Just a couple of weeks ago, the Prime Unicorn Index underwent its quarterly reconstitution. While the full report dives deep into the numbers, we’re breaking down a few quick highlights from the Prime Unicorn 30—our flagship index tracking the 30 most valuable U.S. private venture-backed companies.
High-Level Overview
This quarter’s reconstitution brought two new names into the Prime Unicorn 30:
- xAI Holdings Corp. (Valuation: $92.9B)
- Ripple Labs, Inc. (Valuation: $12.4B)
They replaced ServiceTitan, which met its post-IPO lockup period, and Hinge Health, which fell below the ranking threshold following its public offering.
As of July 16, 2025:
- Total Index Market Value: $797B
- Largest Component: SpaceX ($288.9B)
- Median Component Valuation: $8.9B
- Top 10 Components make up 82% of the total index valuation
- YTD Return: +37.89%
- Annualized Volatility: 22.31%
Story of the Quarter: The Musk Trifecta
With xAI’s debut, Elon Musk now has three companies in the Prime Unicorn 30—SpaceX, Neuralink, and xAI—representing a combined valuation well north of $394 billion. That’s nearly half the index’s total valuation, though their combined weighting is a bit lower due to the modified market cap methodology, which equals roughly 22.4%.
The addition of xAI marks a growing trend: the rising influence of AI-first companies in the private markets—especially those with consumer platforms and bold ambitions.
Composite Index Update
The broader Composite Index welcomed several new additions this quarter:
- xAI Holdings Corp. – $92.85B
- Cyberhaven, Inc. – $1.03B
- Nourish, Inc. – $1.31B
- Transcarent, Inc. – $2.70B
- Nexamp, Inc. – $1.33B
- Cart.com, Inc. – $1.71B
- Reintroduced; previously removed for slipping below $1B in Q1 2024
- Reintroduced; previously removed for slipping below $1B in Q1 2024
- Gecko Robotics, Inc. – $1.20B
- Juniper Square, Inc. – $1.01B
- MaintainX Inc. – $2.56B
Removed from the index:
- ServiceTitan, Inc.
- Reason for removal: Public
- Reason for removal: Public
- Pollen, Inc.
- Reason for removal: <$1B
- Reason for removal: <$1B
- Tessera Therapeutics, Inc.
- Reason for removal: <$1B
- Reason for removal: <$1B
- Mythical, Inc.
- Reason for removal: <$1B
📊 Looking to go more in-depth?
Download the full Q3 2025 Reconstitution Report to explore deal data, valuation movements, and key index insights.