Ultra-Unicorns Are Dominating Private Markets in 2025
Despite a slow funding climate for early-stage startups, ultra-unicorns—private companies valued at $5 billion or more—are expanding in size, influence, and investor appeal.
Ultra-Unicorns Are Redefining the Private Market Landscape
In 2025, a small but powerful group of startups known as ultra-unicorns—private companies valued at $5 billion or more—are becoming the dominant force in the market. While many startups face tough fundraising conditions, ultra-unicorns are growing rapidly in both value and deal flow.
This exclusive club represents only 13% of private unicorns by count, but holds more than half of the total valuation—$3.5 trillion out of $6 trillion. These companies also received half of the $1 trillion in total funding raised across the unicorn landscape.
Rapid Growth in 2025
So far in 2025, 17 new ultra-unicorns have joined the ranks. Notable additions include:
- Thinking Machines Lab – Raised a record-setting $2 billion seed round at a $10 billion valuation.
- Glean – An AI enterprise search company.
- Abridge – Specializes in AI-driven note-taking.
- Colossal Biosciences – Focused on genetic engineering.
- Shield AI, Harvey, Cyera, Groww, and Anysphere – Representing a wide range of industries, from defense tech to finance.
At the current pace, 2025 is set to surpass the 19 new ultra-unicorns added in 2024.
Funding Trends and Market Dynamics
Funding to ultra-unicorns peaked in 2021 at $102 billion, dropped to $41 billion in 2022, and has rebounded to nearly $79 billion so far this year.
However, two companies dominate 2025’s funding totals:
- OpenAI: $40 billion led by SoftBank
- Scale AI: $14.3 billion from Meta
These two investments account for 73% of this year’s total ultra-unicorn funding.
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Who Are These Companies?
Most ultra-unicorns were founded between 2011 and 2018, putting their average age between 7 and 14 years. By country:
- United States leads with 101
- China, India, and the United Kingdom follow with 36, 19, and 11
Valuations for many were last set in 2021 or 2022, the peak of private market pricing. However, more recent valuations show continued strength:
- 2024: 27 companies valued at $831 billion
- 2025 so far: 34 companies valued at $699 billion
Top valuations this year include OpenAI ($300B), Anthropic ($61.5B), and Safe Superintelligence ($32B).
Exits and What’s Next for Ultra-Unicorns
Nine ultra-unicorns exited in 2024 through IPOs or acquisitions. In the first half of 2025, five more have exited, including:
- Chime
- CoreWeave
- Wiz
Despite a sluggish exit market, the ultra-unicorn cohort continues to grow across key metrics. Strong valuations and large capital raises suggest this group will remain a dominant force in the private sector.
Ultra-unicorns are proving resilient in a volatile market. While early-stage startups struggle to raise capital, these high-value companies are pulling in record funding and growing their share of the market. As we move into the second half of 2025, all signs point to continued momentum for the world’s top private tech leaders.