Unicorn Startups
The Next Generation of Public Companies
The term "unicorn" was coined in 2013 to describe private companies valued at $1 billion or more — once a rarity, now nearly a thousand worldwide. Retail investors can't directly buy stock in a unicorn, but tracking them matters: many of today's most-watched IPO candidates spent years as unicorns first. SpaceX, Stripe, Canva, OpenAI, Anthropic, ByteDance, and Klarna are among the most valuable private companies on Earth right now.
The Substox database includes 27 private companies in unicorn-adjacent sectors (tech, fintech, biotech, healthcare, communication services, industrials). The full list below.
Common Questions
What is a unicorn?
A private company valued at $1 billion or more. The name stuck from a time when such companies were rare, which they no longer are.
Can I invest in one before it lists?
Generally not. Pre-IPO shares are mostly limited to venture funds, institutions and accredited investors. Occasionally a listed holding company owns a stake, which is the closest most people can get.
Is a high valuation the same as being profitable?
No. A valuation reflects what investors paid in the most recent funding round, which is a bet on the future rather than a measure of current profit. Many unicorns lose money.