US private funding outpaces IPOs as billion‑dollar rounds become more common

Data showing that, in 2025, U.S. private companies raised far more billion‑dollar funding rounds than public‑listings raised comparable amounts — with private rounds now outnumbering and out‑raising IPOs in the $1 b‑plus segment. The trend illustrates how high‑growth firms are opting to stay private longer and secure capital without public‑market scrutiny. Observers warn this may reduce liquidity for public investors and delay price discovery. It also underscores pressure on equity markets to attract large‑scale listings amid a maturing private ecosystem.