Where Is Venture Capital Going in 2025?

Dealmakers, it’s been a history-making year. 

OpenAI raised $6.6 billion, the largest venture capital fundraise in history—only to have Databricks beat that record with its $10 billion haul in December. Then there were the acqui-hires, topped by Google paying $2.7 billion for the talent and technology behind Character AI.

But the year wasn’t just up and to the right. Several well-known startups shut down, including fintech Synapse, which filed for bankruptcy and left customers searching for their money, and Forward Health, a direct-to-consumer healthcare company that raised more than $400 million. A bevy of e-commerce and creator economy startups also shuttered operations, as did early-stage venture capital firm Countdown Capital. And some prominent investors left firms such as Sequoia Capital, Founders Fund, Index Ventures and Lux Capital.