Over 100 Tech Unicorns Emerge Worldwide in 2025

Venture capital found a new gear in 2025, minting well over 100 tech unicorns as AI fervor, defense tech, and resilient enterprise demand converged. The lion’s share of new billion-dollar startups rode AI-native products or AI-enabled workflows, while space, energy, and crypto saw their own surges. Data from investor trackers including PitchBook and Crunchbase, as well as industry reporting from Bloomberg and others, point to a year defined by mega-rounds, fast follow-on checks, and seed-stage valuations that would have seemed unthinkable two cycles ago.

Notable outliers help explain the mood: a $10B seed for an AI research outfit, multiple $4B–$8B valuations for model and infra players, and a $9B prediction market in crypto. At the same time, steady, less flashy categories — identity, data security, vertical SaaS — quietly crossed the threshold, underscoring that durable revenue still matters.

Below is the comprehensive list we tracked, grouped by where each company primarily competes. Valuations reflect the most recently reported priced rounds during 2025, as cataloged by sources such as PitchBook and Crunchbase.

The Full List of 2025 Unicorns by Sector and Theme

AI models and platforms

• Luma ($4B)
• Suno ($2.5B)
• Reflection ($8B)
• Fireworks AI ($4B)
• LangChain ($1.3B)
• Baseten ($2.2B)
• Modular ($1.6B)
• Distyl ($1.8B)
• You.com ($1.5B)
• Decagon ($1.5B)
• Reka ($1B)
• Function ($2.5B)
• Fal ($4B)
• Modal ($1.1B)
• Harmonic (valuation undisclosed)

Healthcare and bio

• Abridge ($5.3B)
• Hippocratic AI ($1.6B)
• Thyme Care ($1.5B)
• Strive Health ($1.8B)
• New Limit ($1.6B)
• Insilico Medicine ($1B)
• Enveda ($1.2B)
• Pathos ($1.6B)
• OpenEvidence ($1B)
• Truveta ($1B)
• Chai Discovery ($1.3B)
• Tala Health ($1.2B)
• Curative ($1B)
• Ambience ($1.25B)

Fintech and crypto

• Tempo ($5B)
• Polymarket ($9B)
• Kalshi ($2B)
• Imprint ($1.2B)
• EXU ($1.2B)
• Flying Tulip ($1B)
• Erebor ($4.3B; also reported $2B stealth seed)
• Assured ($1B)
• Kikoff ($1B)

Defense, space, and robotics

• HawkEye 360 ($2B)
• Stoke ($2B)
• Apex ($1B)
• Loft Orbital ($1B)
• Heven Aerotech ($1B)
• PDWQ ($1.2B)
• The Bot Company ($2B)
• Field AI ($2B)
• Gecko ($1.62B)
• Castellion ($2.8B)

Energy, climate, and deeptech

• Base ($4B)
• Radiant ($1.8B)
• Oishii ($1.2B)
• Also ($1B)
• Periodic Labs ($1B)
• Substrate ($1B)
• Celestial AI ($2.5B)
• Unconventional AI ($4.5B)

Enterprise software, data, and security

• Saviynt ($3B)
• Proof ($1B)
• Hightouch ($1.2B)
• PostHog ($1.4B)
• Linear ($1.25B)
• Filevine ($3B)
• Peregrine ($2.5B)
• MaintainX ($2.5B)
• BuildOps ($1B)
• Meter ($1.25B)
• Teamworks ($1.25B)
• Awardco ($1B)

Ops, infra, and vertical SaaS

• Chapter ($1.38B)
• ThreatLocker ($1.2B)
• Cyberhaven ($1B)
• MoEngage ($1.1B)
• CompanyCam ($2B)
• onX Maps ($1.4B)
• Netradyne ($1.35B)
• Fleetio ($1.5B)
• Owner ($1B)
• Serval ($1B)
• Main Func ($1.25B)
• Saviynt ($3B)

Consumer, media, gaming, and CPG

• Substack ($1.1B)
• Underdog Fantasy ($1.3B)
• Shrapnel ($1.1B)
• Olipop ($2B)
• Eight Sleep ($1.5B)

Additional standouts

• Thinking Machines ($10B)
• Lila ($1.3B)
• Enveda ($1.2B)
• Anaconda ($1.5B)
• Suno ($2.5B)
• Peregrine ($2.5B)
• Polymarket ($9B)
• Castellion ($2.8B)
• Celestial AI ($2.5B)
• Mercor ($2B)
• Radiant ($1.8B)
• Base ($4B)

What the New Cohort Reveals About 2025 Trends

AI is the engine of this cycle. Most of these companies either build models, serve them, or refactor workflows around them. But that’s only half the story. Defense and space resurfaced as priority investment areas, reflecting geopolitical realities and government demand. Energy and materials saw seed-stage unicorns — a sign investors are again willing to underwrite longer timelines when the technology gradient looks steep enough.

Mega-rounds also returned. CB Insights and PitchBook data show a sharp rebound in $100M+ financings, with multiple first checks at $500M or more. The presence of crossover investors and corporate strategics — from large asset managers to cloud hyperscalers and semiconductor giants — helped compress fundraising cycles and push valuations up, even as many 2021-era unicorns remained in reset mode.

Methodology and Sources for This Unicorns List

Companies listed here reached $1B+ private valuations in 2025 based on reported rounds and investor records from PitchBook and Crunchbase, corroborated by industry reporting from outlets such as Bloomberg. Valuations reflect the latest priced rounds disclosed during the year and, where noted, estimates by those databases. Categories reflect primary markets; several firms could fit more than one bucket.