Unicorn Index

The Hurun Research Institute identified a record 1,603 unicorns globally — private companies founded after 2000 valued at US$1bn or more — up 5.3% on the prior year. Their combined value reached US$8 trillion, a remarkable 43% jump driven largely by AI. Anthropic (owner of Claude) claimed the top spot as the world's most valuable unicorn at US$965bn, posting the single largest one-year valuation gain ever recorded. OpenAI ranked second at US$852bn, with ByteDance third at US$480bn. The US led with 806 unicorns, followed by China with 381. Together they account for 74% of the global total. The UK overtook India for third place with 70 unicorns. AI dominated by value with 36% of total unicorn value, while FinTech led by number with 216 unicorns. San Francisco remained the world's unicorn capital with 222, ahead of New York (141) and Beijing (86). 308 new unicorns were minted in the year — nearly one per day. The average unicorn is 10.3 years old, founded by entrepreneurs aged 35 on average.

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.