欧洲科技业仍明显落后于美国和中国，但一些关键数字显示势头正在改善。欧洲目前仅拥有全球市值最高的100家科技公司中的6家，而美国有56家、中国有16家；不过，欧洲初创企业的风险投资从十年前的220亿美元增至去年的850亿美元，超过中国的530亿美元，尽管仍远低于美国的3390亿美元，而Lovable更是在14个月内将年化经常性收入从100万美元推高到3亿美元。
政策变化、人才流动和资本格局调整正在改善欧洲的创业环境。其5200万人口市场仍受语言和监管分割，但欧盟正推动资本市场统一，英法德也在鼓励养老金投资风险资产；与此同时，美国对欧洲科技公司的收购占比已从2011至2013年按数量计算的12%和按价值计算的35%，降至2023至2025年的9%和17%，而中国在全球风投中的份额则从2015年的30%降到2025年的10%，同期欧洲从12%升至16%。
欧洲最强的进展集中在气候科技、国防科技和深科技。欧洲绿色初创企业获得的风投资金相当于美国的比例，已从2015至2016年的24%升至2024至2025年的55%；欧洲国防科技融资则从2015至2017年仅为北美的1%升至2023至2025年的6%，同期欧洲国防开支在2023至2025年增长42%；深科技占欧洲风投的比重也从2021年的19%升至2025年的36%，即便欧洲去年在全球94个新的大语言模型中只推出了2个。
Europe’s tech sector still trails America and China by a wide margin, but several headline numbers show improving momentum. Europe has just 6 of the world’s 100 most valuable tech companies, versus 56 for America and 16 for China; however, VC investment in European startups rose to $85bn last year from $22bn a decade earlier, ahead of China’s $53bn though still far behind America’s $339bn, while Lovable lifted annualised recurring revenue from $1m to $300m in just 14 months.
Policy shifts, talent flows, and capital-market changes are making Europe more startup-friendly. Its 520m-person market remains fragmented by language and regulation, but the EU is pushing capital-market unification and Britain, France, and Germany are steering pension money toward risk assets; meanwhile, American buyers’ share of European tech acquisitions fell from 12% by number and 35% by value in 2011-13 to 9% and 17% in 2023-25, and China’s share of global VC spending dropped from 30% in 2015 to 10% in 2025 as Europe’s rose from 12% to 16%.
Europe’s strongest gains are in climate tech, defence tech, and deep tech. VC funding for European green startups climbed from 24% of America’s level in 2015-16 to 55% in 2024-25; European defence-tech investment rose from barely 1% of North America’s in 2015-17 to 6% in 2023-25, while Europe’s defence spending increased 42% from 2023 to 2025; and deep tech’s share of European VC rose from 19% in 2021 to 36% in 2025, even though Europe launched only 2 of the world’s 94 new large language models last year.
Source: At last, reasons to be cheerful about European tech
Subtitle: One of which is Donald Trump
Dateline: 3月 05, 2026 07:20 上午 | Stockholm and Munich