Illustration by Aleksandar Savic

Comparing where startups creating the most value for their investors.

By Erin Griffith
June 2, 2017

This article first appeared in Term Sheet, Fortune’s newsletter on deals and dealmakers. Sign up here.

In February, before Snap’s IPO, Fortune examined deal data comparing investments for startups based in New York City, Los Angeles and Boston. While L.A. has made some gains in attracting investment dollars, New York remains the country’s second-largest tech hub in terms of venture investment.

But investments only tell half of the story — everyone knows exits are more important. Using CB Insights, we have compiled exit data for the three cities. We can’t compare deal value of M&A exits since so many of the prices are not confirmed. (For example, Oracle’s acquisition of Moat, reportedly for $850 million, did not disclose an official deal value.)

The deal volume data shows a fairly even mix of exits between the three cities. New York has consistently had the most exits by volume, with LA and Boston close behind.

But IPOs are a different story. From 2014 through mid-April of this year (when the data was compiled), Los Angeles has topped New York and Boston in IPO exit money:

New York could potentially change that pattern this year, if IPO candidates like Spotify, WeWork and Blue Apron all go public at or above their current valuations.

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