New Unicorns Landscape 2025
Discover 2025’s newest $1B startups — from AI infrastructure to vertical apps. We map the surge, spotlight the investors behind them, and point to the next breakout names.
In 2025, more than 190 companies reached unicorn status — many in record time. A mix of powerful foundation models, cheaper compute, open-source tools, and growing demand for automation has made this one of the most exciting startup environments we’ve seen in years. The result is a new wave of AI-native companies scaling faster than ever, and we’ll be highlighting several of them in this edition.
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New unicorns market map
2025 was a huge year for tech. 190+ new companies entered the unicorn family — with much of the innovation still coming from the U.S., and emerging ecosystems such as Sweden minting three new unicorns throughout 2025.
To showcase the latest unicorns, we have categorized each one into when they publicly became a unicorn throughout 2025.
Notable examples include:
Clay is an AI-driven sales and marketing company that equips growth and sales teams with customer data and automated workflows. To date, they’ve raised $200M+ from the likes of Sequoia.
Neko Health develops scanning technology for preventive healthcare and early detection. The co-founder behind it is Daniel Ek, founder of Spotify.
Mercor is an AI-based hiring platform that improves the recruitment process by matching talent with opportunities tailored to their skills. They launched in just 2023, and have raised $480M from the likes of Benchmark and General Catalyst.
Supabase offers an open-source backend database platform for app development. To date, the company has raised $500M from the likes of Coatue and Accel.
Kalshi is a regulated prediction market where users trade event-based contracts tied to real-world outcomes. They have raised over $1.5 billion from the likes of Andreessen Horowitz and Sequoia.
Thinking Machines is an AI research and product company that aims to increase understanding and customization of AI systems. Founded by Mira Murati, former CTO at OpenAI. To date, Thinking Machines has raised $2B from the likes of Andreessen Horowitz.
Airalo is an eSIM provider for mobile devices that enables instant data connectivity for travelers. To date, they have raised $280M from the likes of Rakuten Ventures. We had the founder, Ahmet Bahadır on our podcast show last month — See the full episode here.
Lovable provides an AI-driven platform enabling users to generate and deploy web applications and websites from natural language prompts. They launched in just 2023, and have raised $500M+ to date from the likes of Creandum and Menlo Ventures.
Fuse Energy is an innovative energy company that simplifies gas and electricity management by providing accurate bill forecasts. To date, they have raised $170M from the likes of Balderton Capital.
Legora is a collaborative AI that empowers lawyers by enabling them to review documents, conduct research, and draft legal materials. To date, they’ve raised $260M+ from the likes of Bessemer, ICONIQ, and Redpoint. We had the founder, Max Junestrand on our podcast show last month — See the full episode here.
Discover the latest 2025 unicorns below.
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Most unicorns are still U.S. born
Looking at the data, the majority of unicorn companies are still U.S. born, reflecting the country’s long-standing advantages in venture density, entrepreneurial culture, and access to large domestic markets. That said, several international ecosystems have emerged as credible and increasingly competitive alternatives.
Countries like the U.K., Germany, Sweden, France, and Singapore have built strong ecosystems for starting and scaling companies. They bring together deep pools of capital, highly skilled (and globally mobile) talent, and mature startup infrastructure. Add in supportive government policies and close ties to customers and investors around the world, and these markets have become compelling hubs not just for local founders, but also for international teams looking to scale beyond the U.S.
The most active investors
You might be wondering which investors saw the most newly minted portfolio unicorns in 2025: Andreessen Horowitz (a16z) and General Catalyst led the pack, with 20 portfolio companies each reaching unicorn status.
*In our graph below, you can see the number of new unicorns each investor received throughout 2025.
Most promising future unicorns
Discover 35+ future unicorns launched in the past year, each raising $10M+, plus this edition’s newest unicorns in full.
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