The total value of the world’s top 100 unicorns has gone up 44% to $2.9 trillion, which can be shown on PwC’s latest Global Top 100 Unicorns report. That is an $895 billion increase from the previous year, when growth stood at only 10%. PwC said the threshold to enter the top 100 list rose to $8 billion, showing how private investors have created competition for high-value startups.
Of the 100 companies analysed, 43 completed funding rounds in the past year, and 39 of those were at higher valuations. 5 now have valuations above $100 billion, while 24 new entrants added $352 billion in combined value. The list now includes 27 unicorns, 68 decacorns and five hectocorns, which could be indicative of a move towards maturing private firms attracting record sums.
12 companies exited the ranking through acquisitions and initial public offerings. 9 went public, up from just two IPOs in 2024, which PwC said shows that public markets are reopening to growth firms. Fintech and AI companies each accounted for 3 of those IPOs, showing investor appetite in those areas.
How Much Of This Growth Came From The US?
US-based unicorns continue to dominate. Their total valuation went up 78% to $2.03 trillion, driven by higher funding rounds and a rise in the number of US firms on the list from 58 to 61. 4 of the top 5 global unicorns are American, which shows how investors have poured money into large AI and fintech ventures headquartered there.
On the other hand, valuations in China and Hong Kong went down slightly from $564 billion to $550 billion. PwC said that was partly due to exits linked to IPOs and weaker valuations for a few private companies.
Europe saw an increase of $39 billion, or 22%, in its top unicorns’ total value. The UK contributed three companies to the top 100, together worth $123 billion. One of those companies recorded the biggest valuation gain across Europe.
Kat Kravtsov, Capital Markets Director at PwC UK, said the rise in private capital and improving economic conditions had “provided a solid foundation for the growth of the world’s most valuable unicorn companies.” She added that more founders are preparing for exits through IPOs or acquisitions as confidence in public markets returns.
Which Industries Are Leading The Charge?
Artificial intelligence is now the clear leader. AI firms account for 43% of the combined value of the top 100, rising 122% to $1.25 trillion from $564 billion a year ago. Eight new AI startups entered the ranking, bringing the total to 27, making it the most represented sector ahead of fintech.
Fintech valuations went up slightly to $531 billion, though the sector’s number of unicorns went down from 29 to 24. 3 fintech companies exited the private market through IPOs.
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Other industries also saw changes. Information technology grew from $332 billion to $368 billion, eCommerce went up from $145 billion to $148 billion, and healthcare grew from $51 billion to $64 billion. The “Others” category rose sharply because of SpaceX, whose valuation went from $247 billion to $446 billion.
Consumer products and cleantech went in the opposite direction. Their total values dropped to $112 billion and $29 billion respectively, with cleantech losing half its unicorns, from 4 to 2.
What Would This Mean For Investors And Startups?
The report shows how investors are concentrating their attention on high-growth areas such as AI and fintech, while older sectors like consumer goods and cleantech are losing ground. AI is also the only category, alongside healthcare, that added more companies to the list this year.
The rise of AI firms is a reflection of both investor excitement and the practical success of machine learning and generative AI technologies in business applications. PwC said the strong valuations indicate that these companies are becoming more mature and scalable, attracting more institutional investment.
Overall, the 44% jump in global unicorn valuations and the surge in AI-driven growth means private markets are entering a new phase. With IPO activity picking up and valuations going up like this, PwC’s data shows that this is a year where AI turned from a trend into the core of global startup value.
Michael Wisson, Capital Markets Partner at PwC UK, said:
“The more stable macroeconomic environment over the past 12 months has supported increased funding and deal activity for the global Top 100 Unicorns. This can be seen in both the number and size of up-rounds as well as the churn in the list. The AI investment boom continues to gather pace with this sector accounting for around 80% of the total Top 100 valuation gains in the period. Sentiment, in both private and public markets, towards investment in high growth companies continues to improve, which should provide a platform for the increased investment appetite to spill out into more broad-based growth in funding and deal activity across sectors in the 12 months ahead.”
Katrina Hallpike, Valuations Partner at PwC UK, said:
“The continued charge of the ultra-unicorn heralds a new phase in private-market maturity, with a small group of tech innovators setting the global pace. In sectors like AI, defence, and space, valuations reflect not just growth potential but perceived strategic importance, signalling ongoing investor confidence in the technologies shaping the next decade.”
