--- title: State of Tech Exits H1’25 description: Download the State of Tech Exits H1 '25 Report by EquityZen + CB Insights. Analyze why private markets dominate value creation amid flat IPOs and a surge in secondary transactions. image: https://blog.equityzen.com/hubfs/unnamed-1-Oct-15-2025-05-05-08-3697-PM.png --- [![EquityZen](https://blog.equityzen.com/hubfs/equityzen-logo.svg "EquityZen")](https://equityzen.com/) - [Investments](https://equityzen.com/explore/) - [Explore](https://equityzen.com/explore-private-market/) - How it Works - [Investors](https://equityzen.com/investor/) - [Shareholders](https://equityzen.com/shareholder/) - [Institutions](https://equityzen.com/institutions/) - [Issuers](https://equityzen.com/issuers/) - [Financial Advisors](https://equityzen.com/financial-advisors/) - [Insights](https://blog.equityzen.com/) - [Login](https://equityzen.com/accounts/login/) - [Sign Up](https://equityzen.com/accounts/register/) [Back to insights](https://blog.equityzen.com) [Market Views](https://blog.equityzen.com/tag/market-views) [IPO News](https://blog.equityzen.com/tag/ipo-news) # State of Tech Exits H1’25 ![EquityZen](https://blog.equityzen.com/hs-fs/hubfs/image%20(5).png?width=96&height=96&name=image%20(5).png) Written by EquityZen • October 15, 2025 • 2 min read ![State of Tech Exits H1’25](https://blog.equityzen.com/hs-fs/hubfs/unnamed-1-Oct-15-2025-05-05-08-3697-PM.png?width=1318&height=736&name=unnamed-1-Oct-15-2025-05-05-08-3697-PM.png) In this article Like this article? We’re excited to release our State of Tech Exits H1 '25 Report with CB Insights! > “The exit market remains muted, but liquidity isn't on the sidelines. CBInsights’ report shows that secondary transaction activity has now seen its seventh consecutive quarter of year-over-year growth. This confirms what we’re seeing at EquityZen: as tech companies stay private longer, the secondary market is providing a crucial and reliable release valve for liquidity for both employees and investors.” ![cdddbc26-3a22-4537-9850-9ebd4f218758-1](https://blog.equityzen.com/hs-fs/hubfs/cdddbc26-3a22-4537-9850-9ebd4f218758-1.png?width=45&height=45&name=cdddbc26-3a22-4537-9850-9ebd4f218758-1.png) Atish Davda EquityZen Co-Founder + CEO The data is clear: according to this record, flat IPO/M&A means private markets are now the dominant venue for value creation. New deal structures and secondary surges are reshaping the entire ecosystem. Download the full report [here](https://www.cbinsights.com/research/report/tech-exits-h1-2025/).  ###### Disclosure Investing in pre-IPO companies carries inherent risks, including the potential for loss of the entire investment, illiquidity, and fluctuations in values or returns. Join Investors and Shareholders Exploring the Private Markets Today [![Get Started](https://no-cache.hubspot.com/cta/default/20754585/8e691282-6ef2-4809-87ba-5604efc0edbe.png)](https://cta-redirect.hubspot.com/cta/redirect/20754585/8e691282-6ef2-4809-87ba-5604efc0edbe) ### Related Articles ![EquityZen 2024 Year in Review](https://blog.equityzen.com/hs-fs/hubfs/Screenshot%202024-12-16%20at%201.36.10%20PM.png?width=812&height=446&name=Screenshot%202024-12-16%20at%201.36.10%20PM.png) ##### Private Markets Year in Review 2024 2024 saw cautious optimism in private markets, with significant growth in market activity and a focu... 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