2024 Global Unicorn Landscape: AI Reshapes the Ecosystem

Key trends in valuations, sector shifts, and regional dynamics

BEIJING, April 1, 2025 /PRNewswire/ -- CYZone Research Center Analysis Highlight

1. Global unicorn growth slows: 110 new unicorns added in 2024 (-84.7% vs. 2021 peak).
2. AI dominates: 30.9% of new unicorns are AI-focused, overtaking enterprise services.
3. Valuation rebound: Average unicorn valuation rises to $2.4B (+26% YoY).
4. Exit dynamics shift: Overseas IPOs dominate Chinese exits (63% via HKEX).

01 Global Unicorn Overview

Market Contraction Continues

Total existing unicorns: 1,867 (up marginally from 1,857 in 2023)

According to CYZone's 2024 Global Unicorn Companies Insight Report, by the end of 2024, the total existing unicorns had reached 1,867. 2021 was a booming period for new unicorns globally, during which year, 721 new unicorns emerged, which means that nearly 2 new unicorns were born every day on average. Since 2023, the growth rate has slowed down significantly.

New entrants decline, with slight recover in 2024

In 2024, there's 110 new unicorns, which is a 6.8% YoY increase but a 84.7% decrease compared with the 2021 peak of 721. Data shows a long-term slowdown of new entrants, with an average 60% YoY decline since 2021.

Valuation Recovery

From 2016 to 2023, the average valuation of new unicorns continued to decline, dropping from $6.8B in 2016 to $2.4B in 2023, a decrease of as high as 71.7%. While post-AI investment surge drives valuation rebound, 2024 average valuation (2.4B) increased by 26% compared with 2023 (1.9B). [CYZone Data Lab: Tracking 1,800+ Valuation Trajectories]

Regional Breakdown

US-China Duopoly Intact

Existing unicorns: The world's existing unicorns are from 54 countries or regions. The US and China currently lead the world in the number of existing unicorns. The US has 838 existing unicorns (44.9% global share), and China has 511 (27.4% global share). The US and China combined 72.3% of global total, which is basically the same as 72.2% in the same period of 2023. In 2024, the new unicorns around the world are distributed in 18 countries globally, US added 61, China added 20, India and the UK added 5 each, France and Singapore added 3 each. [Bestla Cross-Border Investment Analytics: Regional Growth Patterns]

Sector Trends: AI Takes Center Stage

Industry Disruption

AI dominance: Among the new unicorns, 34 out of 110, which is 30.9%, are focused on artificial intelligence. This is a significant increase compared to 2021, when only 4.9% of new unicorns were AI-focused. The United States is leading the way in this trend, with 25 out of 61 new US unicorns, or 41%, being in the AI sector. Enterprise services share drops to 14.5%, down from its 5-year dominance before 2023. [CYZone Sector Intelligence: Al Ecosystem Mapping]

Exit Dynamics: IPO and M&A are the main exit channels

Global Exits: In 2024, a total of 62 unicorn companies exited the unicorn list. Among them, 32 exited through IPOs, accounting for 51.6% of the exits, which is a 3.2% increase year-over-year. 19 companies exited through mergers and acquisitions (M&A), representing 30.6% of the exits, a significant 137.5% increase year-over-year. 8 companies exited due to bankruptcies, which remained flat compared to the previous year. unicorn companies saw their valuations decline to below $1 billion, representing 4.8% of the exits, a decrease of 25% from the previous year. Since 2018, the average annual number of unicorn exits has exceeded 50. In 2021, the number of unicorn exits reached a record high of 159. During the COVID-19 pandemic, many countries and regions implemented loose monetary policies and introduced a series of economic stimulus measures. In 2021, the global IPO market experienced a boom, with 125 unicorns exiting via IPO, accounting for 78.6% of all exits that year.

02 China Deep Dive

China's Unicorn Count Dips to 511 Amid Exit-Driven Contraction

In 2024, there were 20 new unicorn companies in China, marking the lowest number in a decade and representing a 51.2% YoY decrease. By the end of 2024, there were 511 existing unicorns in China, showing a year-on-year decrease of 0.2%. This was mainly because the number of unicorn companies exiting the market in 2024 (21) was greater than the number of newly added ones (20).

Regional Concentration: Nearly 80% of the existing unicorns are located in five regions

Existing unicorns: In China, 511 unicorns are distributed across 27 regions. Beijing has 125 unicorn companies, Shanghai has 102, Guangdong has 81, Jiangsu has 54, and Zhejiang has 43. The top five regions collectively host 79.3% of the total unicorn companies.

2024 newcomers in China: In 2024, 20 new unicorns in China are distributed across 11 regions. Shanghai takes the lead with 4 new unicorns. Beijing and Anhui (Hefei) are tied for the second place, adding 3 each. Guangdong (Shenzhen) and Hong Kong added 2 each. Tianjin, Chongqing, Zhejiang, Hunan, Guangxi, and Hainan added 1 each. [Bestla Regional Investment Dashboard: Real-Time Tracking]

China's Diversified Landscape

In 2024, both the automotive transportation and artificial intelligence industries in China witnessed 4 new unicorns, ranking first in the proportion of all new unicorns. In terms of top sectors, automotive transportation accounts for 20%, AI also accounts for 20%, and smart manufacturing makes up 15%.

China's IPO Shift

In 2024, there were 19 Chinese unicorn exits. Among these, 12 chose the Hong Kong Stock Exchange (HKEX), accounting for 63.2% of the total exits. Five listed on NASDAQ, and one on the New York Stock Exchange (NYSE). Additionally, one unicorn went public on China's domestic A-share market. This marks a significant reversal from the pre-2021 trend, where US IPOs were more common. Since 2021, the HKEX has become the primary exit channel for Chinese unicorns, largely due to tightened A-share IPO policies and the appeal of the Hong Kong market for mainland technology companies. [CYZone Policy Impact Assessment Framework]

The insights above are previews from CYZone's 2024 Global Unicorn Companies Insight Report. This report leverages CYZone's Global Unicorn Tracker and Bestla's Investment Analytics Platform, combining proprietary datasets with AI-driven trend forecasting.

For more detailed content and data analysis, please log in to BESTLA Investment Analysis to obtain the full report.

Download the full report to access:

• Proprietary datasets on 1,867 unicorns (including valuation trajectories and exit histories)
• Sector-specific deep dives: AI, automotive tech, smart manufacturing
• Exclusive case studies of 2024's breakout companies
• Interactive dashboards and quarterly updates

SOURCE cyzone