SVB takes a look at startup spend and funding rounds heading into H2 2025

By reviewing a collection of mostly non-SVB data sources, SVB puts their own spin on the startup and tech capital markets. With large-scale AI companies incinerating money at unprecedented rates, the rest of the startup market is running lean with low “graduation rates”, and VC LP money threatened by institutional endowment taxes, SVB says, “Yo, be careful out there.”

Good read with some non-obvious insights.