Top 10: Technology Unicorns

What began as Aileen Lee’s 2013 description of rare US$1bn startups has transformed into something far more extraordinary. Today’s unicorn landscape features more than 1,200 companies collectively valued at US$5.9tn: a twentyfold surge since the term was first coined. This staggering growth signals a fundamental shift in how value is created, with the most significant innovation now happening years before companies ever consider going public.

Spearheading this private market boom are technology’s ‘super-unicorns’ — companies worth more than US$100bn — that collectively account for US$1.2tn in value. 

This month, we highlight the 10 most valuable technology unicorns defining this new era.

10. Safe Superintelligence

Founded by former OpenAI Chief Scientist Ilya Sutskever, Safe Superintelligence maintains unprecedented secrecy with approximately 20 employees and strict confidentiality measures: reportedly including requiring job candidates to store phones in Faraday cages. 

The company’s valuation has surged six times from US$5bn in September 2024, driven by investor confidence in its vision and track record. The company is developing models on Google’s TPUs instead of Nvidia GPUs and has become Google Cloud’s most significant external TPU customer. 

SSI aims to develop superintelligence before releasing any products, with a focus on fundamental AI safety research rather than immediate market applications.

9. Canva

Canva serves 170 million active monthly users with 16 million paying subscribers and has facilitated more than 20 billion designs. The company generated US$2bn in revenue in 2023 and maintains a strong market position with 12.47% share in the graphics market. 

The company has made strategic moves into AI, launching Dream Lab following its acquisition of Gen AI startup Leonardo.AI and rolling out more than 40 upgrades to its Visual Suite. 

Enterprise adoption is strong, with 85% of Fortune 500 companies using Canva, while educational usage remains robust with more than60 million students and teachers using Canva for Education.

8. Revolut

Revolut achieved a historic milestone by topping US$1bn in annual profit for the first time in 2024, with net profit of US$1.5bn, up 149% year-over-year. 

The fintech giant is approaching a crucial transition, having secured a UK banking license in July 2024 and preparing to launch full banking operations in 2025, which will enable lending, overdrafts and mortgages. For 2025, Revolut plans ambitious expansions including AI assistants, digital mortgages in Lithuania, Ireland and France, branded ATMs in Spain with facial recognition and business credit products across EU markets.

7. xAI

xAI was valued at US$50bn in November 2024, but Elon Musk’s March 2025 decision to merge it with X is set to dramatically transform the company’s prospects. The newly formed XAI Holdings now combines xAI’s AI ambitions with X’s massive data trove and built-in distribution network for its Grok chatbot. Now, the company is reportedly in talks to raise US$20 billion at a value of more than US$120bn. 

With the world’s largest AI training facility and fresh partnerships like the US$300m Telegram deal, xAI is positioning itself as a serious competitor to OpenAI.

6. Anthropic

Anthropic closed a US$3.5bn Series E funding round in March 2025 at a US$61.5bn valuation, cementing its position as one of OpenAI’s primary challengers. The company has achieved remarkable growth momentum, with revenue reportedly increasing by 30% in just the first two months of 2025. 

Recent product launches include Claude 4 Sonnet, which has set new benchmarks in coding abilities, and Claude Code for agentic development tasks. 

The company has secured US$8bn total from Amazon and more than US$3bn from Google, while Claude now powers Amazon’s Alexa+ for millions of households.

5. Databricks

Databricks raised a massive US$10bn Series J funding round in December 2024 at a US$62bn valuation, making it one of the largest private funding rounds in history. The data lakehouse pioneer is experiencing explosive growth, expecting to cross US$3bn in revenue run-rate and achieve positive free cash flow in Q4 2025. 

The company now serves more than 500 customers consuming over US$1m annually and has seen Databricks SQL revenue reach a US$600m run rate, up more than 150% year-over-year. 

4. Stripe

Stripe’s valuation surged to US$91.5bn in February 2025 through a tender offer, up from US$65bn in 2024.

The payments giant now serves half of Fortune 100 companies, showcasing its evolution from startup-focused to enterprise-grade. The company has capitalised on the AI boom, with high-profile AI startups OpenAI, Anthropic, Perplexity and Mistral all as clients, and adding more than 700 clients in 2024 that focus on “agent AI”. 

AI-powered optimisations have delivered significant results for clients: Hertz increased authorisation rates by 4% andForbes saw a 23% revenue boost.

3. OpenAI

OpenAI finalised a record-breaking US$40bn funding round in April 2025 at a US$300bn valuation, nearly doubling from its previous valuation. SoftBank led the round with US$30bn, joined by Microsoft, Coatue, Altimeter and Thrive Capital. 

The company has achieved remarkable user growth, with ChatGPT now boasting 500 million weekly users, up from 400 million one month earlier, with CEO Sam Altman noting the company “added one million users in the last hour.” OpenAI expects revenue to triple to US$12.7bn by the end of 2025.

2. ByteDance

ByteDance maintains its US$300bn valuation despite unprecedented regulatory challenges surrounding TikTok in the US. The company faced a nationwide TikTok ban that took effect in January 2025 after refusing to sell the service before the deadline, though President Trump later signed an executive order halting its enforcement for 75 days. 

White House-led talks are continuing around a plan for the biggest non-Chinese investors to up their stakes and acquire TikTok’s US operations, with Jeff Yass’ Susquehanna International Group and Bill Ford’s General Atlantic reportedly leading discussions. Some American shareholders argue that ByteDance’s China business is the real driving force behind the lofty valuation, helping offset potential TikTok losses. 

The company’s diversified portfolio beyond TikTok, including its strong presence in Chinese social media and other digital services, continues to attract investor confidence despite the ongoing US regulatory uncertainty.

1. SpaceX

A key NASA partner, SpaceX has achieved numerous industry firsts, including reusable rocket technology and continues to be the most valuable privately-owned company in the world. 

SpaceX’s explosive growth is driven by two key pillars: Starlink, which generates US$8.2bn in revenue and accounts for about 65% of SpaceX’s total valuation at US$227.5bn, and its rocket launch business representing 35% at US$122.5bn. 

With five million subscribers and projected revenue of US$11.8bn in 2025, Starlink dominates satellite internet. SpaceX controls 85% of orbital launches and has secured major contracts including a US$1.8bn NRO deal. 

Despite recent Starship test failures with the rocket losing control mid-flight, investor confidence remains strong. The company’s soaring valuation comes as it furthers its dominant position in the space industry while advancing its Mars colonisation mission and next-generation Starship development.