This article presents the first “State of Markets” slide deck from a16z, highlighting trends in AI and company performance in both private and public sectors. It discusses the dominance of tech companies and the significant revenue growth among top performers, while questioning whether current valuations indicate a market bubble.

The tech industry has seen a significant rise in unicorns in 2025, with at least 36 new startups achieving a valuation of over $1 billion so far. This trend highlights the ongoing growth and investment in technology ventures, despite broader economic challenges.