摩根大通：2025年下半年创新经济更新报告（英文版）（28页）.pdf

1、INNOVATION ECONOMYInnovation Economy updateH2 2025Executive summaryDespite a tumultuous macro environment,the venture ecosystem was active,driven by insatiable demand for transformative technologies like artificial intelligence(AI)and excitement around how new and existing industries can leverage it

2、.Substantial capital was invested,on par with the 2021 peak venture period,but concentrated in fewer companies.For others,there was a sense of scarcity as certain sectors and regions drew investor attention,resulting in longer fundraising cycles and perhaps the need to consider alternatives.Overall,

3、for those that raised capital,check sizes and valuations were favorable.However,one trend we are watching closely is the decline in follow-on rounds.Exit markets in 2025 delivered several bright spots,including several large IPO and M&A deals that generated higher proceeds than in recent years.We ar

4、e hopeful this return of capital will spark a strong 2026.-John and AndrewCo-heads of Innovation Economy:Andrew KresseCo-Head of Innovation EconomyJohn ChinaCo-Head of Innovation EconomyAuthors:Nick CandyHead of Innovation Economy Insights2Vincent HarrisonInnovation EconomyInsights AnalystContents01

5、Macro themes 02Investment themes03Fundraising dynamics04Global venture landscape05Liquidity and exits34J.P.Morgan Innovation Economy dashboard:2020-2025$176B$359B$236B$169B$213B$337B20202021202220232024202514,139 19,631 18,264 15,364 15,226 14,775 2020202120222023202420251233191414721200126814142020

6、20212022202320242025$114B$199B$88B$74B$64B$169B20202021202220232024202532 53 10 17 12 30 202020212022202320242025$16.4B$29.9B$0.5B$2.2B$3.8B$12.0B202020212022202320242025$92B$171B$225B$104B$86B$60B20202021202220232024202511.2%7.4%7.3%14.5%15.1%14.2%202020212022202320242025VENTURE DOLLARS INVESTED3 V