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Cheng Wei
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Cheng Wei
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Cheng Wei (simplified Chinese: 程维; traditional Chinese: 程維; pinyin: Chéng Wéi; born 19 May 1983) is a Chinese billionaire businessman.[1] He is the founder, chairman and CEO of DiDi, a Chinese mobile transportation platform with global operations.[2] In 2012, after eight years at Alibaba Group's regional and Alipay's operations, Cheng founded Beijing Xiaoju Technology Co Ltd in Zhongguancun.[3]

Key Information

Biography

[edit]

Cheng was born in 1983 in Jiangxi, China.[1] He received a bachelor's degree in administration from Beijing University of Chemical Technology.[4][5][1]

After graduation, Cheng served as an assistant to a chairman at a foot massage company. About one year later, Cheng applied to join Alibaba as a sales person for its business-to-business e-commerce service in 2005.[1]

For six years at Alibaba, Cheng served as a sales manager for the northern region of China. He later moved to China's largest third-party online payment platform, Alipay, where he was soon promoted to the position of regional manager.[4][6]

In 2012, Cheng left Alibaba to found Beijing Xiaoju Technology Co and launch Didi Dache—translated to "Beep Beep Call a Taxi"—as the initial incarnation of his ride-hailing service.[1]

In 2014, Cheng hired Jean Liu (Liu Qing), a former Goldman Sachs Asia managing director, as the COO of the company.[6]

In February 2015, the company merged with its rival Kuaidi Dache and was renamed Didi Kuaidi (later renamed Didi Chuxing or “DiDi”).[7]

In August 2016, DiDi acquired all assets of the Chinese division of Uber.[8]

Since the company was founded in 2012, under the leadership of Cheng Wei and Jean Liu, DiDi has grown to become one of the world’s highest valued tech start-ups.[9]

Other activities

[edit]

In September 2015, Cheng was selected as a co-chair of the Summer Davos in Asia: Annual Meeting of the New Champions 2015.[10]

Published work

[edit]
  • DiDi: The Sharing Economy is Changing China co-authored by Jean Liu and Zhang Xiaofeng, ed. Posts & Telecom Press, June 2016.[11]

Prizes

[edit]
  • 2019: Fortune China’s list of 50 Most Influential Business Leaders[12]
  • 2018: 50 Most influential business leaders in China by Forbes China[13]
  • 2017: 50 Most Influential Business Leaders by Fortune China[14]
  • 2017: Global Game Changers by Forbes[15]
  • 2017: 20 Most Influential People in Tech list by the Time magazine[16]
  • 2016: Businessperson of the Year by Fortune magazine[17] and Forbes Asia's Businessman of the Year[18]
  • 2016: Wired 100 List.[19]
  • 2015: "Top 10 Economic Influencers of China" by Sina.com.[20]
  • 2015: "40 under 40" list by Fortune magazine.[21]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Cheng Wei

View on Grokipedia
from Grokipedia
Cheng Wei (born 1983) is a Chinese billionaire entrepreneur best known as the founder, chairman, and chief executive officer of DiDi Global Inc., a leading mobile transportation platform that provides ride-hailing, bike-sharing, and other mobility services worldwide. Born in , province, Cheng graduated from before entering the tech industry, where he rose to become vice president of , the online payment arm of . In 2012, he founded Beijing Xiaoju Technology Co., Ltd., launching the taxi-hailing app Didi Dache, which quickly gained traction in China's burgeoning mobile economy. Under Cheng's leadership, Didi Dache merged with rival Kuaidi Dache in 2015 to form Didi Chuxing, consolidating the domestic market and outmaneuvering global competitor by acquiring its operations in 2016 in an deal that valued Uber's business at $7 billion and the combined entity at $35 billion. The company expanded internationally, rebranding as Global in 2021 and going public on the , though it later delisted amid regulatory scrutiny in . Cheng's strategic vision and emphasis on localization propelled to serve over 580 million annual active users as of 2023 and dominate 's ride-hailing sector, making him one of the country's most influential tech leaders.

Early life and education

Birth and family background

Cheng Wei was born on May 19, 1983, in Shangrao, a city in Jiangxi province, China. He grew up in the rural Hekou township of Qianshan County, part of a modest family with limited resources in a working-class environment. His father worked as a civil servant in the local government, while his mother was a mathematics teacher who instilled a strong value on academic achievement. The family's emphasis on education as a pathway out of rural constraints shaped his early outlook, encouraging diligence and intellectual pursuit despite the challenges of small-town life. During his childhood in this southeastern Chinese region, known for its inland and agrarian setting, Cheng experienced the everyday realities of a developing rural , including limited and access to urban opportunities. These formative years in a close-knit, resource-scarce household laid the groundwork for his later ambitions, leading him to seek higher education in .

Academic background

Cheng Wei attended from 2001 to 2005, a second-tier institution in compared to like Peking and Tsinghua. Born in rural province, his strong performance in high school mathematics motivated him to pursue higher education despite a mistake on the national college entrance exam (), where he neglected to turn over the last page and left three questions blank. Initially intending to major in , Cheng was assigned by the university to , reflecting the centralized allocation system common in Chinese higher education at the time. He earned a in business administration in 2005. During his university years, Cheng demonstrated an early interest in and by taking on part-time work selling in his senior year, though the venture yielded little success. This experience, combined with his pivot to , honed his practical acumen in and , laying foundational skills for his future in technology-driven enterprises. No records indicate formal involvement in student organizations, but his proactive engagement with real-world challenges highlighted a budding entrepreneurial mindset amid China's emerging boom.

Early career

Employment at Alibaba

Cheng Wei joined in 2005 shortly after graduating from , starting as an entry-level sales manager in the company's B2B division. His initial role involved selling online advertisements to local merchants, where he demonstrated strong skills in , including emceeing events to build relationships. This position provided him with foundational experience in operations during Alibaba's rapid expansion in . Over the next six years, Cheng advanced steadily within the organization, rising to regional sales manager overseeing operations in northern before transitioning to , Alibaba's digital payment platform. By 2011, he had been promoted to deputy general manager (or vice president) of , where he managed business-to-consumer functions across multiple provinces, including strategic oversight of payment processing and merchant integrations. In this capacity, he handled the scaling of 's services amid 's burgeoning mobile payment ecosystem, contributing to its growth from an internal tool to a dominant third-party payment provider. Cheng's tenure at Alibaba equipped him with critical expertise in digital payments infrastructure, user acquisition tactics through targeted sales, and strategies for scaling technology services in a competitive market. These experiences highlighted the transformative potential of internet-based models for everyday services, influencing his later entrepreneurial decisions.

Initial entrepreneurial experiences

In 2012, Cheng Wei departed from Alibaba after nearly seven years in sales and management roles to explore entrepreneurial opportunities in China's rapidly evolving mobile services landscape. This move marked a pivotal shift from corporate stability to independent venture-building, driven by his recognition of the potential for mobile technology to disrupt traditional industries. To better understand the operational dynamics of service-based businesses, Cheng had previously engaged in short exploratory stints following his university graduation, including serving as an assistant to the chairman of a foot massage firm and other minor roles such as managing at a mobile phone component supplier. These experiences provided hands-on exposure to customer-facing operations and highlighted inefficiencies in service delivery, fostering his interest in leveraging technology for improvements. His time at Alibaba further reinforced this perspective, as his work with digital tools like Alipay demonstrated how mobile platforms could streamline transactions and connect users efficiently. Between 2011 and 2012, amid personal frustrations with urban taxi hailing—such as repeatedly missing flights due to unreliable cab availability during business trips—Cheng identified a critical market gap in China's major cities, where over 2 million taxis operated amid chronic shortages during peak hours or adverse weather like Beijing's 2012 snowstorms. Inspired by emerging U.S. ride-hailing models like , which connected passengers and drivers via apps, he began brainstorming solutions with former colleagues, initially considering ideas in education and restaurant reviews before zeroing in on taxi dispatching. This realization, coupled with early experiments in a modest setting, crystallized his vision for a mobile solution to transform urban mobility.

Founding and growth of Didi Chuxing

Launch of Didi Dache

In June 2012, Cheng Wei founded Xiaoju Technology Co., Ltd. (also known as Beijing Orange Technology Co.), a high-tech enterprise focused on developing a mobile taxi-hailing application, after resigning from his position at Alibaba's . The company was bootstrapped with Cheng's personal savings and a modest seed investment of approximately 800,000 yuan (about $130,000 at the time) from his former Alibaba colleague Wang Gang, who became a co-founder and provided crucial early financial support. The Didi Dache app, meaning "Beep Beep Call a Taxi," was launched in September 2012 in Beijing as one of China's earliest mobile platforms connecting passengers with taxi drivers via smartphones, leveraging GPS and real-time matching technology. Drawing briefly from his Alibaba experience in app-based services and mobile payments, Cheng prioritized user-friendly interfaces and integration with existing payment systems to facilitate quick adoption. Initial operations were limited to Beijing, targeting younger taxi drivers already equipped with smartphones to build a driver network without heavy upfront hardware costs. Early growth faced significant hurdles, including with scarce resources amid competition from around 30 other nascent ride-hailing startups and entrenched traditional fleets resistant to app-based dispatching. User adoption was slow at first, with the platform handling fewer than 1,000 orders per day until a heavy snowstorm in late 2012 disrupted Beijing's streets, surging demand and enabling Didi to secure its first major infusion of $2 million, which helped scale operations. These challenges underscored the need for rapid iteration in a fragmented market where regulatory scrutiny and union opposition posed ongoing risks to legitimacy and expansion.

Key mergers and expansions

A pivotal moment in Didi's growth occurred in February 2015 when Cheng Wei's Dache merged with rival Kuaidi Dache to form Didi Kuaidi, consolidating the two largest taxi-hailing apps in and backed by major investors for Didi and Alibaba for Kuaidi. This merger, valued at around $6 billion, ended a costly war between the competitors and positioned the new entity to control more than 90% of the domestic ride-hailing market, enabling rapid scaling and operational efficiencies under Cheng's leadership as CEO. Following the merger, Kuaidi rebranded to Didi Chuxing in September 2015 to emphasize its expanding role in comprehensive urban mobility, a change that aligned with its ambitions beyond traditional services. The company's dominance strengthened further in 2016 when it acquired 's operations in an deal, absorbing Uber's users and technology while granting Uber a 20% stake in Didi, valued at approximately $35 billion overall. This acquisition, orchestrated by Cheng, eliminated the last major foreign competitor in and boosted Didi's to over 95%, facilitating seamless integration of Uber's operations in approximately 60 cities into Didi's platform. Didi's domestic expansions continued with the integration of bike-sharing services in , as the company invested in and partnered with providers like Ofo to embed dockless bike options directly into its app, diversifying its ecosystem and capturing the booming sector amid intense competition from and others. Starting in 2018, Didi advanced into autonomous driving initiatives, securing approval from regulators in May to test self-driving vehicles on public roads, marking a key step in its long-term strategy to develop fleets and reduce reliance on human drivers. These efforts, led by Cheng, included establishing dedicated R&D labs and collaborations with tech firms, positioning Didi as a leader in AI-driven transportation within .

Leadership and innovations at Didi

Strategic decisions and acquisitions

Under Cheng Wei's leadership, Didi Chuxing made a strategic pivot in toward heavy investment in and mapping technologies to bolster its ride-hailing and prepare for autonomous mobility. In March of that year, the company established Didi Labs, a research and development center in focused on AI applications for security features and intelligent driving systems, aiming to integrate advanced algorithms into its platform for enhanced safety and efficiency. Complementing this, Didi formed a dedicated , Ditu (Beijing) Technology Co., Ltd., in October , and secured a Class A surveying and mapping license, marking the beginning of its in-house development of high-precision maps essential for route optimization and future self-driving capabilities. These initiatives, funded partly through a $5.5 billion capital raise that year, positioned Didi to leverage AI for in demand forecasting and mapping for real-time navigation, reducing dependency on third-party providers. A pivotal strategic decision came in 2021 when Cheng Wei oversaw Didi's on the , raising approximately $4.4 billion at a valuation exceeding $70 billion and marking one of the largest U.S. listings by a Chinese firm at the time. However, the IPO faced immediate backlash from Chinese regulators over concerns, leading to an investigation and eventual directive for delisting; by 2021, Didi announced plans to exit the NYSE, with shareholders approving the move in May 2022 amid ongoing scrutiny. Cheng Wei and President Jean Liu supported the delisting resolution, viewing it as necessary to align with national priorities, though it resulted in significant share value erosion from the IPO price. This episode underscored Cheng's navigation of geopolitical tensions in capital markets, prompting a shift toward domestic financial strategies, including plans for a secondary listing in under consideration as of 2024. In the wake of a record $1.2 billion fine imposed in July 2022 for violations of 's cybersecurity and data protection laws—personally fining Cheng Wei 1 million yuan ($148,000)— refocused its operations on core ride-hailing services within while prioritizing stringent compliance with and privacy regulations. By 2023, this recalibration emphasized operational efficiency in its primary mobility platform, with core transactions surging 65% year-over-year to 3.7 billion in the fourth quarter, driven by enhanced user safety protocols and AI-driven matching without expanding into non-essential areas. Cheng Wei articulated this strategy in company updates, stressing sustainable growth through regulatory adherence and consolidation, which contributed to a 36.6% increase to 192.4 billion yuan for the full year 2023. Such mergers as the earlier acquisition had provided the scale to weather these challenges, enabling Didi to maintain dominance in 's ride-hailing sector.

Technological and operational advancements

Under Cheng Wei's leadership as founder and CEO of Chuxing, the company pioneered significant AI-driven enhancements to its ride-hailing platform, particularly in route optimization and dispatching. developed advanced algorithms to analyze vast datasets from daily rides, enabling real-time route predictions that reduced congestion and improved efficiency in urban areas. For instance, the Didi Smart Transportation integrates and video to optimize , allowing dynamic adjustments to patterns and assignments. Additionally, Didi's application of in order dispatching has been detailed in research, where it models marketplace dynamics to match riders and drivers more effectively than traditional methods, minimizing wait times and operational costs. Safety innovations also advanced markedly during this period, with AI-powered facial recognition becoming a core feature in 2018 following high-profile incidents. Didi mandated daily facial recognition verification for all drivers at the start of shifts and before nighttime trips (23:00-5:00), accumulating billions of checks to prevent unauthorized access and enhance passenger security. This system, integrated into the app's backend, cross-references driver identities against registered profiles, contributing to a comprehensive safety framework that includes real-time monitoring and emergency response tools. These measures were part of broader AI investments through Didi's AI Labs, established in 2018 to focus on computer vision and natural language processing for operational reliability. From 2019 onward, expanded its technological scope beyond ride-hailing into express delivery and autonomous vehicles, diversifying its platform under Cheng Wei's vision for integrated mobility solutions. In 2023, launched , an on-demand delivery service covering over 200 Chinese cities, leveraging its existing driver network and AI routing to handle small-package within hours. Concurrently, 's autonomous driving unit, spun off as an independent entity in 2019, conducted extensive testing of Level 4 vehicles in , , and other cities, partnering with automakers for and mapping technologies. By 2025, announced plans to deploy self-developed robotaxis, with fully unmanned tests underway and production slated for commercial rollout. These advancements drove substantial operational growth, with reaching nearly 600 million users and drivers by 2020, reflecting the scalability of its AI infrastructure. In Q2 , revenue from core mobility and delivery services increased 10.9% year-over-year to 56.4 billion yuan, underscoring the impact of optimized operations on financial performance amid recovering demand.

Global expansion and challenges

International operations

Under Cheng Wei's leadership as CEO, Didi Chuxing initiated its international expansion in 2018 by acquiring a controlling stake in Brazil's 99, a leading ride-hailing app, for approximately $600 million, marking the company's first major entry into . This move allowed Didi to leverage 99's established network in over 500 Brazilian cities, adapting its platform to local preferences such as cash payments and Portuguese-language interfaces to compete effectively in the region. That same year, expanded directly into with the launch of its app in cities like , focusing on affordable ride options and integration with local payment systems to address urban mobility challenges. In June 2018, the company entered , starting operations in and later extending to other cities including and , where it emphasized safety features and partnerships with local drivers to build trust in a mature market. In 2022, amid domestic regulatory pressures, shelved plans for major international expansions until at least 2025. By 2025, had grown its presence to 15 countries across , , and beyond, applying lessons from its domestic operations to scale ride-hailing and related services globally. In September 2025, Cheng Wei personally committed to investing 2 billion Brazilian reais (about $360 million) in expanding 99Food, 's food delivery platform in , aiming to reach 35 cities by mid-2026 through localized features like rapid courier incentives and integration with ride-hailing services. To support these adaptations, pursued strategic partnerships, including a 2018 alliance extension with that facilitated non-competitive market access and technology sharing to enhance global operational efficiency.

Regulatory issues and controversies

In 2018, Didi Chuxing faced significant backlash due to two high-profile passenger safety incidents involving murders by drivers using the platform. In May, a 21-year-old woman was raped and killed by an unregistered driver in Zhengzhou after booking a ride through Didi's carpool service, prompting immediate public outrage and calls for enhanced safety measures. This was followed in August by the murder of a 20-year-old passenger in Wenzhou, where the driver allegedly pushed her off a cliff after she entered his vehicle via the Hitch service, marking the second such tragedy in mere months. Under Cheng Wei's leadership as CEO, the company issued public apologies, with Cheng personally acknowledging "vanity and breathless expansion" as contributing factors to the lapses, and committed to prioritizing safety over growth by overhauling verification processes, limiting carpool hours, and integrating facial recognition for drivers. In response, Chinese regulators fined Didi executives, including Cheng, up to 1 million yuan each, and imposed a temporary suspension on carpool services nationwide to enforce stricter compliance. The most severe regulatory challenges emerged in 2021-2022 amid Beijing's broader crackdown on the tech sector. Shortly after Didi's June 2021 New York Stock Exchange IPO, which raised $4.4 billion, Chinese authorities ordered the app's removal from domestic app stores in July for national security and data privacy violations, citing illegal collection of user data without proper approvals. This escalated in December 2021 when Didi announced plans to delist from the NYSE following regulatory pressure to curb foreign data risks, resulting in a sharp decline in its market value from over $70 billion at IPO to around $20 billion. By July 2022, the Cyberspace Administration of China imposed a record 8.026 billion yuan ($1.2 billion) fine on Didi for "serious violations" of data security laws, including unlawfully collecting 1.22 billion pieces of user data and exporting sensitive information abroad without clearance, marking the largest such penalty in Chinese history. Cheng Wei, as chairman, accepted responsibility and oversaw internal rectifications, including data audits and the resignation of key executives to align with regulatory demands. In 2025, continued to grapple with repercussions from the 2021 IPO, agreeing in August to a $740 million settlement in a U.S. class-action accusing the company of by concealing Chinese government directives to delay the listing, which allegedly misled investors and led to billions in losses. The settlement, subject to court approval expected by mid-October, addressed claims that prioritized the IPO despite warnings, further straining relations with international regulators. Amid these issues, has pursued ongoing plans for a potential listing to regain public market access, though no firm timeline has been confirmed as of November 2025, with the company focusing on and business stabilization under Cheng's direction.

Other activities

Philanthropy and public roles

Cheng Wei has held prominent public roles in international forums focused on economic innovation and global challenges. In 2015, he served as a co-chair for the Annual Meeting of the New Champions, also known as Summer , organized by the in , , where he contributed to discussions on technology-driven growth and . Since then, Cheng has remained engaged with the , leveraging his position as Didi Chuxing's leader to advocate for sustainable transportation solutions in . Under Cheng's leadership, Didi Chuxing has pursued significant philanthropic efforts, particularly in and environmental . The company launched the DiDi Seeds Program in the late , the first major initiative in dedicated to supporting the and personal development of children from ride-hailing driver families, providing scholarships and training to improve access to quality schooling; by 2024, it had awarded scholarships to nearly 1,400 children and benefited 50,000 families since 2017. In the environmental domain, Didi initiated the "DiDi Carbon Credits" program in 2022 to promote green mobility by incentivizing users to choose low-emission options, such as shared rides and electric vehicles, contributing to broader efforts in urban ; by 2024, the program had expanded to 298 cities in and supported initiatives like the Conservation project, engaging 1.59 million users. These initiatives reflect Didi's scale, enabled by its rapid growth into a global mobility platform serving billions of trips annually. Cheng has actively advocated for the 's role in addressing urban transport challenges and . In speeches at international events, including the 2015 , he emphasized how platform-based models like ride-hailing can optimize resource use, reduce congestion, and support inclusive . He has also pushed for regulatory reforms to foster in the sector, as seen in Didi's efforts to influence policies promoting the sharing economy amid China's push.

Published works

Cheng Wei co-authored the book 滴滴：分享经济改变中国 (translated as : The is Changing ), published in June 2016 by People's Posts and Telecommunications Publishing House. The work, co-authored with Didi president Jean Liu and edited by management scholar Zhang Xiaofeng, examines the development of 's ride-hailing platform as a in 's . It analyzes key strategies for building a platform, including supply-demand matching, user growth, and integration with traditional industries, while highlighting the broader societal transformations driven by such models in . No significant published works by Cheng have appeared since 2020.

Awards and recognition

Business honors

In 2016, Cheng Wei was ranked eighth on Fortune's list of top businesspeople, recognizing his leadership in transforming Chuxing into China's dominant ride-hailing service through aggressive expansion and strategic investments that outpaced global competitors. That same year, Asia honored him as Businessman of the Year for consolidating domestic rivals, forging key partnerships, and securing substantial financing that propelled Didi to a valuation exceeding $28 billion at the time. These accolades stemmed from Didi's pivotal milestones, including the 2016 acquisition of Uber's China operations, which solidified its market position and facilitated over 4 billion rides annually. In 2017, Cheng Wei was selected for Time magazine's list of the 20 Most Influential People in Tech, jointly with Didi President Jean Liu, for pioneering mobile transportation innovations that integrated ride-hailing with broader multimodal services across Asia. From 2015 to 2019, Cheng Wei featured prominently in multiple China rankings, including the annual Rich List, which highlighted his entrepreneurial impact in revolutionizing transportation through Didi's technology-driven platform that connected millions of drivers and passengers.

Media and influence recognitions

In 2017, Cheng Wei was named to ' Global Game Changers list, recognizing his role in leading Chuxing's defense of the Chinese ride-sharing market against international competition, particularly . This accolade highlighted his strategic vision in consolidating domestic players and securing investments from Chinese tech giants like Alibaba and , positioning as a symbol of technological . From 2018 onward, Cheng has been frequently profiled in major outlets such as Bloomberg and as the "Uber slayer" for orchestrating Didi's victory over in , a narrative that underscores his embodiment of Chinese tech patriotism. Bloomberg's ongoing coverage, including a 2022 feature on Didi's trajectory, portrays Cheng as a pivotal figure in fostering national innovation amid global rivalry, emphasizing his alliances with regulators and investors to prioritize local ecosystems. Similarly, WSJ articles through 2021 credit him with influencing Beijing's tech policies, framing his leadership as a model of patriotic that blends market dominance with state alignment. Cheng's influence extends to reshaping the global ride-hailing landscape following Uber's 2016 exit from , where acquired its operations and expanded internationally to over 15 countries by 2021. Media analyses, including Wired's 2018 report, recognize this pivot as establishing as a to Western platforms, with Cheng's strategies inspiring hybrid models that integrate AI-driven safety features and local partnerships worldwide. His prior business honors, such as Fortune's recognitions, served as early indicators of this broader societal impact.

Personal life

Family and residence

Cheng Wei has maintained a notably private personal life, with limited public details available about his family. He married in approximately 2012, though his wife's identity has not been disclosed in media reports. In 2016, it was announced that the couple was expecting their first child. Cheng Wei emphasizes for his family, and subsequent information about his children or home life remains scarce in credible sources. This discretion extends to avoiding media exposure on familial matters, consistent with his low-profile approach overall. Cheng Wei resides primarily in , , where he has lived since establishing Didi Chuxing's headquarters in the city. No confirmed reports detail additional international properties, though his business expansions may involve temporary stays abroad. Born in province to a civil servant father and a mother, his current urban life in represents a stark evolution from his modest upbringing.

Wealth and net worth

Cheng Wei first achieved billionaire status in 2016 following Didi Chuxing's acquisition of Uber's China operations, which valued the company at approximately $35 billion and elevated his personal fortune through his founding stake. His wealth primarily derives from equity in Didi Chuxing, with no significant diversified investments publicly documented. Following Didi's in June 2021, Cheng's stake was valued at $4.4 billion, reflecting the company's peak of around $70 billion at the time. As of 2023, his net worth was estimated at $900 million. Didi's delisting from the NYSE in 2022 amid regulatory scrutiny, a $1.2 billion cybersecurity fine, and subsequent settlements contributed to fluctuations. International expansions and revenue growth in 2025, including an 8.5% rise to 53.3 billion yuan ($7.4 billion) in Q1, have supported a partial recovery in valuation, with estimates suggesting stabilization around $1 billion as of mid-2025.

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