At the end of each year, seasoned investors like to review their list of predictions from the past year to see how accurate their foresight really was. Tomasz Tunguz, founder of Theory Ventures, recently did just that—he scored his ten predictions for 2025, ultimately earning a score of 7.85, which is quite a good result.

This year indeed saw many developments. Artificial intelligence continued to surge forward, capital markets experienced new rhythms, data infrastructure construction accelerated, and the crypto finance sector was also busy—various fields are undergoing profound structural changes. These changes not only validated most early judgments but also left clear clues for the development direction in 2026.

Looking back at the top ten predictions for 2025, the performance of the IPO market is a good example. This prediction was scored 0.6—indicating a significant gap between reality and expectations. This is just the beginning. Next, I will introduce what was predicted in 2025 and compare it with actual developments. Finally, I will discuss the twelve major changes that might occur in 2026, so everyone can prepare mentally in advance.

The market is evolving, but the patterns are repeating. Some trends you can see clearly, while others require time to verify.