Road to Next
AI fuels the recovery in private market exits
In the Q4 edition of the Road to Next series—a quarterly report exploring emerging investment trends in the private financial markets—we examine artificial intelligence's (AI) ascent and its marked influence on exits, the unicorn landscape, and investor sentiment.
What to know now
AI exit value doubles, led by fewer IPOs
2025 AI exit value has more than doubled 2024’s, driven by a handful of initial public offerings (IPOs) by mature firms.
Accelerated exits open doors to enhanced diligence
AI expansion-stage firms reach liquidity faster than non-AI peers, prompting investors to prioritize sustainable growth and long-lasting intellectual property (IP).
Integrations, not just acquisitions, will define future leaders
AI firms will likely accelerate both vertical and horizontal integration to achieve scale and broaden capabilities.
Coastal hubs lead AI exits
The Bay Area and New York account for nearly half of AI exit value, showing continued concentration despite some large exits in niche regions.
Opens in new window
“Strong IPOs from early AI firms have sparked market optimism and a wave of exits, but investors are becoming more discerning about real AI innovation versus hype.”
Justin Yahr, Audit & Assurance Partner and National Emerging Company Growth Leader, Deloitte & Touche LLP
Q4 2025: Explore the biggest shifts in AI exit trends
Uncover in-depth findings on exit patterns and emerging opportunities
Justin Yahr
