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1. What is the Prime Unicorn™ 30 Index?
The Prime Unicorn™ 30 Index (the “Index”) is a rules-based benchmark designed to measure the share price performance of the 30 largest U.S.-incorporated, venture-backed private companies with post-money valuations of at least $1 billion. The Index is intended solely as a measurement and reference tool and does not represent an investable portfolio or imply ownership of underlying securities.
2. What is the objective of the Index?
The objective of the Index is to measure share price performance in private companies valued at $1 billion or more using publicly available regulatory filings and disclosures as well as eligible, independently verifiable secondary market transactions.
3. What is the eligible universe for the Index?
The eligible universe primarily consists of U.S.-incorporated private companies that:
4. How are Index constituents selected?
Eligible companies are ranked by valuation. The 30 largest qualifying companies are selected, subject to buffer rules designed to mitigate excessive turnover. Existing constituents are removed only when predefined thresholds are breached, supporting Index continuity while maintaining representativeness.
5. How are Index constituents weighted?
The Index applies a modified valuation-weighted methodology:
This approach balances market representation with diversification controls.
6. How frequently is the Index reviewed and reconstituted?
The Index is reviewed and reconstituted on a quarterly basis, effective on the third Wednesday of January, April, July, and October, using valuation data as of the designated selection date.
7. What data sources are used to determine valuations?
Valuations are derived from publicly available and independently verifiable sources, including, but not limited to:
Media-reported valuations are not used in Index calculations.
8. How are corporate actions treated?
The Index methodology contains predefined rules governing the treatment of:
These rules are designed to ensure consistent, transparent handling of material corporate events.
9. What happens when an Index component goes public?
Once the component company’s shares begin trading on a national securities exchange, then the share price used in the Index calculation for that component shall be the price of its listed shares. Based on the timing of the IPO relative to the Index reconstitution, and the component’s ongoing eligibility, the component shall remain in the Index for at least 150 trading days.
10. How frequently is the Index calculated and where is it disseminated?
Index levels are calculated daily and distributed weekly, typically on Thursdays, reflecting closing values for the preceding U.S. trading days. Calculation and dissemination schedules align with U.S. market holidays.
Index levels are available via certain major market data vendors including Bloomberg (UNICORN Index) and Refinitiv (.UNICORN).
11. Who is responsible for Index calculation and governance?
This separation of roles supports governance, operational integrity, and transparency.
12. Who is Lagniappe Labs?
Lagniappe Labs is a private markets data and analytics firm founded in 2000. It specializes in the systematic analysis of venture-backed private company valuations and is the sponsor of the Prime Unicorn™ Index family.
13. What experience does Lagniappe Labs have in private market valuation?
Lagniappe Labs has analyzed tens of thousands of regulatory filings and financing events and maintains a proprietary database tracking thousands of U.S. private companies. Its valuation methodologies are designed to reflect disclosed economic terms rather than implied or modeled estimates.
For more information, call (646) 290-9254, or email contact@primeunicornindex.com
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The Prime Unicorn Indexes (“Index” and “Indexes”) are owned by Lagniappe Labs (“LL”, or “Index Provider”). All rights reserved. Lagniappe Labs and Prime Unicorn Index are trademarks of LL. Redistribution and/or reproduction in whole or in part is prohibited without written permission. This document does not constitute an offer of services in jurisdictions where LL or its respective affiliates do not have the necessary licenses. All information provided by LL is impersonal and not tailored to the needs of any person, entity or group of persons. LL receives compensation in connection with licensing its Indexes to third parties. Past performance of an Index is not a guarantee of future results.
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It is not possible to invest directly in an index. Exposure to any asset class represented by an Index may be available through investable instruments based on that Index. LL does not sponsor, endorse, sell, promote or manage any investment product that is offered by third parties and that seeks to provide an investment return based on the performance of any Index. LL makes no assurance that investment products based on the Indexes will accurately track Index performance or provide positive investment returns. LL is not an investment advisor, and LL makes no representation regarding the advisability of investing in any such investment product. A decision to invest in any such investment product should not be made in reliance on any of the statements set forth in this document. Prospective investors are advised to make an investment in any such investment product only after carefully considering the risks associated with investing in such products, as detailed in an offering memorandum or similar document that is prepared by or on behalf of the issuer of the investment product. LL is not a tax advisor. A tax advisor should be consulted to evaluate the impact of any tax consequences of making any particular investment decision. Inclusion of a security, or any component, within an Index is not a recommendation by LL to buy, sell, or hold such security or component, nor is it considered to be investment advice.
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