The number of privately held startups valued at over $1 billion has reached a record high in 2025, according to the Hurun Global Unicorn Index. These companies, collectively worth $5.6 trillion, represent the forefront of global innovation and entrepreneurship. The United States leads the world with 758 unicorns, almost half of the global total.
It added 55 new unicorns in the past year. Six of the world’s ten most valuable unicorns are based in the US. San Francisco retains its status as the “Unicorn Capital of the World” with 199 unicorns, followed by New York with 142.
China remains second, with 343 unicorns. Notable Chinese unicorns include top performers in the tech hubs of Beijing and Shanghai. India ranks third globally with 64 unicorns, led by cities like Bangalore and Mumbai.
Leading unicorns from India include companies such as Byju’s ($8.2 billion), Paytm ($8 billion), and OYO Rooms ($7.5 billion). The UK ranks fourth with 61 unicorns, predominantly concentrated in London. The UK startup scene remains strong in fintech, AI, and digital health.
Germany leads continental Europe with 36 unicorns nationally.
Record unicorn growth signals shift
France follows closely with a total of 30 unicorns, boosting Europe’s competitive stance in global innovation.
Canada has risen to seventh place with 28 unicorns, driven by growth in enterprise software. Although Israel dropped one spot this year, it still has a strong presence with 20 unicorns, excelling primarily in cybersecurity. South Korea and Singapore share the ninth position with 18 unicorns each.
South Korea’s unicorns are mostly centered in Seoul, while Singapore continues to rise as Southeast Asia’s dominant startup hub. Since 2019, the number of countries with unicorns has significantly increased. This demonstrates the expanding reach of the startup ecosystem beyond traditional tech hubs, showing a 160% year-on-year increase in geographic diversity.
The United States hosts over half of the world’s unicorns. India’s position at number three reflects its growing influence in the global tech scene. Europe, led by the UK, Germany, and France, is steadily increasing its unicorn count.
Singapore’s rise signals Southeast Asia’s emergence as a critical player in the innovation economy. Unicorns are expanding beyond traditional tech sectors into areas like green energy. This upward trajectory in the number of global unicorns underscores the dynamic and ever-evolving nature of the global startup ecosystem, signifying robust growth and diversification across various regions and sectors.
