Report: Web 3 financing reached $9.6 billion in the second quarter. Private equity performance was strong, and public funding declined sharply

Comparatively, according to Outlier Ventures, Q2 Web 3 startups received a total of $9.6 billion in financing in 2025, the second-highest quarterly scale in history.

Capital is being concentrated on infrastructure projects at an accelerated pace, with median financing scale of $70 million to $112 million for validator liquidity, rollups, and computing power networks. At the same time, both Series A and seed round financing picked up, private token equity performance was strong, while public funding declined sharply.