An analysis of Crunchbase and PitchBook data: 80+ tech startups passed $1B valuations in 2025 so far, many of them AI-related, save for exceptions like Kalshi
With AI igniting an investor frenzy, every month, more startups obtain unicorn status. — Using data from Crunchbase and PitchBook …
Context & Ripple Effects
The pace has accelerated from the 36-plus tech companies that had reached unicorn status by early July, indicating that the year’s new-valuation cohort grew substantially in the following months.
The concentration is consistent with AI taking 53% of global VC dollars in the first half of 2025. Kalshi’s inclusion shows that the unicorn pipeline is not exclusively tied to AI, even as AI dominates it.
First-order effects
- The newly valued companies join the pool of private firms priced at $1 billion or more, while AI-related startups account for much of the expansion identified by Crunchbase and PitchBook.
- Kalshi stands out as a non-AI exception in a cohort otherwise shaped largely by AI investor demand.
Second-order effects
- A larger AI-heavy unicorn cohort increases pressure on investors to secure exposure to the category, reinforcing the funding imbalance between AI and startups in other technology segments.
- The result gives market-data providers and investors a clearer signal that headline private-market valuations are becoming increasingly dependent on AI-related deal activity.
Third-order effects
- If this concentration persists, private technology markets may become more bifurcated: AI companies attract outsized capital and valuation support while non-AI companies face a higher bar to reach comparable scale.
- The pattern extends a longer shift from broad startup funding toward an expanding AI unicorn base, making the durability of AI valuations increasingly important to the overall venture market.
The trend: AI is becoming the main engine of private-market value creation, concentrating venture funding and unicorn formation in a narrower set of technology categories.