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The valuation of the global top 100 unicorns has increased by $187bn (10%), up to $2tn, according to data from PwC.
The aggregate value of the Top 100 unicorns stood at $2.1tn for the year ended 30 September 2024, compared with $1.87tn the previous year.
The valuation threshold to enter the top 100 unicorns increased by $0.4bn to $7.7bn.
Overall, the total number of unicorns globally rose by 77, from 1,390 in 2023 to 1,467 in 2024.
US-based unicorns increased in value by 21% to $1,14tn, driven predominantly by a 38% increase in AI and technology companies.
Unicorns from Europe, down 5% to $178bn and the Rest of the World, down 21% to $178bn declined in value.
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.
This makes AI-themed companies the largest sector in the top 100 by valuation for the first time, overtaking Fintech.
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.”
Michael Wisson, capital markets partner at PwC UK, added: “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.”
