AI Funding Surge Adds Over $500 Billion to Unicorn Valuations

The total value of the Crunchbase Unicorn Board surpassed $6 trillion for the first time in August 2025, fueled by a remarkable surge in artificial intelligence (AI) funding. In just a few months following this milestone, the board added more than $500 billion in value, marking a significant acceleration in unicorn valuations that outpaces the previous highs observed during 2021 and early 2022.

This rapid escalation in unicorn values underscores how the AI sector is not only enhancing revenue but also driving valuations to unprecedented heights. The Unicorn Board tracks private companies valued at $1 billion or more, and much of the recent growth can be attributed to frontier model companies which alone contributed hundreds of billions to their total worth.

Reshuffling of the Top 20 Unicorns

Within the top 20 companies on the Unicorn Board, significant reshuffles have occurred, reflecting the dynamic nature of the current market. Notably, OpenAI emerged as the most highly valued company, raising its valuation to $500 billion after an impressive increase of $200 billion in just six months. This leap allowed OpenAI to surpass SpaceX, which now holds a valuation of $400 billion following a $50 billion increase in September.

Other notable players include Anthropic, which added $121.5 billion in six months, reaching a valuation of $183 billion. Meanwhile, Databricks climbed to sixth place on the board with a valuation of $100 billion after a $38 billion increase.

The value of Canva, based in Sydney, also rose by $10 billion in August, reaching $42 billion following an employee share sale led by Fidelity.

New Decacorns Join the Club

The second half of 2025 has seen an influx of new decacorns, with eleven companies achieving valuations exceeding $10 billion. This number is particularly striking given that it surpasses counts seen in previous half-year periods since H2 2022. Among the new entrants, Figure, a humanoid robotics company, made a remarkable leap with a valuation increase of over 1,300% in just 18 months, reaching $39 billion following a $1 billion funding round led by Parkway Venture Capital.

In the realm of cryptocurrency, Kraken raised $500 million at a valuation of $15 billion in September, significantly up from its previous $4 billion valuation in 2019.

Several other companies also joined the ranks of decacorns, including Mistral, valued at $13.2 billion, and Whatnot, a livestream shopping platform, which achieved a valuation of $11.5 billion following a $225 million funding round.

The surge in decacorns reflects a broader trend of increasing valuations across the tech landscape, particularly in the AI sector. As of October 2025, there are 82 private companies in the decacorn club, with over a third having raised funding in 2025 alone. The uptick in new entrants could signal a warming up of the IPO markets in 2026.

The remarkable growth and valuation increases in the AI sector not only highlight the potential of technology but also the shifting dynamics within the investment landscape, marking a new chapter for unicorns and decacorns alike.