Total corporate financing, including venture capital, public market and debt financing, fell 22% year-over-year through the first three quarters of 2025, according to a report from Mercom Capital Group.
Through the first nine months of 2025, total corporate funding was $17.3 billion, down from the $22.3 billion raised in the first nine months of 2024.
Venture capital funding reached $2.9 billion through 55 deals in the period, compared to $3.9 billion raised through 39 deals in the same period a year ago. The largest venture capital deals were $1 billion raised by Origis Energy, $500 million raised by Silicon Ranch and $130 million raised by Terabase Energy.
Solar debt financing totaled $12.7 billion across 60 deals, down 24% from the $16.7 billion raised in the first nine months of 2024.
In the first three quarters of 2025, companies acquired 165 solar projects for a total of 29 GW. This is a slight increase compared to the 28.3 GW of transactions a year ago.
M&A activity increased year-on-year, with 76 deals in the first nine months of 2025, compared to 62 last year.
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