The total valuation of the Global Top 100 Unicorns has soared by $895 billion, or 44%, reaching nearly $3 trillion, according to PwC’s latest report.
Collectively, these top privately held companies are now valued at $2.95 trillion, up from $2.05 trillion the previous year. The entry threshold for the Top 100 also rose by $0.3 billion, now standing at $8 billion.
Artificial intelligence firms have emerged as the dominant force, accounting for 43% of total value—or $1.25 trillion—representing a 122% jump from $564 billion in the prior year. AI companies now hold 27 spots in the Top 100, overtaking Fintech (24) as the most represented sector.
U.S.-based unicorns continue to lead the rankings, with their combined valuation climbing 78% to $2.03 trillion. The U.S. is home to 61 of the Top 100 unicorns, up from 58 last year, and four of the five largest are American.
The latest list includes 27 unicorns, 68 decacorns, and five hectocorns—companies valued above $100 billion. It also features 24 new entrants, which collectively added $352 billion in market value.
Twelve companies exited the list via corporate transactions—nine through IPOs and three via acquisitions—a sharp rise compared to just two IPOs in 2024, suggesting a gradual reopening of public markets for growth-focused firms.
“The availability of private capital, a stabilising macroeconomic backdrop, and strong investor interest in sectors such as AI and Fintech have provided a solid foundation for the growth of the world’s most valuable unicorn companies over the last year,” said Kat Kravtsov, Capital Markets Director at PwC UK.
Regionally, Chinese and Hong Kong SAR unicorns saw a 2% dip in their collective valuation to $550 billion, while European unicorns gained $39 billion (22%). The UK now hosts three unicorns in the Top 100, with a combined value of $123 billion, including one that recorded Europe’s largest valuation gain.
Beyond AI and Fintech, other high-growth industries included Information Technology ($368 billion), eCommerce ($148 billion), Healthcare ($64 billion), and the “Others” category, largely driven by SpaceX ($446 billion). Meanwhile, the Consumer Products & Services and Cleantech sectors experienced declines in valuation.