Inside the 2025 startup market

The startup ecosystem is moving at two speeds. Capital is flowing freely to the most legible founders while other startups struggle to attract attention.

We’ve analyzed data from over 60,000 startups and 3,000 venture funds on Carta to provide the most comprehensive look at how the ecosystem is evolving—from the relentless rise of AI to the shifting realities of equity and hiring.

Get Carta’s State of Startups 2025 now

Written by our Insights team, this comprehensive collection gives you a front-row seat to:

• The rise of the AI premium: See how AI startups are capturing 44% of all US startup capital and commanding record valuations.
• The shifting reality of equity: Discover why initial equity grants have shrunk 50% since late 2022.
• The liquidity crunch: Explore how venture capital is adjusting to fewer IPOs and more secondary transactions.