: Local Trends Against the Global Market Background

The Russian venture market, which has gone through several challenging years, is gradually adapting to new conditions and trying to develop in parallel with global trends. In 2025, new capital sources and initiatives to support the technology business have emerged in the region:

New Funds. The private fund Nova VC (approximately 10 billion rubles) has begun operations in Russia to invest in technology companies, and the Republic of Tatarstan has established a sectoral venture fund named "New Chemical Industry" (around 5 billion rubles) to finance regional innovation projects.
Government Support. Authorities are discussing a separate law on venture investments. Among the stated objectives is to stimulate innovation and increase expenditures on research and development (R&D) to 2% of GDP by 2030 (almost double the current level).
International Success. Despite sanctions barriers, teams from the CIS countries continue to attract funding abroad. For example, the machine learning service Vocal Image, founded by émigrés from Belarus and operating in Estonia, raised ~$3.6 million from a French venture fund. This case confirms that promising projects from the region can find support on the global stage.

Although the aggregate volume of venture investments in Russia and the CIS remains lower than that of global leaders, the region is setting up all the necessary elements of the ecosystem: local funds, accelerators, government programs, and international partnerships. These efforts are creating the foundation for the emergence of their own "unicorns" and deeper integration of regional startups into the global technological agenda.