M&A Market Delivers Fewer Venture Exits

SVB's State of the Markets report shows that while M&A volume is rising in 2025, disclosed high-return exits have sharply contracted. Only 7% of deals that reported terms returned 3x or more to venture investors, disclosures fell to about 10%, and 90% of deals did not report terms. The pattern reflects more acquihires and equity-based purchases that reduce cash liquidity for founders and investors.
Scoring Rationale
Industry-wide, data-driven signal with actionable implications; credibility strong but high undisclosed deal rate limits certainty.
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