How rare are unicorns? It depends who you ask. White horses with single, spiralled horns don’t exist in the real world, unless you’re a small child that hasn’t yet been disabused of fairy tales. Some readers may therefore be surprised to learn that over 30 new unicorns have been created in 2025 so far. What used to be a rarity in the world of tech has now become increasingly commonplace – the private company valued at over $1bn.
The growing presence of unicorns can largely be explained by one factor. No surprises for guessing: it’s artificial intelligence. Not only can the technology help businesses scale more quickly and at a lower cost, but also manyinvestors remain desperate to grab a piece of the action. AI FOMO is pumping start-up valuations and hence increasing unicorn ubiquity. If we are in the trough of disillusionment for the technology, then no-one has told the VC firms of Silicon Valley.
The new unicorn club is, however, not just an AI-only collective. Sure, businesses such as Anysphere, Cognition, Hightouch and Tines may all be standard bearers for the technology, but other industries are also well-represented. Abridge and Function are noteworthy health-tech unicorns. Fleetio, a business which provides fleet management software, is valued at $1.5bn. Even Olipop, a beverage maker, features on the list. TechCrunch estimates that 36 new unicorn businesses have been minted year-to-date.
Two questions arise. First, when will the bubble burst? As we have argued regularly, AI is upending the world and so new use-cases are constantly being created. With a scarcity of pure-play options in public markets, many investors are turning increasingly to private opportunities. Next, if the birthing of unicorns is becoming more normal, what comes next? Some have proposed the rise of the ultra-unicorn, or a private company valued at over $5bn. When your author visits California for business after the summer, he will keep his eyes peeled for these somewhat mythical beasts.
*For the unaware, the collective noun for a group of unicorns is a ‘blessing.’
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Originally Posted on July 16, 2025 – A blessing of unicorns*
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