Investors at the GCV Executive Leadership Forum highlighted how AI is concentrating venture capital in a small group of companies while making exits harder for most startups. PitchBook reported $726.9 billion invested in the first three quarters, with much of it flowing to OpenAI, Anthropic, and other AI leaders. Meghan Reynolds of Altimeter said VC portfolios' net asset values rose more than 100 percent year to date, compared to about 10 percent for public holdings. PitchBook's report found that of 201 US companies once expected to go public by the end of 2025, only 53 have listed, with just 58 now likely to list in the next three years. PitchBook also counts 14,745 US venture-backed companies as unlikely to go public, and investors have reportedly pressed OpenAI and Anthropic on valuations. SpaceX's $60 billion purchase of Cursor shows that M&A remains a viable exit, and Global Venturing's analysis indicates corporate-backed startups are more likely to achieve exits due to access to customers, distribution, and technical expertise.
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