A Long Unicorn Backlog
If things keep moving at the current rate, it would take 30 years for every U.S. unicorn — a private company valued at $1 billion or more — to go public or get acquired. While that sounds slow, it’s actually better than a year ago, when the estimated backlog stretched to 49 years.

This improvement comes as exit activity has started to pick up. In the past year, 25 billion-dollar startups have either gone public or been acquired.

Big Exits Are Leading the Way
Among the most notable exits was CoreWeave, a cloud infrastructure provider, which launched one of the biggest tech IPOs in years. Its stock has risen over 20% since going public in March.

Another major move came when Google announced plans to acquire Wiz, a cybersecurity unicorn, for $32 billion. If approved, it could become one of the largest private tech acquisitions ever.

Other significant exits include Tempus AI and ServiceTitan, both of which entered the public market with valuations near $10 billion.

Not All Exits Deliver Big Returns
While some companies made profitable exits, others fell short. Noname Security, once valued as a unicorn, sold for roughly $450 million — well below its peak.

Similarly, Candy Digital, a digital collectibles company, was acquired last month by Futureverse, a smaller firm. The sale price wasn’t disclosed, but it likely wasn’t at unicorn-level value.

These cases show that not all exits reduce the backlog equally — some fall short of investor expectations.

What’s Next for the Backlog?
Many unicorns are still waiting for the right time to exit. The IPO market remains slow, with few signs of near-term change. Still, some investors are hopeful that new offerings could pick up by late 2025.

Meanwhile, large tech companies have the money for major acquisitions, but it’s unclear how willing they are to spend it. Until that changes, the backlog will remain.