The exit route mix year by year: why M&A dominates by count and IPOs by value, how tender offers and secondaries became the third route, continuation funds, SPACs, lengthening holding periods and a decision framework for founders and LPs.
Finance · Topic
Where venture capital went year by year since 2015, and the IPOs, acquisitions and secondaries that returned it.
The exit route mix year by year: why M&A dominates by count and IPOs by value, how tender offers and secondaries became the third route, continuation funds, SPACs, lengthening holding periods and a decision framework for founders and LPs.
The largest venture-backed IPOs and acquisitions for every year from 2015 to 2026, the exit value behind them, the 2022–2024 drought, the 2025 reopening, SpaceX and xAI in 2026, and what DPI data say LPs got back.
Verified 2024–2026 data on where venture capital went: AI’s rising share of global funding, the largest rounds, defense, energy and robotics, the mega-fund barbell and the regional split as of October 2026.
The 2021 record, the 2022 rate shock and the 2023 trough, year by year: global and US deal value, sector winners and losers, stage mix, valuation compression and the first generative-AI funding wave.
A year-by-year reconstruction of venture capital from 2015 to 2020: global and US deal value, the sectors that led each year, the SoftBank Vision Fund effect, the WeWork reset and the COVID digital surge.
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