Visualizing the Class of 2025's Biggest Unicorns 🦄

What We're Showing

Companies valued at $2 billion or more that became unicorns ($1 billion+ in valuation) in 2025.

Data comes from PitchBook, as of May 1, 2025.

PitchBook defines unicorns as venture-backed companies valued at $1 billion or more after a funding round, until it goes public, gets acquired, or drops below that valuation.

New Kids on the Block

Yangtze Memory, a Chinese flash chip developer, is 2025's biggest unicorn so far with a $22.1 billion valuation.

The company became a unicorn (by PitchBook's definition) in April 2025 after it secured a $222 million investment from Quanhong Investment.

(Even if a company’s internal or market valuation exceeds $1 billion, PitchBook’s definition requires a qualifying funding event for official unicorn status.)

There have been 43 new unicorns created in 2025, as of May. The largest share (65%) of new unicorns in 2025 are from North America, followed by Europe (23%)