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1、Sponsored byUSVC Valuations andReturns ReportQ32025Help accelerate your companys growth with Morgan StanleyIn todays dynamic environment,agility and preparedness are key to a successful IPO journey.Morgan Stanley at Work is here to support your growth with tailored solutions that enhance financial f

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3、are provided by Morgan Stanley Smith Barney LLC,member SIPC,and/or its affiliates,all wholly owned subsidiaries of Morgan Stanley.2025 Morgan Stanley Smith Barney LLC.Member SIPC.CRC 4905857 10/2025 3Q3 2025 US VC VALUATIONS AND RETURNS REPORTSponsored byContentsSponsored byMarket overview 4Dealmaki

4、ng 7AI&ML 10A word from Morgan Stanley at Work 11Life sciences 13Investor trends 14Liquidity 17Returns 20PitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchKyle Stanford,CAIA Director of Research,US VentureI

5、nstitutional Research GroupAnalysisKyle Stanford,CAIA Director of Research,US Venture Emily Zheng Senior Research Analyst,Venture Capital Susan Hu Quantitative Research Analyst DataCaleb Wilkins Data APublishingReport designed by Drew Sanders,Jenna OMalley,and Josie DoanPublished on November 10,2025

6、Click here for PitchBooks report methodologies.Click here for PitchBooks private market glossary.4Q3 2025 US VC VALUATIONS AND RETURNS REPORTSponsored by18.4%31.3%0%20%40%60%80%100%120%140%2015201620172018201920202021202220232024ABCD+21.7%27.6%202525.2%42.7%7.6%10.2%Source:PitchBook Geography:US As