Iuri Struta

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Amid ongoing geopolitical volatility, venture capital funding for defense technology reached record highs in 2025, while M&A activity in the sector stalled. S&P Global Market Intelligence data shows that funding rounds for defense-focused startups rose sharply, with the number of VC transactions climbing to a peak of 629 in 2024 from 414 in 2020. Round values also expanded, reaching $29 billion in 2025, nearly triple the total recorded in 2020.

Venture capital funding for generative AI startups is on track to exceed 2023’s record-breaking levels. In the first three quarters of 2024, GenAI startups raised over $20 bn, per S&P Global Market Intelligence data, setting up the year to surpass the $22.7 bn raised in 2023. Beinsure Media summarise the key highlights from S&P’s report.