Unicorn
A privately held startup valued at $1 billion or more.
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Definition
A unicorn is a privately held startup valued at $1 billion or more. The term was coined by Aileen Lee of Cowboy Ventures in 2013, when such companies were considered extremely rare — like mythical unicorns. Today, there are over 1,460 unicorns globally.
Unicorn status is typically achieved through venture capital funding rounds that establish the valuation. The valuation is based on the price per share investors pay, multiplied by total shares outstanding. This "paper valuation" may not reflect the price the company would achieve in an IPO or acquisition.
Related terms include: decacorn ($10B+), hectocorn ($100B+), and "fallen unicorn" (companies that have been downvalued below $1B after previously achieving unicorn status).
Why It Matters for Founders
Unicorn status has become a cultural milestone in the startup world, signaling exceptional growth and investor confidence. However, it is important to understand that unicorn valuations are set by the last round of funding and may not reflect true market value.
For founders, chasing unicorn status can be both motivating and distracting. Building a valuable, sustainable business should take priority over hitting an arbitrary valuation milestone. Many unicorns have ultimately been worth less than their peak private valuations when they went public.
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Real-World Example
When Stripe raised its Series C at a $9.2B valuation, it became a unicorn. It later became a decacorn ($10B+) and eventually reached a $95B valuation.
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Frequently Asked Questions
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