Primary Industry — Top by Value ($B)
AI-Heavy Early-Stage Surge U.S. Private Equity Dealflow 1/1/2025-10/31/2025
Victor Shamanovsky
November 09, 2025 05:40 PM EST
Executive Insights
| Topic | Insight |
|---|---|
| Deal volume | 2,562 |
| Disclosed value | $243.9B |
| Disclosure rate | 71% |
| Top industries by value | Software ($198.9B); Hardware ($8.9B); Healthcare IT ($5.9B) |
| Strategy leader by value | Venture Capital ($156.9B, 64%) |
| Momentum leaders (6m) | Renewable Energy; IT Security/Cybersecurity; Medical Devices & Equipment |
| Capital-intensity outliers | Telecoms (15.45×); Hardware (9.34×); Insurance (2.01×) |
| Investor hotspots | US; NA; Canada |
| Largest disclosed deal | Electronic Arts Inc. — $55.0B on 2025-09-28 |
Executive Snapshot
| Metric | Value |
|---|---|
| Deals | 2,562 |
| Target companies | 2,359 |
| Strategies | 2 |
| Industry/Sub-industry pairs | 1,190 |
| Coverage | Jan 2025 – Oct 2025 |
Activity Over Time
Strategy × Deal Types
Primary vs Sub-industry — Top Pairs ($B)
Top Sub-industries ($B)
Industry Verticals — Heatmap & Leaders ($B)
Industry Classification — Analysis ($B)
Investor Region and Country
Deal Size vs EV (log–log, $B labels)
Small Multiples — Deals Over Time by Primary Industry (momentum-ordered, strategy split)
INSIGHTS
Distribution by Strategy
Rank–Size (Power-law Tail)
Share of Capital by Strategy Over Time (Value & Share)
Flow: Strategy -> Deal Type -> Primary Industry
“Market Map” Bubble: Primary Industry × Strategy
Sub-industry Ridgelines (log scale)
Top Deals Leaderboard
| Top 25 Deals by Value | |||||
| Date | Company | PrimaryIndustry | DealType | Value_USD_B | EV_USD_B |
|---|---|---|---|---|---|
| 2025-09-28 | Electronic Arts Inc. | Software | Public to Private | 55.000 | 58.434 |
| 2025-06-12 | Scale AI, Inc. | Software | Secondary Stock Purchase, Unspecified Round | 14.350 | NA |
| 2025-09-02 | Anthropic PBC | Software | Series F | 13.000 | NA |
| 2025-03-31 | OpenAI | Software | Unspecified Round | 10.000 | NA |
| 2025-08-01 | OpenAI | Software | Unspecified Round | 8.300 | NA |
| 2025-05-27 | Informatica Inc. | Software | Trade Sale | 8.000 | 8.000 |
| 2025-08-06 | Enverus, Inc. | Software | Secondary Buyout | 6.500 | NA |
| 2025-07-01 | X.AI Corp. | Software | Unspecified Round | 5.000 | NA |
| 2025-05-21 | io Products Inc. | Hardware | Add-on, Trade Sale | 5.000 | NA |
| 2025-05-27 | Silvus Technologies, Inc. | Telecoms | Trade Sale | 4.400 | 4.400 |
| 2025-01-07 | Paycor, Inc. | Software | Trade Sale | 4.100 | 4.100 |
| 2025-03-03 | Anthropic PBC | Software | Series E | 3.500 | NA |
| 2025-05-06 | Windsurf | Software | Add-on, Trade Sale | 3.000 | NA |
| 2025-03-25 | Crusoe Energy Holdings Inc.'s mining operation division | Hardware | Add-on | 3.000 | NA |
| 2025-01-08 | Napster Corporation | Software | Unspecified Round | 3.000 | NA |
| 2025-03-10 | Moveworks, Inc. | Software | Trade Sale | 2.850 | NA |
| 2025-04-08 | HealthEdge Software, Inc. | Healthcare IT | Secondary Buyout | 2.600 | NA |
| 2025-03-19 | Next Insurance, Inc. | Insurance | Trade Sale | 2.600 | NA |
| 2025-05-25 | E2open, LLC | Software | Trade Sale | 2.100 | 2.100 |
| 2025-10-09 | Reflection AI, Inc. | Software | Series B | 2.000 | NA |
| 2025-08-19 | Intel Corporation | Semiconductors | LP Direct, PIPE | 2.000 | NA |
| 2025-06-20 | Thinking Machines Lab, Inc. | Software | Seed | 2.000 | NA |
| 2025-04-11 | Safe Superintelligence Inc. | Software | Unspecified Round | 2.000 | NA |
| 2025-03-04 | Weights and Biases, Inc. | Software | Add-on, Trade Sale | 1.700 | NA |
| 2025-07-31 | Genesys Cloud Services, Inc. | Software | Growth | 1.500 | NA |
Cumulative Capital Curves (by Strategy)
Investor Co-investment Network
Investor Country → Primary Industry (Flow)
Period Shift Flow: Investor Country -> Primary Industry (Before vs After Median Date)
PCA Biplot: multi-feature industry fingerprints
EV/Deal Outliers by Industry
