AI Valuations and Funding Trends in 2025 PDF Free Download
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100%
July 2025
The Aventis AI Index includes 137 companies across the global AI value chain
Source: S&P Capital IQ as of 30.06.2025 3
Aventis AI Index, 01/11/2022=100
0
50
100
150
200
250
300
350
400
2022 2023 2024 2025
Aventis AI Index (MC-weighted) S&P 500 Aventis AI Index (Equal-weighted)
Nov 2022
Launch of ChatGPT
Jan 2025
Launch of DeepSeek
+245%
+166%
+57%
?
Bullish
Bearish
AI value chain is diverse with multiple beneficiaries in the upstream supply chain
Source: Aventis Advisors analysis
Energy supply
Electrical Generation
Data Center Hardware
Nuclear Energy
Oil & Gas
Semiconductor & supply chain
Materials & Subsystems
Testing, inspection & yield
equipment
Chips
Data Center
Core Equipment
EDA Software
Data center EMS
Electrical equipment
HVAC
Networking equipment
Data Center Ops & Services
Cloud & Data center DC& Infra construction
…
LLMs
AI apps
+8
+14
+5
+7
+6
+9
+6 +12
+11
+7
+16
+4
+8
4
AI value chain consists not only of applications and materials, but also of a large supply chain
Source: S&P Capital IQ as of 30.06.2025 5
143
146
157
163
166
186
203
249
253
265
266
289
335
342
398
457
Materials, Subsystems & Specialty Supply…
Networking equipment
S&P 500
EDA Software
Oil & Gas
Core Semicondictor Equipment
Test, Inspection, & Yield Equipment
Nuclear energy
Cloud & Data center
Chip Providers
Aventis AI Index - Overall
Electrical Generation & Utilities
Electrical Equipment & Industrial Technology
HVAC
Data center EMS
Data center & Infrastructure construction
AI Index Sub-sectors, total return, equal-weighted, 30.11.2022-30.06.2025
Company % change
Celestica +1,267%
Limbach +1,069%
ASC +857%
NVIDIA +833%
Integrated Electrical Services +771%
$40.0B
$11.6B
$3.5B
$2.0B
$0.9B
$0.5B
$1 $1 $2 $3 $7 $10
$22
$29 $34 $38 $37
$86
$55
$60
$84
$110
0
20
40
60
80
100
120
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Series A Series B Series C Series D Corporate Other
Corporate investors continued to be one of the biggest and most aggressive investors in AI companies in 2025
Total value of capital raised by AI companies, $B
Source: Crunchbase, Aventis Advisors analysis 7
(as of June)
Top fundraises of 2025
Source: Crunchbase
237 349 656 1,031
1,624
2,424
3,415
4,392
5,263 5,697 5,852
6,798
6,175
5,612
5,000
2,769
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
CAGR:
+36%
8
The number of fundraising rounds in the AI space has consistently grown over the last 14 years, with only 2022-2023 being an exception
Total number of AI funding rounds
(as of June)
140.0x
90.0x
66.7x
55.0x 52.5x
45.3x
30.0x 24.2x 23.8x 21.8x 20.5x
12.3x 10.5x 7.3x
Perplexity Hugging
Face
Harvey Cohere Midjourney Abridge OpenAI Gong AI Databricks Jasper AI Anthropic Dataiku Luminance Dialpad
Bottom 25% = 18.5x
There is a big discrepancy seen between valuation multiples of private AI companies starting from 7.3x revenue to 140.0x revenue
Source: Aventis Advisors Analysis, Company press releases
Forward EV/Revenue multiple of selected AI companies, as of 2025
Median = 27.1x
Top 25% = 57.9x
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Note: The information presented here is based solely on data available from public domains. This ensures transparency but may not capture latest financial details if they haven’t been disclosed.
$1.6B
$3.7B
$10.0B
0.0x
10.0x
20.0x
30.0x
40.0x
50.0x
60.0x
0
2
4
6
8
10
12
Revenue Valuation multiple
30x
revenue
42x
revenue
53x
revenue
OpenAI multiple has compressed over the past years as the revenue growth declined
Source: Aventis Advisors Analysis, Company press releases
Dec 2023 Jun 2024 Jun 2025
OpenAI revenue, USD billion, and valuation multiple
10
Where is the value?
•Foundational scientific research
•Data and training sets
•High CAPEX barriers to entry
Key risks
•Perfect competition
• Moore’s law in AI / Deepseek effect
The valuation multiples depend a lot on an application’s position in the value chain
Source: Aventis Advisors Analysis, Online AI blogs and industry reports 11
Foundational models AI applications Thin AI „wrappers”
20-100x Revenue
Where is the value?
•Better UI/UX
•Virality
•Sales & Marketing engine
Key risks
• „What if Google does it?”
•Long-term user retention
Where is the value?
•Vertical industry know-how
•Proprietary workflows
•Regulatory understanding
Key risks
•Overfitting to niche use cases
•Difficult to change habits
10-60x Revenue 1-5x Revenue
Source: Mergermarket, Aventis Advisors analysis 13
The number of AI acquisitions has grown steadily as the industry matures
Number of AI acquisitions globally, 2023 –2025F
100
138
80
100
138
80
0
50
100
150
200
250
2023 2024 2025
Number of Acquisitions
(as of June 2025)
5 years – The average
time to exit for AI
companies
Methodology used in our analysis:
•AI companies
• Founding year ≥ 2015
•Majority M&A buyouts
For most M&A deals, AI companies should be valued based on thorough fundamental financials: revenue growth, client retention, CAC/LTV, etc.
Source: Aventis Advisors
•Overwhelming hype and high-profile deals blur the picture
•Some companies are valued based on the synergies they bring to the buyer or the talent - then high valuations
relative to their financials are possible and justified by the arms race
•At the same time, most AI companies are struggling to find product market fit, deal with immense churn and have little
or no competitive moat
•The ease of building new business models with the help of AI will chip away at the value of the very same
businesses, as today’s disruptors will be disrupted sooner than ever before
•What we are seeing is that most value will accrue to the Infrastructure and the model developers layers, not the
application layer (similarly to the dotcom bubble or the gold rush – picks and shovels)
•AI companies are no different from other types of businesses
•For most M&A deals, AI companies should be valued based on thorough fundamental financials: revenue growth,
client retention, CAC/LTV, etc.
• We don’t see any specific premium for being “AI”
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