What is a unicorn startup?
A unicorn is a private startup valued at $1 billion or more, a term coined by Aileen Lee in 2013 when such companies were genuinely rare. Peak-cycle 2021 minted hundreds in a single year; many later repriced.
The label reflects the last round's price, not durable worth — a paper valuation set by the marginal investor. Decacorn ($10B+) extends the taxonomy.