US VC-Backed Exits — 2021 to 2026
The Exit Window Reopened
After two years of drought, VC exits are roaring back. $347B in Q1 2026 alone — already surpassing full-year 2025. SpaceX just became the largest IPO in history.
2025 Total Exits
$302B
Nearly 2x 2024
2025 IPOs
62
Up from 58
2025 M&A Deals
995
$112.7B total
2026 Q1 Run Rate
$1.4T
If pace holds
Annual Exit Value
US VC-backed exit value ($B). 2026 shows Q1 only.
IPO Count Trend
Number of VC-backed IPOs per year. 2026 shows Q1 only (22 IPOs).
Notable 2025–2026 IPOs
The biggest names returning to public markets.
SpaceX
Jun 2026
$2.27T
Largest IPO ever. +27% day 1.
CoreWeave
Mar 2025
GPU cloud provider, surging demand.
Hinge Health
2025
Digital MSK therapy leader.
Klarna
Sep 2025
BNPL giant, struggled post-IPO.
Who's Next?
The most anticipated upcoming IPOs in the pipeline.
Anthropic
$965B filed
Databricks
Expected 2026
Stripe
Expected 2026–27
2025 M&A Activity
995 acquisitions
$112.7B
Strategic acquirers and PE firms provided an alternative exit path as the IPO window was still thawing. M&A remained the dominant exit route by volume.