2025 wasn’t a recovery year, it was a reckoning.

Venture capital didn’t bounce back.
It split clean in two.

In this year-end episode of Nothing Ventured, Aarish breaks down The Great Bifurcation — the moment the market decided who matters and who doesn’t.

From the collapse of AI wrappers like Builder.ai, to $30B valuations with no product. From biology quietly raising billions in London, to defence, energy, and sovereign infrastructure becoming the only safe harbours. From Europe’s talent paradox to why a SpaceX IPO could restart the entire venture flywheel.

This episode covers:

- Why 2025 killed the “fake it till you make it” era
- The AI split: gods vs mortals
- The biology boom nobody is talking about
- Defence, energy, and the rise of the sovereignty stack
- Europe’s capital problem (and why exits keep moving to the US)
- Why SpaceX’s IPO may unlock liquidity for everyone in 2026

2025 ended easy money.
2026 will reward important money.

🎙️ If you’re a founder, investor, operator, or LP — this is the map of where venture actually is now.

#venturecapital #startups #ai #biotech #defencetech #europe #tech2025 #nothingventured

This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B.
Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/

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