Billion-dollar exits are on the rise.

So far this year, 11 U.S. venture-backed companies have either gone public or been acquired at valuations of $1 billion or more. This is more than double the number from the same period last year.

This year’s exits include a record-breaking deal: Google’s planned $32 billion purchase of the cybersecurity company Wiz, announced last week. If completed, this deal would become the largest acquisition of a venture-backed startup in history.

To track how these exits are trending, we used The Billion-Dollar Exits Board to uncover some key insights. Here are the most notable findings:

March Sees a Surge in Exits
March is shaping up to be one of the busiest months for U.S. venture-backed exits in recent times. Along with the Wiz deal, there was another major acquisition: SoftBank’s $6.2 billion purchase of Ampere Computing, a Silicon Valley AI chip design startup. In total, eight billion-dollar exits have occurred this month, valued at more than $60 billion.

37 Billion-Dollar Exits in the Last Year
In the past four quarters, 37 U.S. startups have either been acquired or gone public at valuations of $1 billion or more, according to The Billion-Dollar Exits Board. This is almost double the number from the previous 12 months.

More M&A Deals Than IPOs
This year, most billion-dollar exits have been acquisitions, with only one IPO—Metsera, a startup focused on hormone therapies for obesity, which debuted in January at a $3 billion valuation.

Discounted Acquisitions
Several companies that were acquired this year sold at lower valuations than their previous peaks. For example, Munich Re’s $2.6 billion acquisition of Next Insurance was below its $4 billion valuation in 2021. Niantic also sold its core gaming assets to Scopely for $3.5 billion, down from its $9 billion valuation in 2021. Similarly, rent-to-own platform Divvy Homes sold for $1 billion, down from a $2.3 billion peak valuation nearly four years ago.

More IPOs Are Coming
Even if the M&A momentum slows, the IPO pipeline remains strong, and more billion-dollar exits are expected. The largest debut is likely to be CoreWeave, a cloud platform for AI infrastructure, which filed for its IPO earlier this month with an estimated $32 billion valuation. Hinge Health, a provider of online therapy for joint and muscle health, is also preparing for an IPO, with a valuation of $6.2 billion from late 2021.

Exciting Times Ahead
While it’s hard to predict how long this surge will last, one thing is clear: the billion-dollar exit market is far from slow. It’s an exciting time for investors and startups alike.

We’ll see in the coming months whether this momentum continues.