The Shift from Capital to Execution
How Structural Market Conditions Have Made Operational Readiness the Primary Variable in Capital Outcomes
U.S. venture capital deployed $320 billion across 15,352 deals in 2025, a 51% year-over-year increase in total capital deployed. The headline figure suggests an expanding market. The underlying data describe a structurally different operating reality. 65.4% of that total deal value concentrated in AI-related investments.