42 new unicorn companies were added globally in H1 2025, representing a 12.50% year-over-year decline (48 new unicorns in H1 2024) and a 6.67% quarter-over-quarter decrease (45 new unicorns in H2 2024).
Artificial intelligence and enterprise services sectors continued to gain momentum. New unicorns in H1 2025 were primarily concentrated in artificial intelligence (16), enterprise services (7), healthcare (4), and big data (4) industries.
Chinese unicorns showed preference for Hong Kong IPOs. In H1 2025, 8 Chinese broad-definition unicorns (including unicorns established for over 10 years) went public, with 6 listing on the Hong Kong Stock Exchange.
**New Unicorns**
**Global New Unicorn Count Declined Compared to Same Period in 2024**
42 new unicorn companies were added globally in H1 2025, down 12.50% year-over-year (48 new unicorns in H1 2024) and down 6.67% quarter-over-quarter (45 new unicorns in H2 2024). The average valuation of new unicorns was $1.785 billion, declining 11.02% year-over-year (average valuation of $2.006 billion in H1 2024) and 20.13% quarter-over-quarter (average valuation of $2.235 billion in H2 2024).
**US Leads in New Unicorn Count Globally**
New unicorns in H1 2025 were distributed across 9 countries worldwide. The US added 26 companies, accounting for 61.90%, China added 7 companies, accounting for 16.67%, Switzerland and Germany each added 2 companies, accounting for 4.76% respectively. Additionally, Ireland, Mexico, Canada, New Zealand, and Israel each added 1 company, accounting for 2.38% respectively.
**Artificial Intelligence Tops New Unicorn Count**
In H1 2025, 42 companies globally achieved unicorn valuation status through their latest funding rounds. These companies disclosed total funding of $75.117 billion, distributed across 10 different industry sectors. The artificial intelligence sector led with 17 new unicorns, followed by enterprise services with 7 new unicorns, and healthcare and big data each with 2 new unicorns. Industries with the highest disclosed funding amounts were artificial intelligence ($36.40 billion), enterprise services ($7.70 billion), and big data ($6.50 billion).
**Three Institutions Top Unicorn Hunter Rankings**
In the historical funding and unicorn-round financing of H1 2025 new unicorns, 475 investment institutions participated. Among them, 418 institutions invested in 1 unicorn (88.0%), while 57 institutions invested in 2 or more unicorns. Sequoia Capital, General Catalyst, and Accel each invested in 5 unicorns, ranking first.
**Existing Unicorn Funding**
**Global Existing Unicorn Funding Concentrated in AI and Enterprise Services**
The industries with the most funding events for existing unicorns globally in H1 2025 were artificial intelligence (49 events), enterprise services (37 events), and finance (31 events). The top 4 industries by disclosed total funding were artificial intelligence ($65.298 billion), enterprise services ($5.830 billion), finance ($4.494 billion), and smart manufacturing ($3.106 billion). OpenAI received $40 billion in funding in the AI sector, representing the single largest round.
**Events Above $100 Million Accounted for 51.1%**
Among the 225 existing unicorn funding events completed in H1 2025, 55 events did not disclose funding amounts, 55 events were under $100 million, 67 events were between $100-300 million (inclusive), 16 events were between $300-500 million (inclusive), and 32 events were above $500 million.
**Unicorn Exits**
**10 Unicorns Exited Through IPO/SPAC Listings, 8 Through M&A, 1 Due to Valuation Decline**
In H1 2025, 10 broad-definition unicorns (including unicorns established for over 10 years) went public through IPO or SPAC listings. China had 8 unicorn companies list on the Hong Kong Stock Exchange, Shanghai Stock Exchange, and NASDAQ. France had 1 unicorn list on the Amsterdam Stock Exchange, and the US had 1 unicorn list on NASDAQ. 8 overseas unicorns exited through mergers and acquisitions. 1 unicorn saw its valuation decline.