AI Continues to Fuel US VC Investment Despite Higher Burn Rates; Silicon Valley Bank Releases Latest State of the Markets Report
Silicon Valley Bank (FCNCA), a division of First Citizens Bank, has released its latest State of the Markets Report highlighting the dominance of AI in venture capital investments. The report reveals that AI companies account for 36% of VC deals and 58% of total VC investments in 2025, despite operating with higher burn rates.
Key findings show US venture fund fundraising is projected to reach $56B in 2025, down 21% from 2024. The report indicates that 75% of venture-backed tech companies are growing revenue, with 63% either profitable or improving profitability. Notably, mega-funds represent 36% of US VC fund capital raised in the last three years, up from 20% six years ago.
The analysis also reveals that Series A AI companies burn $5 to gain $1 of new revenue, while unicorn performance shows 72% achieving YOY growth but only 21% reaching profitability.
Silicon Valley Bank (FCNCA), una divisione di First Citizens Bank, ha pubblicato il suo ultimo Rapporto sullo Stato dei Mercati, evidenziando il dominio dell'IA negli investimenti di venture capital. Il rapporto rivela che le aziende di IA rappresentano il 36% delle operazioni di VC e il 58% degli investimenti totali di VC nel 2025, nonostante abbiano tassi di consumo di capitale più elevati.
I dati chiave mostrano che la raccolta fondi dei venture fund statunitensi è prevista a 56 miliardi di dollari nel 2025, in calo del 21% rispetto al 2024. Il rapporto indica che il 75% delle aziende tecnologiche supportate da venture capital sta aumentando il fatturato, con il 63% che è o profittevole o sta migliorando la redditività. Notevolmente, i mega-fund rappresentano il 36% del capitale raccolto dai fondi VC USA negli ultimi tre anni, rispetto al 20% di sei anni fa.
L'analisi mostra inoltre che le aziende di IA in fase Serie A consumano 5 dollari per ogni 1 dollaro di nuovo fatturato, mentre le performance dei unicorni indicano che il 72% registra una crescita anno su anno, ma solo il 21% raggiunge la redditività.
Silicon Valley Bank (FCNCA), una división de First Citizens Bank, ha publicado su último Informe sobre el Estado de los Mercados, destacando el dominio de la IA en las inversiones de capital de riesgo. El informe revela que las empresas de IA representan el 36% de los acuerdos de VC y el 58% del total de inversiones de VC en 2025, a pesar de operar con mayores tasas de consumo de capital.
Los hallazgos clave muestran que la recaudación de fondos de los fondos de riesgo en EE. UU. se proyecta en
El análisis también revela que las empresas de IA en Serie A consumen 5 dólares para obtener 1 dólar de nuevos ingresos, mientras que el desempeño de los unicornios muestra que el 72% logra crecimiento interanual, pero solo el 21% alcanza la rentabilidad.
실리콘밸리 은행(FCNCA)는 퍼스트 시티즌스 은행의 한 부서로서, 최신 시장 현황 보고서를 발표하며 벤처 캐피털 투자에서 AI의 지배력을 강조했습니다. 보고서에 따르면 2025년 AI 기업이 전체 VC 거래의 36%, 총 VC 투자금의 58%를 차지하고 있으며, 더 높은 자본 소진율을 기록하고 있습니다.
주요 내용으로는 미국 벤처 펀드의 자금 조달이 2025년 560억 달러에 이를 것으로 예상되며, 이는 2024년 대비 21% 감소한 수치입니다. 보고서는 벤처 지원 기술 기업의 75%가 매출을 성장시키고, 63%는 수익성이 있거나 수익성 개선 중임을 나타냅니다. 특히, 메가 펀드가 최근 3년간 미국 VC 펀드 자본의 36%를 차지하며 6년 전의 20%에서 증가했습니다.
분석 결과, 시리즈 A 단계의 AI 기업은 새로운 매출 1달러를 얻기 위해 5달러를 소진하며, 유니콘 기업의 경우 72%가 연간 성장률을 달성했으나 21%만이 수익성을 기록한 것으로 나타났습니다.
Silicon Valley Bank (FCNCA), une division de First Citizens Bank, a publié son dernier Rapport sur l'État des Marchés mettant en avant la domination de l'IA dans les investissements en capital-risque. Le rapport révèle que les entreprises d'IA représentent 36% des accords de capital-risque et 58% du total des investissements VC en 2025, malgré des taux de consommation plus élevés.
Les principales conclusions montrent que la levée de fonds des fonds de capital-risque américains devrait atteindre 56 milliards de dollars en 2025, en baisse de 21% par rapport à 2024. Le rapport indique que 75% des entreprises technologiques soutenues par le capital-risque voient leur chiffre d'affaires croître, avec 63% étant soit rentables, soit en amélioration de leur rentabilité. Notamment, les méga-fonds représentent 36% du capital des fonds VC américains levé au cours des trois dernières années, contre 20% il y a six ans.
L'analyse révèle également que les entreprises d'IA en Série A dépensent 5 dollars pour générer 1 dollar de nouveau revenu, tandis que la performance des licornes montre que 72% enregistrent une croissance annuelle, mais seulement 21% atteignent la rentabilité.
Silicon Valley Bank (FCNCA), eine Abteilung der First Citizens Bank, hat ihren neuesten Bericht zum Zustand der Märkte veröffentlicht, der die Dominanz von KI bei Risikokapitalinvestitionen hervorhebt. Der Bericht zeigt, dass KI-Unternehmen 36 % der VC-Deals und 58 % der gesamten VC-Investitionen im Jahr 2025 ausmachen, obwohl sie mit höheren Burn-Raten arbeiten.
Wichtige Erkenntnisse zeigen, dass die Mittelbeschaffung von US-Venture-Fonds für 2025 auf 56 Milliarden US-Dollar prognostiziert wird, was einem Rückgang von 21 % gegenüber 2024 entspricht. Der Bericht gibt an, dass 75 % der von Venture-Kapital unterstützten Tech-Unternehmen Umsatzwachstum verzeichnen, wobei 63 % entweder profitabel sind oder ihre Profitabilität verbessern. Bemerkenswert ist, dass Mega-Fonds in den letzten drei Jahren 36 % des US-VC-Fonds-Kapitals ausmachen, verglichen mit 20 % vor sechs Jahren.
Die Analyse zeigt außerdem, dass Series-A-KI-Unternehmen 5 Dollar verbrennen, um 1 Dollar neuen Umsatz zu erzielen, während die Leistung von Einhörnern zeigt, dass 72 % ein jährliches Wachstum erzielen, aber nur 21 % profitabel sind.
- 75% of venture-backed tech companies are showing revenue growth
- Percentage of profitable companies has more than doubled since 2022
- 10 US VC-backed tech IPOs completed in first half of 2025
- 63% of growing tech companies are either profitable or improving profitability
- US venture fund fundraising projected to drop 21% to $56B in 2025
- AI companies showing higher burn rates with $5 spent for every $1 of new revenue
- Only 21% of tech unicorns are profitable
- 91% of non-growing unicorns are depleting cash reserves
Insights
First Citizens' SVB reports AI dominates VC funding but with concerning burn rates, while overall tech sector shows improving profitability.
The latest State of the Markets Report from Silicon Valley Bank (SVB) reveals a significant concentration of venture capital in AI, which now accounts for
The report highlights concerning burn multiples in AI companies, with median Series A AI startups burning
More positively, the broader tech ecosystem shows signs of stabilization and maturation.
The overall US venture fundraising environment has cooled significantly, with projections of
For First Citizens Bank, which acquired SVB following its collapse in 2023, these trends represent both opportunities and risks. Their venture banking division now serves a market increasingly dominated by larger funds and AI investments, while potentially facing higher loan loss provisions if high-burn AI companies fail to achieve sustainable economics.
AI investments account for
"AI is one of the most transformative innovations of the past two decades, driving strong potential across all sectors and industries. While increasing investment raises concerns about lofty valuations and high burn multiples, we remain optimistic that AI will help to push the innovation economy forward," said Marc Cadieux, President of Silicon Valley Bank, a division of First Citizens Bank, and co-author of the bi-annual State of the Markets Report. "Founders and CFOs are starting to focus more on balancing growth and profitability. After being in a constant state of flux since 2019, revenue growth rates and profitability in the tech sector have stabilized over the last four quarters."
According to SVB,
"What you're seeing today is the start of the institutionalization of venture. The industry is kind of like Cro-Magnon on the evolutionary scale from ape to human," Ian Sigalow, co-founder and managing partner of Greycroft, stated in the report. "We're somewhere in the first third of evolution. We will become an industry that looks more like private equity given the number of companies and the global scale and ambition of these businesses."
Leveraging proprietary data and research, SVB's bi-annual State of the Markets report provides an outlook on the innovation economy, focusing on venture capital (VC) trends, fundraising, the impact of AI, and the current state of the innovation economy market.
Key Numbers – At a Glance
- Fundraising: Fundraising by venture funds in the US is on track to hit
$56B 21% drop from 2024 and the lowest level since 2017. Mega-funds are dominating, leading to larger deal sizes, especially in AI. Among conventional VC fund capital raised in the US over the last three years, more than36% went to funds at least a billion dollars in size—up from20% for the period ending six years ago. - AI Burn Rate:
$5 $1 - IPOs: There were 10 US VC-backed tech IPOs in the first half of 2025. With the IPO window finally cracking open, it appears pent-up demand from investors could drive continued activity through the back half of the year.
- Investors: One-third of US VC investment came from deals with the six largest funds. The increase from
10% in the period ending in November 2024 was driven almost exclusively by massive AI deals
Key Themes:
- Influence of Venture Podcasts: According to SVB's new Podcast Sentiment Index, the first-of-its-kind index drawing from 3,200 venture podcast episodes, AI and defense are high on the list of hot topics among VC firms. Key themes in podcasts also included improving sentiment of AI after ChatGPT was released and the momentum continues. Meanwhile, defense received a huge boost in mentions following the 2024 presidential elections.
- Unicorn KPIs: While
72% of tech unicorns are achieving YOY growth, only21% are turning a profit. While growth can naturally slow as companies scale,91% of non-growing unicorns are burning through their once-ample cash reserves. - Geography of Innovation:
New York has become a fintech standout, with nearly30% of local VC dollars going to the sector in 2024 — more than double the national average.Austin dominates in consumer tech, andDenver received54% more share of VC dollars than the national average for climate tech.
Learn More
To access SVB's 2025 State of the Markets report please visit: State of the Markets Report | Silicon Valley Bank
To share its deep industry knowledge, SVB develops various insights reports focused on sectors spanning the innovation economy. For the complete library of SVB's signature research reports, please visit Market Research Industry Trends & Insights | Silicon Valley Bank (svb.com)
About Silicon Valley Bank
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world's most innovative companies and investors. SVB provides commercial banking to companies in the technology, life science and healthcare, private equity and venture capital industries. SVB operates in centers of innovation throughout
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SOURCE Silicon Valley Bank
FAQ
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