The Crunchbase Unicorn Board’s total value surpassed $6 trillion for the first time in August 2025. It only took about 18 months for it to achieve the $5 trillion mark.
In the months since August’s achievement, management has added one other half-trillion-plus in value, an unprecedented increase even in comparison with the market’s peak in 2021 and early 2022. The rapid acceleration in unicorn values underscores the extraordinary pace at which the AI sector is increasing revenues – and due to this fact valuations.
Most of the surge in stock market valuations – which incorporates private corporations valued at $1 billion or more – was driven by pioneering model corporations that added lots of of billions in value, based on an evaluation of Crunchbase data.
It is price noting that the increase also occurred in the case of corporations that achieved the decacorn valuation for the first time and saw a significant increase in value in comparison with previous assessments.
Reshuffles in the top 20
These valuation increases were most noticeable among the 20 most highly valued corporations on Unicorn’s board, which has undergone a major shake-up at the top.
OpenAI added $200 billion in the six months at the starting of October, after adding $143 billion in the previous six months. The San Francisco-based startup, valued at $500 billion, is now the most valued company in management after leapfrogging SpaceX to put no. 1.
SpaceX itself added $50 billion to its value in September, raising the Hawthorne, California-based company’s valuation to $400 billion.
Anthropicthe fourth most valued unicorn after SpaceX and ByteDanceadded $121.5 billion in value in six months, valuing the San Francisco-based company at $183 billion in September.
Meanwhile, Data cubesone other company based in San Francisco, increased its value by $38 billion in nine months, placing it sixth in the board with a valuation of $100 billion. This puts it slightly below China A bunch of antswhich was valued at $150 billion in 2018.
Sydney-based design software developer Canva in August it added $10 billion in value through an worker stock sale led by Faithfulness which valued the company at $42 billion.
New decacorns
So far, eleven corporations have joined the decacorn club in the second half of the yr, which exceeded the half-year results we have seen since the second half of 2022.
Of the 11 latest decacorns, the company that increased its value the most was a humanoid robotics company Character. The San Jose, California-based startup jumped into the top 20 with $1 billion in funding at a post-money valuation of $39 billion. This is up from its March 2024 valuation of $2.7 billion, an increase of over 1,300% in 18 months. The financing was led by a New York-based company Parkway enterprise capitalwhich also provided Figura’s Series A financing in 2023. The company builds humanoid robots for home and industrial work and invests in the production and training of its own artificial intelligence model.
Another unicorn that has seen a large increase in valuation is the cryptocurrency exchange Krakenwhich raised $500 million at a $15 billion valuation in September. The San Francisco-based company’s last valuation in 2019 was $4 billion.
The value of many newly minted decacorns has increased by more than $5 billion in less than a yr. In addition to the Figurine and Kraken, the following latest decacorns have appeared right from the starting of the second half of 2025:
- French border model company Mistral was valued at $13.2 billion with financing led by the Dutch chipmaker ASML.
- Live shopping platform based in San Francisco Whatnot raised $225 million at a valuation of $11.5 billion, led by CapitalG AND Global summer time. Whatnot was last valued at $5 billion in January.
- Health tracking ring Our based in Finland raised $900 million at an $11 billion valuation led by Fidelity.
- Based in New York Bilt Awardsretail chain for renters, raised $250 million at a $10.8 billion valuation he led Generic catalytic converter AND WHEELING.
- A quantum computing company based in Colorado How manyHi Honeywellraised $600 million at a $10.6 billion valuation led by Nventures.
- AI Lab in Palo Alto Cognitionfocused on reasoning and coding, raised $400 million at a $10.2 billion valuation, led by: Founders Fund. Cognition, last valued at $4 billion in March, acquired Windsurf in July.
- Based in San Francisco Mercor combines human knowledge for AI laboratory training. Mercor raised $350 million at a $10 billion valuation, which it led Happy 1. Felicis also led an earlier financing in February at a $2 billion valuation.
- Based in Colorado Crusoe’s energy systemswhich builds AI data centers, raised $1.4 billion at a $10 billion valuation led by The capital of Mubadala AND Valor Equity Partners.
- Launching AI with Conversational Customer Experience in San Francisco Sierra raised $350 million at a $10 billion valuation led by Greenoaks.
In the second quarter, five corporations joined the $10 billion-plus club. include Applied intuition, Helsinga, Embarrassment, (*20*)Thinking Machines Laboratory AND Secure superintelligence. (The embarrassment has since raised the number of rounds to achieve $20 billion.)
Markets are heating up
While frontier AI labs are seeing the largest valuation gains, a larger number of corporations have joined the decacorn club this yr, second only to the number seen in 2021. As of October 2025, there have been 82 private corporations in the decacorn club, with more than a third of them having raised funds so far in 2025. This increase in latest decacorns could indicate that IPO markets will warm up in 2026.