Unicorn Buildup: A Decade of Growth with Fewer Exits
How a Decade of Startup Growth Has Led to a Massive Private-Market Buildup
Over the past 10 years, the number of unicorn startups — private companies valued at $1 billion or more — has surged. What started slowly in the early 2010s exploded in 2021, when valuations soared and startups hit the billion-dollar mark at a record pace. That year alone saw the number of unicorns triple compared to the previous year.
However, while unicorn creation skyrocketed, exits haven’t kept up. Today, the unicorn board includes nearly 1,600 companies worth a combined $6 trillion. Most haven’t raised new funding at a disclosed valuation in more than three years, highlighting a growing buildup of private companies waiting for a liquidity event.
2020 and Earlier: Strongest Exit Record
Startups that became unicorns before 2021 account for a major portion of the board’s value. These companies had more time to mature and take advantage of favorable market conditions in 2021, when many went public.
Of the 953 unicorns formed before 2021, around 46% have exited. Public offerings were three times more common than mergers or acquisitions. Still, over 470 unicorns from this period remain private, but they represent more than half of the board’s current value — roughly $3.2 trillion.
These include some of the most valuable startups in the world, such as SpaceX, Stripe, ByteDance, Shein, Databricks, and OpenAI. While OpenAI is nearing its 10-year mark with a $60 billion valuation, SpaceX has been growing for 25 years and remains one of the top-valued companies.
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2021–2022: Rapid Unicorn Buildup
The most dramatic buildup occurred in 2021 and 2022. During this period, 854 unicorns joined the board — more than half of the current total. These companies now represent $2 trillion in value.
Among them, nine rank in the top 50 most valuable startups. Leading this group is Anthropic, which joined in 2022 and is now valued at $61.5 billion.
2023 to 2025: Slower Growth, Focus on AI
Since 2023, 257 new unicorns have been added, contributing another $500 billion in value. AI-focused companies like xAI ($50 billion) and Safe Superintelligence ($32 billion) are at the top of this cohort. Despite the smaller numbers, the buildup continues, especially driven by interest in artificial intelligence.
Recent unicorn additions mirror the slower pace of 2015 to 2017, with just over 100 new companies per year.
Private-Market Buildup Continues
As of June 2025, the unicorn board is approaching 1,600 companies with nearly $6 trillion in combined value and $1 trillion in total funding. Only around 40 companies have left the board due to valuation drops or closures since 2022.
Yet, more than 60% of current unicorns haven’t raised new funding at a disclosed valuation in over three years. This signals a continued buildup of private-market value, with investors waiting for a better exit environment in a slower global economy.