Tracking the Top 30 Components of the Prime Unicorn Composite Index

Q2 2025 Factsheet

Prime Unicorn 30

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The Prime Unicorn 30 Index is a modified market cap price return index that measures the share price performance of the top 30 components of the Prime Unicorn Composite Index.  The Index provides empirical data to asset managers and financial advisors interested in tracking today’s private capital markets, and for the creation of financial products.

Top Unicorns By Valuation

Utilizing both primary finance investment rounds and secondary trading data, the highest-valued Unicorns in the Prime Unicorn 30 Index are as follows

  • $1.49T
  • (SPCX) $1.92T
  • $894B
  • (CBRS) $58B
  • $152B
  • $70B
  • $27B
  • $18B
  • $17.2B
  • $16.5B
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Benchmark

Measure the performance of U.S. based, venture-backed, companies relative to other asset classes.

Competitive Intelligence and Predictive Analytics

Investors who own shares in the underlying component companies can accurately price their investments.

Fair Value

Institutional investors who own shares or have LP exposure in the underlying component companies can more accurately price their investments.

SpaceX

  • 2020: SpaceX entered the decade with a valuation above $30B, establishing itself as one of the world’s most valuable private aerospace companies.
  • 2023 (Series I): Raised $685M at an approximate $35.18B valuation, demonstrating resilience amid broader private-market volatility.
  • 2024 (Series J): Raised $8.5B, increasing valuation to approximately $48.75B, marking a significant late-stage step-up.

  • 2026: Acquired xAI in an all-stock transaction valued at approximately $250B, expanding SpaceX’s presence in artificial intelligence and creating a combined company valued at roughly $1.25T.

  • 2026: Went public on June 12 (SPCX) after pricing its IPO at $135 per share.
*Historical share prices shown in this chart have been adjusted to reflect SpaceX’s 1-for-5 stock split for consistency across all periods.*

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Anduril

  • 2017: Anduril entered the Prime Unicorn Index at a nominal share price, reflecting its early-stage status as a newly founded defense technology company.
  • 2022: PPS surged to ~$30 following its $1.48B Series D at an $8.48B valuation, before stabilizing in the low-$20s.
  • 2024: PPS climbed back to $30+, aligned with its Series E at approximately $14B, signaling renewed investor momentum.
  • 2025: PPS peaked near $60 before settling around $42–$45, driven by valuation step-ups and expanding U.S. and allied defense contracts.
  • 2026 (Series H): Raised $5B at an approximate $61B valuation, doubling its prior valuation and reinforcing strong investor demand for defense technology and autonomous systems.

Anthropic

  • 2021 (Series A): Raised $128M at $2.57 PPS, marking its entry into the AI foundation model market.
  • 2022 (Series B): Raised $580M, with PPS increasing to $11.23 (4x+ step-up from Series A).
  • 2023 (Series C): Raised $450M at an approximate $4.62B valuation, reflecting growing demand for frontier AI models.
  • 2024 (Series D): Raised $4.0B, increasing valuation to approximately $17.65B (~4x growth in under a year).
  • 2025 (Series E & F): Raised $4.5B (PPS $56.09) and later $13B at an approximate $34.70B valuation, with PPS reaching $140.97 (54x+ vs. Series A).
  • 2026 (Series G): Raised $30B at an approximate $330B valuation.
  • 2026 (Series H): Raised $65B at an approximate $965B valuation.
  • 2026: Confidentially filed for an initial public offering, positioning Anthropic to become one of the first frontier AI companies to test public market demand at scale.

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