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Investing.com -- The global unicorn ecosystem continues to expand, with the collective valuation of private companies surpassing $4.9 trillion, according to Barclays (LON:BARC).
In its latest research, the bank noted that “AI and DeepTech are dominating new unicorn creation and reaching $1bn valuations faster.”
Using Pitchbook data, Barclays developed a framework to assess relative maturity and investment drivers across 10 key themes.
“Unicorn exit activity is up YoY,” said the bank, adding that it thinks “exit activity gathering momentum could well be a key catalyst to improve the establishment of the technologies to which the unicorn cohort is exposed.”
While median valuations remain elevated versus historical averages, Barclays acknowledged that valuation pressures have emerged in public listings.
Still, unicorn creation is being driven by innovation in several key areas. “Innovations within AI, SaaS, Biopharma/Biotech & HealthTech, E-commerce, FinTech and Supply Chain Tech and Cybersecurity are showing signs of maturity,” the report said. In contrast, Climate Tech and Mobility Tech were described as “relatively less established.”
Across the board, venture capital investors are said to be shifting focus toward companies that “1) are integrating AI and/or 2) have profitable or mature business models.”
Barclays mapped 100 of the largest unicorns by thematic exposure, though it noted that valuation data remains sparse. “We acknowledge that 60% of unicorns haven’t disclosed their valuations in the last 2 years,” the analysts added.
Despite limited transparency, the report points to growing optimism among investors. Rising exit activity, especially through IPOs or acquisitions, may “improve the establishment” of underlying technologies and fuel continued growth in the sector.