Hurun Research Institute recently released the Global Unicorn Index 2025, a ranking of the world’s unicorns, defined as startups founded in the 2000s, worth at least $1 billion in U.S. dollars and not yet listed on a public exchange. The cut-off date was January 1, 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.
Hurun Research found 1,523 unicorns in the world, based in 52 countries and 307 cities. 359 unicorns saw their valuations rise, of which 203 were new faces. 143 saw their valuations drop, of which 52 were ‘demoted’ as their valuation no longer met at least $1 billion. 64 were ‘promoted’ out of the list, of which 34 went IPO and 30 were acquired. 1,073 saw no change to their valuations. Their total value was $5.6 trillion.
The world’s unicorns are disrupting financial services, business management solutions and healthcare. 77% sell software and services, led by fintech, SaaS, and AI, whilst 23% have a physical product, led by semiconductors, new energy, biotech, and health tech.
Hurun Chairman and Chief Researcher Rupert Hoogewerf said:
“2025 has been the year of AI. Since the launch of ChatGPT in November 2022, AI startups have rocketed, marking a critical inflexion point. Today, nearly a third of the world’s unicorns are AI-related, underscoring its transformational impact across industries. Big data, SaaS, and fintech remain the most common sectors for AI-themed unicorns, whilst 128 are pure-play AI companies with a combined valuation nearing $1 trillion, spanning AI assistants to machine learning platforms, and sector-specific AI applications in healthcare, security, robotics and fintech.”
"SpaceX has become the world’s most valuable unicorn, with a staggering $350 billion valuation, ahead of TikTok-owner ByteDance and OpenAI. It’s the first time a space exploration company has led the pack."
“No company encapsulates the 2020s unicorn boom quite like OpenAI. Two years ago, OpenAI was valued at just $20 billion; today, it’s $300 billion. That jump in valuation in just two years is the fastest we’ve ever seen, driven by the revolutionary potential of generative AI.”
“Some founders don’t stop at one unicorn. With xAI, Elon Musk is now the founder or co-founder of three of the world’s four most valuable unicorns, as well as Neuralink ($8 billion) and The Boring Company ($7 billion) — a testament to how one visionary entrepreneur can repeatedly create massive value in completely different industries. Five have founded three unicorns and 33 have founded two.”
“When it comes to unicorns, the world can essentially be split into three regions: the U.S., China, and the rest of the world. The U.S. accounts for half of all unicorns, China a quarter, and the remaining quarter is spread across dozens of other countries, led by India and the UK. Surprisingly, perhaps, the EU countries together have just over 112 unicorns, less than 8%, despite contributing to 20% of the world’s GDP. Each region has its strengths: American unicorns are heavy in SaaS, fintech and AI; China’s are in AI, semiconductors and renewable energy; and the rest of the world leans towards fintech and e-commerce — reflecting different regional innovation focuses.”
“The United States is in a league of its own with 758 unicorns — fully 50% of the world’s total. California alone is home to 396 companies valued at a combined $2.1 trillion. The East Coast, led by New York with 141 unicorns, Massachusetts with 44 unicorns and Florida with 15 unicorns, continues to thrive in fintech, healthcare, and enterprise software. The Midwest, while smaller in count, shows growth in states like Illinois, with 15 unicorns, and demonstrates increasing startup momentum beyond coastal hubs. States like Texas, with over 32 unicorns, Colorado and Washington are emerging as strategic tech centres, boosted by talent migration and business-friendly environments. This dispersion indicates a maturing innovation landscape where startup ecosystems are flourishing across diverse regions, not just Silicon Valley.”
About Hurun
Established in the United Kingdom in 1999, Hurun is a research and media group, promoting entrepreneurship through its lists and research. Widely regarded as an opinion leader in the world of business, Hurun generated 8 billion views on the Hurun brand in 2023, mainly in China and India, and recently expanded to the UK, U.S., Canada, and Australia.
Best known for the Hurun Rich List series, telling the stories of the world’s successful entrepreneurs in China, India, and the world, Hurun’s other key series focus on young businesses and entrepreneurs, through the Hurun Unicorns Index, two Hurun Future Unicorns indices, the Hurun Uth series, and the Hurun Pioneers series.
Hurun has grown to become the world’s largest list compiler for startups, ranking over 3,000 startups across the world through its annual Hurun Global Unicorns Index (startups with a valuation of $1 billion or more), and two Hurun Future Unicorn Indexes: Gazelles, most likely to ‘go unicorn’ within three years, and Cheetahs, most likely to ‘go unicorn’ within five years.
The Hurun Pioneering Young Startups and Entrepreneurs series focuses on startups set up within the last ten years and founders aged 45 or under. The Hurun Uth series includes the Under25s, Under30s, Under35s, and Under40s awards, representing the cream of each generation of young entrepreneurs who have founded businesses with a social impact and worth $1 million, $10 million, $50 million, and $100 million, respectively in U.S. dollars.
Other lists include the Hurun 500 series, ranking the most valuable companies in the world, China and India, the Hurun Global High Schools List, ranking the world’s best independent high schools, the Hurun Philanthropy List, ranking the biggest philanthropists and the Hurun Art List, ranking the world’s most successful artists alive today.
Hurun provides research reports co-branded with some of the world’s leading financial institutions and regional governments. Hurun hosts high-profile events across China and India, as well as London, Paris, New York, LA, Toronto, Vancouver, Sydney, Luxembourg, Istanbul, Dubai, and Singapore.
For further information, visit https://mp.weixin.qq.com/s/7nIL0sGS9pguTnQxULrpoA or www.hurun.net.
Media Contact
Porsha Pan
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