Volatility and IPOs marked the second quarter. Source: Pitchbook/NVCA
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U.S. tech venture exits showed signs of life at end of Q2 — but not VC investments | NVCA

The second quarter was volatile for U.S. funding thanks to Donald Trump’s threat of tariffs, but venture exits showed signs of life by the end of Q2, according to a report by the National Venture Capital Association and Pitchbook.

Volatility and IPOs were Q2’s defining features. The quarter opened with a jolt from Liberation Day tariff announcements, plummeting the S&P 500 by over 10% in a few days and prompting many startups that had already filed to hit the brakes on going public, the report said.

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Written by

Dean Takahashi

Dean Takahashi is editorial director for GamesBeat. He has been a tech journalist since 1988, and he has covered games as a beat since 1996. He was lead writer for GamesBeat at VentureBeat from 2008 to April 2025. Prior to that, he wrote for the San Jose Mercury News, the Red Herring, the Wall Street Journal, the Los Angeles Times, and the Dallas Times-Herald. He is the author of two books, "Opening the Xbox" and "The Xbox 360 Uncloaked." He organizes the annual GamesBeat Next, GamesBeat Summit and GamesBeat Insider Series: Hollywood and Games conferences and is a frequent speaker at gaming and tech events. He lives in the San Francisco Bay Area.