Unicorn Index

This year’s Hurun Gazelles reveal a world accelerating fast and thinking even faster. The US dominated with 71% of the list, while the UK, India, and Germany held strong, and 206 bold new entrants reshaped the landscape—led by AI, fintech, and SaaS. San Francisco reclaimed its crown as the global capital of high-growth innovation, as biotech surged ahead and AI powered over a third of all breakthroughs. From unicorn-makers like Sierra and Fireworks AI to rising stars across healthcare, finance, and robotics, the data tells a clear story: disruption is compounding. With younger companies, faster scaling, and investors like Hongshan and SoftBank shaping the future, this year’s Gazelles aren’t just growing — they’re redefining what’s possible.

The Hurun Research Institute today released the Global Unicorn Index 2025, a ranking of the world’s unicorns, defined as start-ups founded in the 2000s, worth at least a billion dollars and not yet listed on a public exchange. The cut-off was 1 January 2025, with significant changes in valuation updated up to the date of release. Hurun Research has been tracking unicorns since 2017. This is the seventh year of the Global Unicorn Index. This report includes the Most Successful Unicorn Investors in the World 2025, a ranking of the investment houses that have invested in the most unicorns.

The Hurun Research Institute today released the Hurun Future Unicorns – Global Gazelles Index 2024, a list of the world’s start-ups founded in the 2000s, not yet listed on a public exchange and most likely to ‘go unicorn’, i.e. hit a valuation of US$1bn, within three years. This is the fourth year Hurun Research has launched the Hurun Gazelles Index on a global level. This report includes the Most Successful Hurun Gazelles Investors 2024.

The Hurun Research Institute today released the Hurun Future Unicorns – Global Cheetahs Index 2024, a list of the world’s start-ups most likely to ‘go unicorn’ within five years, i.e. hit a valuation of US$1bn. This is the second year Hurun Research has launched the Hurun Cheetahs Index on a global level. This report includes the Most Successful Hurun Cheetahs Investors 2024.

The Hurun Research Institute today released the Global Unicorn Index 2024, a ranking of the world’s start-ups founded in the 2000s, worth at least a billion dollars and not yet listed on a public exchange. This is the sixth year of the Global Unicorn Index. This report includes the Most Successful Unicorn Investors in the World 2024.