15.9% of venture-backed deals in 2025 so far have been down rounds…

Team S · 2025-08-17T12:30:12.000Z

Almost every major IPO listing in Q2 hit the public markets below its peak valuation, the data from PitchBook adds. Some examples include: MNTN (at IPO, valuation was down from $2 billion to $1.1 billion), Circle (dropping from $7.7 billion to $5.8 billion), Hinge (valuation at IPO was $6.2 billion, down from the $23 billion high), Chime (going public at $9.1 billion from a $25 billion peak valuation). https://fortune.com/2025/08/14/startup-down-rounds-are-at-a-ten-year-high-according-to-pitchbook-data/

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15.9% of venture-backed deals in 2025 so far have been down rounds… | Newnex