Value of the Global Top 100 Unicorns rises by 10%, surpassing $2,000bn, finds PwC

• AI-themed* companies overtake Fintech to be the largest sector by valuation for Unicorns for the first time

• More than half of the Top 100 Unicorns are based in the US

• Four UK unicorns in the top 100, two of which saw a rise in valuation this year

The valuation of the Global Top 100 Unicorns increased by $187bn (10%), compared to a decrease in the previous period.

PwC’s latest Global Top 100 Unicorns report showed the aggregate value of the Top 100 unicorns stood at $2,054bn compared to $1,867bn the previous year**. The valuation threshold to enter the Top 100 unicorns increased by $0.4bn to $7.7bn. Thirty percent of the Top 100 unicorns that completed a funding round achieved an increase in valuation, with only 3% recording a decline during the year. Overall, the total number of Unicorns globally rose by 77, from 1,390 in 2023 to 1,467 in 2024 - up compared to the previous period, which saw an increase of less than half that (33).

The makeup of the Top 100 unicorns consists of 39 unicorns, 59 decacorns and 2 hectocorns***, with 15 new entries into the Top 100 this year. Out of the Top 100 last year, two companies exited the list following their respective IPOs and a further 12 dropped out of the list due to valuation changes. 

Kat Kravstov, Capital Markets Director at PwC UK, said:

“We expect to see more mature unicorn companies to look at alternative funding and monetisation options over the next year. Ongoing recovery of the IPO market provides an exciting opportunity for investors and founders to access a deep liquidity pool of public capital, boost brand profile, realise a return on investment and reward talent. Being IPO ready and fit for growth will be critical elements for success at IPO and in the aftermarket.”

Regional split

US-based unicorns increased in value by 21% to $1,139bn, driven predominantly by a 38% increase in AI and technology companies - with the region playing host to more than half (58) of the Top 100 list. Despite a challenging macroeconomic backdrop, China saw an increase in unicorns from 20 to 23 and a valuation boost of 8% to $564bn. Unicorns from Europe (-5% to $178bn) and the Rest of the World (-21% to $178bn) declined in value. There are four unicorns in the Top 100 from the UK in 2024, three less than last year, with a collective value of $102bn - slightly down from $119bn, although two out of these four saw a rise in valuation.

Unicorns by industry/subsector

The front-running sector in the Top 100 was  AI, with valuations of these companies in the list collectively seeing a 20% increase in the period - growing from $471bn to $564bn and now making up more than a quarter (27%) of the valuation of the Top 100. This makes AI-themed companies the largest sector in the Top 100 by valuation for the first time, overtaking Fintech which saw only moderate gains in the year, increasing by $16bn to $522bn.

Other industries that saw a growth in valuation included Information Technology (IT) ($308bn to $332bn), eCommerce ($140bn to $145bn), CleanTech ($55bn to $64bn) and others, primarily due to SpaceX ($195bn to $247bn). In contrast, Healthcare ($60bn to $51bn) and Consumer Products and Services ($132bn to $129bn) both saw small decreases in their valuations. 

The data reveals that only the AI and other categories have experienced an increase in the number of unicorns. AI has grown from 14 to 19 unicorns, while the other category has risen from 6 to 7. In contrast, the Fintech sector (although still accounting for the most companies in the cohort) has slightly decreased from 31 to 29, eCommerce has dropped from 6 to 5, Consumer Products and Services have fallen from 10 to 8, and Healthcare has declined from 5 to 4. The IT sector and CleanTech have remained constant, with 24 and 4 unicorns respectively.

Michael Wisson, Capital Markets Partner at PwC UK, said:

“​The past 12 months have seen a steady improvement in the macroeconomic environment, which has supported increased funding-round activity for the global Top 100 unicorns. The level of turnover in the Top 100 also increased, with 15 new entrants to the list, a number of which play into the AI investment boom. Sentiment towards investment in high growth companies is certainly more encouraging, but valuation challenges persist and unicorns continue to need to demonstrate more robust business and financial models to underpin target valuations.​”

Katrina Hallpike, Valuations Partner at PwC UK, said:

“Despite challenging headwinds for fundraising, appetite remains strong for premium assets with a sustainable growth story, particularly those in sectors with strong long-term market tailwinds. Route and timing to exit remain a key challenge for many Unicorns, but there is some positive sentiment starting to come through in 2024.”

Ends

About the research

* For the purposes of this report, we have split out Artificial Intelligence (AI) as a sub-sector to highlight the particular trend in this area. The AI sub-sector is comprised of pure play AI companies and AI-themed companies that use AI to enable growth and efficiency.

**Valuations are based on the latest external funding round until 30 Sep’24 as published by PitchBook Inc. These valuations do not include any effect of internal valuation updates by the companies (such as share buyback, employee stock option etc.) nor does it include any valuation updates recognised by shareholders/investors. ​In contrast to our Global Top 100 publication with readily available stock market prices, the Unicorn valuations reflect those based on the most recent funding round completed in the relevant period.​

***A Unicorn is a privately held startup company valued at over $1bn. A Decacorn is a privately held start-up company valued at over $10bn. A Hectocorn is valued at over $100bn. Global Top 100 Unicorn report ranks the largest companies by valuation in US dollars as at 30 September 2024 ​

A company’s location is the country or region where its headquarters are located.​

China and its regions includes: China, Hong Kong SAR and Taiwan.​

Data sources: PitchBook Data, Inc with PwC analysis, this includes industry classifications. Data has not been reviewed by PitchBook analysts.