1、USVC ValuationsReportSponsored by2024ANNUAL2ContentsSponsored by2024 ANNUAL US VC VALUATIONS REPORTMarket overview2Dealmaking6SaaS9A word from Morgan Stanley at Work10Climate tech12Investor trends13Liquidity16Kyle Stanford,CAIA Director of Research,US Venture Emily Zheng Senior Analyst,Venture Capit

2、al DataCollin Anderson Senior Data APublishingReport designed by Drew Sanders and Josie DoanPublished on February 10,2025Click here for PitchBooks report methodologies.Click here for PitchBooks private market glossary.PitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market I

3、ntelligencePaul Condra Global Head of Private Markets Research Kyle Stanford,CAIA Director of Research,US VentureInstitutional Research GroupAnalysis 2025 Morgan Stanley Smith Barney LLC.Member SIPC.CRC4109493 12/2024Morgan Stanley at Work services are provided by Morgan Stanley Smith Barney LLC,mem

4、ber SIPC,and/or its affiliates,all wholly owned subsidiaries of Morgan Stanley.What can you do today to be set up for success tomorrow?Discover what steps you can take to stay transaction ready and manage the expectations of your shareholders ahead of a liquidity event.Are you considering running a

5、liquidity event?When IPOs were the logical next step for late-stage private companies,employees often had a clear pathway to turn their equity compensation into cash.With companies staying private longer,those opportunities for liquidity have dwindled.This has sparked a rise in issuer-led liquidity

6、events,such as tender offers and secondary transactions.However,companies may underestimate the amount of work required,which can lead to costly transaction delays.Request a Free Transaction Readiness Assessment4Sponsored by2024 ANNUAL US VC VALUATIONS REPORTMARKET OVERVIEWMarket overview27.5%26.4%3