“The more stable macroeconomic environment over the past 12 months has supported increased funding and deal activity for the global Top 100 Unicorns. This can be seen in both the number and size of up-rounds as well as the churn in the list. The AI investment boom continues to gather pace with this sector accounting for c. 80% of the total Top 100 valuation gains in the period. Sentiment, in both private and public markets, towards investment in high growth companies continues to improve, which should provide a platform for the increased investment appetite to spill out into more broad-based growth in funding and deal activity across sectors in the 12 months ahead.”
Michael Wisson
Partner, Capital Markets, PwC UK
Foreword
This publication analyses global unicorns, including the Top 100 Unicorns, and highlights the changes in the composition of the list, comparing the data as of 30 September 2025 and September 2024. As at September 2025, there were 1,577 Unicorns globally (September 2024: 1,467). Valuations reflect common stock equivalent methodology to derive an implied enterprise value based on the latest external funding round and do not capture any value implications of economic rights of different share classes.
With macroeconomic stability through 2025, deal activity across private and public markets has seen a rebound globally. With inflation rates in most developed markets remaining relatively stable, central banks have started to cut interest rates and this has encouraged private and public companies to seek fundraising and exits via IPOs.
Outlook
Momentum continues to build strength, bolstered by favourable market conditions and ample private capital ready to support unicorns’ growth. Coupled with the prospect of additional rate cuts by central banks, this environment is expected to enable unicorns to complete further funding rounds as they pursue growth and potential exits. We also anticipate continued expansion in AI and Fintech unicorns as these companies leverage new technologies to revolutionise business operations. As global IPO markets gradually recovered, a number of Unicorns completed their IPOs in the past year and saw positive post-IPO performance, validating their pre-listing valuations. Looking ahead, unicorns are poised to leverage the IPO market as a strategic avenue for funding to support expansion and for monetising their innovations.
The aggregate valuation of the Top 100 Unicorns rose by 44% with 39 up rounds completed in the period
- The aggregate value of the Top 100 Unicorns as of September 2025 stands at $2,949bn, an increase of $895bn (44%), when compared to the same date last year.
- Nearly 40% of the Top 100 Unicorns had an increase in valuation, through a mix of existing companies in the list gaining in valuation and the emergence of new companies joining the Top 100.
- The Top 5 Unicorns are comprised of five Hectocorns, with 68 Decacorns featured among the Top 100.
- This year saw nine unicorn IPOs, a notable increase from just two IPO exits in 2024, signalling a gradual reopening of IPO markets for growth companies. Fintech and AI led the way, each with three IPOs.
The US remained the most prominent region representing 69% of the value of the global Top 100 Unicorns, as AI continues to propel valuations higher
- The valuation of top 100 Unicorns from the US increased by $891bn (78%), primarily due to a $668bn (215%) surge in AI-themed companies. This reflects a mixture of valuation increases for existing top 100 unicorns, and new companies joining the top 100.
- In contrast, China/Hong Kong SAR saw a decrease in the number of companies making up the top 100 and their valuations fall by 2% in 2025, with a content platform company, previously the most valuable Unicorn now in third spot.
- European Unicorns experienced an increase of $39bn (22%), primarily from Fintech companies, while the Rest of the World category declined by $22bn (13%).
The AI sector continued to gain momentum in 2025, representing 43% of the value of the Top 100 Unicorns, followed by Fintech (18%) and IT (12%)
- Unicorns focused on AI showed continued growth, with twelve new entrants into the list contributing to the $688bn (122%) increase in the aggregate value. Over the next 12 months, a number of these companies may look to IPO as public market activity has recovered in 2025.
- Fintech showed stable growth, with valuations growing by $9bn, despite seeing a decline in the number of companies in the Top 100, due to IPOs and down-rounds. Three companies also saw double digit growth in their valuations.
“The availability of private capital, a stabilising macroeconomic backdrop, and strong investor interest in sectors such as AI and Fintech have provided a solid foundation for the growth of the world's most valuable unicorn companies over the last year. With the recovery of IPO market gaining pace, it's not surprising to see an uptick in IPO activity, particularly in the US, as founders and sponsors explore various monetisation and funding options. Strategic exit and broader IPO readiness continue to be priorities for maturing unicorns as they seek to create and protect value by creating a corporate environment that is scalable and fit for growth.”
Kat Kravtsov
Director, Capital Markets, PwC UK
* Data sources: PitchBook Data, Inc with PwC analysis, this includes industry classifications. Data has not been reviewed by PitchBook analysts.
Global Top 100 Unicorns
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