ScaleX Index - Eurotech Mutliples - H1 2026

The European tech valuation index closes 2025 at 5.0x median EV/Revenue, stable for a fourth consecutive semester and well below the post-Covid peak. Based on more than 9,700 disclosed private transactions (VC, PE and M&A), this white paper reads the market as a whole: its price level, its liquidity, its entry-exit spreads and its direction. Pricing has stabilised, but activity remains 73% below 2021 and companies still raise at 9.3x while exits clear at 2.7x. Disruptive AI, priced on scarcity, never repriced at all.