摩根大通：2025年上半年创新经济更新报告（英文版）（23页）.pdf

1、INNOVATION ECONOMYInnovation Economy updateH1 2025Executive summary“Amid macroeconomic uncertainty and rising geopolitical tensions,2025 has been anything but boring.The same can be said for the innovation economy.There was an unusual dynamic where the broader slowdown in venture financing meant man

2、y companies had to reduce their spending while considerable amounts of capital were being handed to the major players in generative AI.One consequence was the lowest number of deals this decade but the highest level of investment.Unsurprisingly,startups working on AI benefited the most,securing valu

3、ation premiums across all stages.This has driven overall valuations to or near all-time highs and deal terms are generally founder-friendly.The missing piece has been an active IPO market that can provide the level of liquidity investors(and their Limited Partners)have been waiting for.A fully-funct

4、ioning venture ecosystem relies on recycled capital,including a sufficient number of venture-backed companies going public.However,just recently,a flurry of IPOs has led to optimism that the IPO window may finally be open.”-John and Andrew-John and AndrewCo-heads of Innovation Economy:John ChinaCo-H

5、ead of Innovation EconomyAndrew KresseCo-Head of Innovation EconomyAuthors:Nick CandyHead of Innovation Economy Insights2Vincent HarrisonInnovation EconomyInsights AnalystContents01Macro themes 02Funding landscape03Founder considerations04Liquidity and exits3Key innovation economy indicators dashboa

6、rd:H1 2025Venture Dollars Invested3 Venture Deal Count Venture Fundraising Down Rounds Tech IPO Proceeds1 2 3 Tech IPO Count1 2 M&A Proceeds1 34 M&A Deal Count1 Notes:1Includes IPOs and M&A transactions in which the company going public or being acquired is U.S.-based and was venture-backed prior to