Venture-backed tech IPOs reach $90B in 2025 U.S. venture-backed technology companies have raised roughly $90 billion through domestic public offerings so far this year, according to Crunchbase data. That figure already ranks as the second-highest annual total on record, with several months still remaining in the year. Despite the strong aggregate, Crunchbase frames the period as a difficult one for software IPOs specifically, suggesting the proceeds have been concentrated outside that category. Key takeaway: Headline IPO volume masks a divided market, and software founders eyeing a public exit should treat 2025's record-adjacent totals as a signal of selective investor appetite rather than a broadly reopened window. Source: [Crunchbase News](https://news.crunchbase.com/public/energy-ai-defense-saas-ipos-2026/) #startup #VC #funding #tech