Unicorn

Definition

A privately held startup company with a valuation exceeding US$1 billion, as typically assessed at the most recent funding round. The term, coined by venture capitalist Aileen Lee in 2013, reflects the historical rarity of such outcomes. As of 2025, several thousand unicorns exist globally, predominantly in software, fintech, and AI sectors. Unicorn status requires careful interpretation because funding round valuations reflect negotiated terms rather than observable market prices.