The number of privately held startups valued at over $1 billion, known as unicorns, has reached a record high in 2025. These companies, collectively worth $5.6 trillion, represent the forefront of global innovation and entrepreneurship. Since 2019, the number of countries with unicorns has increased dramatically, showing a 160% year-on-year increase in geographic diversity.
This expansion demonstrates the growing reach of the startup ecosystem beyond traditional tech hubs. The United States leads the world with 758 unicorns, almost half of the global total. It added 55 new unicorns in the past year.
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 concentrated in tech hubs such as Beijing and Shanghai. Notable Chinese unicorns include ByteDance and Didi Chuxing.
India ranks third globally with 64 unicorns, driven by cities like Bengaluru and Mumbai. Leading unicorns from India include BYJU’S valued at $8.2 billion, OYO at $8 billion, and Swiggy at $7.5 billion. The UK ranks fourth with 61 unicorns, nearly all concentrated in London, which ranks fifth globally among cities by unicorn count.
The UK startup scene remains strong in fintech, AI, and digital health.
Global unicorn hotspots in 2025
Leading continental Europe, Germany has 36 unicorns.
Berlin is a significant hub for these startups. France accounts for a total of 30 unicorns, primarily centered in Paris. Canada has risen to seventh place with 28 unicorns, driven by growth in enterprise software, particularly in Toronto.
Israel boasts 20 unicorns, primarily located in Tel Aviv. Israeli startups excel in cybersecurity. With 18 unicorns each, South Korea and Singapore are notable players.
South Korea’s unicorns are particularly concentrated in Seoul, while Singapore continues to grow as Southeast Asia’s dominant startup hub. The United States and China together host 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 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 also expanding beyond traditional tech sectors into areas such as green energy.
