Global Startup and Venture Capital News as of November 9, 2025: Record Investments in Artificial Intelligence, the Return of IPOs, Mega Rounds, M&A, and New Funds. A Detailed Overview for Venture Investors and Funds.
As of early November 2025, the global venture capital market is showing a confident rebound following several years of decline. Investors worldwide are once again actively financing technology startups: record deals are being sealed, companies are planning to go public with IPOs, and the largest funds are triumphantly re-entering the market with massive investments. Governments across various countries are ramping up support for innovation to keep pace in the global technology race. As a result, private capital is once again flowing into startup ecosystems, providing young companies with resources for accelerated growth.
Recent data confirms this revival: in the third quarter of 2025, the global volume of venture investments reached approximately $97 billion, representing about a 38% increase compared to the previous year, and slightly above the previous quarter's figures. This is the best quarterly result since 2021 and marks the fourth consecutive quarter in which investment volume has exceeded $90 billion. Following the "venture winter" of 2022-2023, startup funding has steadily increased for four reporting periods in a row, reflecting the return of investor confidence. The primary contribution to this growth has come from mega rounds in the artificial intelligence (AI) sector, but growth is being observed across all stages of funding; investments in late-stage startups are particularly rising rapidly. Approximately two-thirds of all venture investments in the last quarter went to companies in the United States, but there is also increased activity in Europe, Asia, the Middle East, and other regions, highlighting the global nature of the upswing.
Venture activity is rising in almost every corner of the world. The United States remains a leader (with a particularly robust AI segment), while in the Middle East, investment volumes nearly doubled over the year, and in Europe, Germany surpassed the UK for the first time in a decade in terms of total venture capital. In Latin America, Mexico overtook Brazil in fundraising. India, Southeast Asian countries, and Gulf states are attracting record flows of venture capital amid a relative decline in activity in China. The startup scenes in Russia and neighboring countries are also striving to keep pace: new funds and initiatives for developing local ecosystems are emerging in the region despite external constraints. Overall, the market is experiencing a global venture boom, although investors continue to exercise selectivity and caution when choosing projects.
Below are key events and trends driving the current venture market landscape as of November 9, 2025:
- The Return of Mega Funds and Large Investors. Leading venture players are forming record funds and are once again actively investing in startups, saturating the market with capital and increasing risk appetite.
- Record Investments in AI and a New Wave of Unicorns. Exceptionally large funding rounds are elevating startup valuations to unprecedented heights, particularly in the AI sector, resulting in the emergence of numerous new unicorns.
- The Revival of the IPO Market. Successful public offerings of tech companies and new listing plans indicate that the long-awaited "window" for exits has reopened for venture investors.
- Diversification of Sector Focus. Venture capital investments are flowing not only into AI but also into fintech, climate projects, biotechnology, space, and defense developments, indicating a broadening of investment horizons.
- A Wave of Consolidation and M&A. Major mergers, acquisitions, and strategic deals are reshaping the industry landscape, creating new opportunities for exits and accelerated company growth.
- The Return of Interest in Crypto Startups. Following an extended "crypto winter," blockchain projects are once again attracting significant capital and attention from both venture funds and large corporations.
- Local Focus: Russia and the CIS Countries. New funds and programs are being launched in the region to develop local startup ecosystems, gradually attracting investor attention despite sanctions and other constraints.
The Return of Mega Funds: Big Money Back in the Market
The largest investment funds and institutional players are confidently returning to the venture arena, signaling a renewed appetite for risk. Following the decline in venture fundraising in 2022-2024, leading VC firms are resuming capital raises and launching new mega funds, demonstrating faith in market prospects. For instance, the Japanese conglomerate SoftBank, after a long pause, established its third Vision Fund with approximately $40 billion aimed at cutting-edge technologies (with a focus on AI and robotics). In October, American firm Sequoia Capital announced the creation of two new funds totaling $950 million (including ~$750 million for late-stage investments and $200 million for seed-stage projects). Sovereign wealth funds from Gulf countries have also become active, directing billions of dollars into innovative companies worldwide. The emergence of such megastructures means that startups will soon have even more opportunities to raise funding, with large investors accumulating significant "war chests" of capital in anticipation of a new wave of technological growth.
Record Investments in AI and a New Wave of Unicorns
The artificial intelligence sector remains the main driver of the current venture boom, showing unprecedented volumes of funding. Since the beginning of 2025, AI startups have raised over $160 billion in total in the U.S. alone, accounting for about two-thirds of all venture fund investments in the country. Analysts estimate that by the end of the year, global investments in AI companies could exceed $200 billion—an unprecedented achievement for the sector. The combined valuation of the ten largest AI startups (including OpenAI, Anthropic, xAI, and others) has approached an astronomical $1 trillion. Investors explain the excitement surrounding AI by its capacity to significantly enhance efficiency across numerous industries, opening up multi-trillion-dollar new markets—from software automation to personal virtual assistants. Despite risks of overheating and discussions of a potential bubble, venture funds continue to actively invest in AI startups, fearing missing out on the next technological revolution.
The influx of capital into AI is accompanied by the emergence of many new unicorns and a high concentration of investments. A large portion of funds is directed towards a narrow circle of industry leaders receiving the largest rounds. Approximately 70% of all venture investments in American startups recently have gone to just a few of the most sought-after companies. For instance, in September, French generative AI developer Mistral AI raised about $2 billion, setting a record for the European market. An even more impressive example is American company OpenAI, which secured a single tranche of $13 billion in funding—an unprecedented sum that has set a new bar for the industry. Such massive deals inflate company valuations to astronomical levels. Nevertheless, the venture market as a whole benefits from this surge: capital and talent are concentrating around promising directions, which may lead to breakthrough innovations in the future, even if some generously funded projects do not meet expectations.
In recent weeks, several startups have announced raising substantial investments, reaffirming the return of "big checks" to the market. Notable examples include:
– Harvey (USA) — raised $150 million at a valuation of ~$8 billion for the development of a legal AI platform (lead investor: Andreessen Horowitz).
– Synthesia (UK) — $200 million at a $4 billion valuation for scaling an AI-powered video generation service (the round was led by GV—venture arm of Alphabet).
– Fireworks AI (USA) — $250 million in Series C round (valuation around $4 billion) for the development of an AI platform in genomics and healthcare.
– Legora (Sweden) — $150 million (valuation $1.8 billion) for developing legal software with AI elements; the startup, founded in 2023, has already joined the ranks of new unicorns.
– Armis (USA) — $435 million in a pre-IPO round at a $6.1 billion valuation for enhancing its IoT device cybersecurity platform (the round was led by Goldman Sachs with participation from CapitalG).
The Revival of IPOs and Exit Prospects
Amid rising valuations and capital inflows, tech companies are once again eyeing public markets. After a lull during the past two years, a revival in IPOs as a long-awaited exit route for venture investors is emerging. Earlier in 2025, several large unicorn startups successfully went public: for instance, the stablecoin issuer Circle conducted an IPO at around a $7 billion valuation, while cryptocurrency exchange Bullish raised approximately $1.1 billion through its offering, achieving a market valuation of about $5-6 billion. These debuts demonstrated that the market has regained its appetite for new public offerings, especially in the fintech and cryptocurrency segments.
Now, major players are eager to take advantage of this newly opened "window" of opportunity. According to insider information, the creator of ChatGPT, company OpenAI, is considering an IPO as early as 2026 with a potential valuation of up to $1 trillion—a unprecedented level for the tech sector. In the blockchain industry, the wallet developer ConsenSys has enlisted banks JPMorgan and Goldman Sachs to prepare for an IPO set for 2026. If it goes ahead, this will be the first public offering of such a large company from the Ethereum ecosystem, marking a significant event for the entire crypto industry.
Improved market conditions and gradual clarification of regulatory requirements also provide confidence to startups planning to list. Regulators in the US are beginning to reduce uncertainty: for example, the SEC recently settled claims against ConsenSys regarding its crypto services, removing one obstacle to an IPO. As a result, major private companies are once again viewing the public market as a viable option for raising capital and providing liquidity to investors. Experts predict that the number of high-profile tech IPOs will grow over the next couple of years as the "window" for exits remains open and market multiples favor high valuations.
Beyond AI: Healthcare, Climate, and Space
Despite the dominance of artificial intelligence, significant capital is also flowing into other high-tech industries. For example, healthcare and biotechnology attracted about $15-16 billion in venture capital in the third quarter of 2025—this is the third highest amount after AI and IT infrastructure. The synergy between technology and medicine is evident in rounds like the aforementioned Fireworks AI, which received $250 million for developing an AI platform for genomic medicine (consolidating advancements in AI and healthcare).
Venture funds are also actively supporting climate projects. For instance, the Australian startup Uluu raised 16 million Australian dollars to develop biodegradable plastic from seaweed, while Indian electric vehicle component manufacturer Tsuyo Manufacturing raised 40 million rupees to expand production. Although the scales of these deals are incomparable to the massive rounds in AI, they reflect sustained investor interest in environmental sustainability and "green" technologies.
Increased attention is also being given to space, defense, and other hard tech areas. In Europe, the segment of private space companies is rapidly growing: for example, Bulgarian satellite startup EnduroSat raised $104 million (with participation from funds like Google Ventures, Lux Capital, and others) to scale production of small satellites—in response to global demand for affordable means of communication in space. Overall, deep tech sectors are experiencing an upswing: in 2025, substantial funding rounds were secured by manufacturers of robotics, semiconductor components, and quantum computing systems, collectively raising tens of billions of dollars. Although in terms of investment volumes, these sectors currently lag behind the AI phenomenon, the distribution of venture capital is becoming increasingly diverse—from healthcare and climate solutions to space and defense technologies. A broad front of innovations is supported by investments, reducing the risks of overheating one or two niches while fostering balanced technological progress.
Consolidation and M&A: Mega Deals Reshape the Landscape
High valuations of startups and fierce competition are driving a new wave of consolidation in the industry. Major mergers and acquisitions are once again coming to the forefront, reshaping the balance of power in the market. Strategic M&A aids corporations and investors in accelerating growth, gaining access to new technologies, or entering adjacent markets, while large-scale acquisitions provide venture funds with much-needed exits.
Recently, several notable deals have occurred, underscoring the trend of convergence between traditional financial institutions and the startup world. For instance, in October, investment bank Goldman Sachs announced its acquisition of venture firm Industry Ventures for nearly $1 billion. This deal represents one of the largest acquisitions in the venture sector, reflecting the growing interest of bank capital in technology and startup assets. Major tech giants are also resuming activity in the M&A market, capitalizing on relatively stable valuations: over the past year, several industry leaders have acquired promising startups, aiming to strengthen their positions in key areas (such as AI and cybersecurity).
The consolidation wave is also affecting the crypto industry. Traditional financial corporations are showing interest in acquiring blockchain startups amid the sector's recovery. According to media reports, Mastercard is in the final stages of negotiations to acquire several crypto projects (including the infrastructure startup ZeroHash) for nearly $2 billion, indicating serious intentions by major players to solidify their presence in the digital asset space. Overall, the uptick in merger and acquisition activity—from banks investing in venture platforms to tech megadeals—indicates the market's "maturity." Major players are willing to increase their presence through M&A, providing startups with more options for successful exits and integration into corporate businesses.
The Revival of Interest in Crypto Startups
Following an extended "crypto winter," the blockchain startup market is awakening: venture investment in the crypto industry is once again on the rise. In October 2025, funding for companies in the cryptocurrency and blockchain space significantly increased. In the first week of October alone, projects in this sphere collectively raised over $3 billion—a sharp spike compared to preceding months. The American project Polymarket led this growth, securing a record $2 billion in investments (valuation around $9 billion) from a consortium led by the operator of the New York Stock Exchange, ICE. This is one of the largest venture deals of the year outside the AI sector. Following this, the financial prediction platform Kalshi raised $300 million (valuation around $5 billion), affirming the market's readiness to invest in new fintech solutions at the intersection of traditional markets and cryptocurrencies.
Overall, infrastructure solutions for digital assets are also beginning to receive venture capital support. For example, American startup Hercle, which is creating infrastructure for stablecoins, raised $60 million in funding. Activity is also noticeable in the consumer crypto sector: for instance, the promising application for trading digital assets Fomo raised $17 million in November (the round was led by Benchmark)—a sign of the return of top investors to an area they had long avoided. Concurrently, leading companies in the crypto market are reaching a new level of maturity. Besides preparing for an IPO, ConsenSys is involving major banks, and there is growing interest from institutional investors in crypto assets. The easing of regulatory uncertainty in the U.S. (progress in stablecoin regulations, approval of a Bitcoin ETF) and the participation of traditional financial giants in funding rounds instill additional confidence. The sector of crypto startups, having undergone a cleansing from speculative projects, is gradually restoring trust and re-entering the focus of venture investors.
The Local Market: Russia and the CIS Countries
Despite geopolitical constraints, Russia and neighboring countries are making efforts to develop their own startup ecosystems. In conditions where international capital is largely inaccessible, local investors and institutions have focused on the domestic market. Over the past year, several new venture funds have emerged in Russia—industry reviews estimate that the number of active players has increased from about 35 to 43. This indicates that some of the Russian capital that is "trapped" within the country has begun to flow into the tech sector, stimulating the formation of new investment teams and strategies. Corporate funds are being established by major companies, and in regions, state venture funds are being launched aimed at supporting innovation.
Development institutions (such as the Skolkovo Foundation, the Russian Venture Company, and the Internet Initiatives Development Fund) have ramped up accelerators, competitions, and grant programs to compensate for the deficit in external funding. In 2025, new startup studios were launched at leading universities, as well as regional venture funds supported by local authorities. However, the overall volume of venture investment in Russia remains modest in comparison to global levels. Serious barriers persist: high key rates and economic stagnation complicate attracting private capital, while tech companies face restrictions on access to global markets and technologies. Nevertheless, the most resilient Russian startups continue to develop, refocusing on local niches. In the long term, the formation of an independent venture market—albeit a forced one—has the potential to lay the foundation for future growth when external conditions improve.
Conclusion: Cautious Optimism
After a year of impressive deals and a revival of investment activity in the venture market, a sense of cautious optimism prevails. On the one hand, the unprecedented surge in valuations and funding volumes—especially in the AI segment—draws parallels with the dot-com boom of two decades ago. The risk of overheating and forming a "bubble" exists, and some investors urge for prudence, pointing to excessively inflated expectations in certain niches. On the other hand, many venture capitalists note that periods of excitement have a positive effect: they attract vast resources and talent into new industries, laying the groundwork for future technological breakthroughs. Even if some projects inevitably fail, one or two super-successful "hits" can compensate for dozens of failures.
As the year 2026 approaches, investors worldwide are striving to find a balance between the desire not to miss out on the next revolutionary idea and a sober assessment of risks. One thing is evident: the startup market has noticeably revived following a challenging period. New records are being set for funding volumes, high-profile IPOs are on the horizon, and venture funds are once again forming substantial capital pools. At the same time, the approach has become more selective—capital is being directed primarily towards the most promising companies and directions. The main intrigue remains whether high expectations regarding the AI boom will be met, and whether other sectors can catch up in terms of fundraising. For now, the appetite for innovation remains high: both startups and investors are looking to the future with cautious but clear enthusiasm.
