The Prime Unicorn Index and Prime Unicorn 30 have completed their quarterly reconstitution, reflecting the latest private-market activity across U.S. venture-backed unicorns. This quarter saw ten new components added to the Composite Index and three removed following acquisitions, bringing the total component count to 225.
Meanwhile, the Prime Unicorn 30 saw two new additions as both Whatnot and Vercel entered the top rankings.
Prime Unicorn 30 Index
The Prime Unicorn 30 captures price performance among the highest-valued private companies in the U.S.
Following Q4 reconstitution, the index continues to be heavily weighted toward advanced AI and infrastructure firms, with SpaceX, Anthropic, Databricks, xAI, and CoreWeave* comprising the top five positions.
Outgoing Components
- Carta (eShares, Inc.) – fell below the rank threshold following secondary transactions
- Workato – also slipped below the rank threshold after recent secondary transactions
Incoming Components
- Whatnot – $10.4 B valuation (Series F)
- Vercel – $8.7 B valuation (Series F)
As of October 15, 2025, the Prime Unicorn 30 carried a total market value of $1.09T, led by SpaceX ($366.9B), Anthropic ($161.6B), and Databricks ($110.5B).
The index is up 53.9% YTD with an annualized volatility of 23.9%.
Prime Unicorn Composite Index
The broader Composite Index—now at 225 components—captures price movements across private, US, venture-backed companies worth $1B or more. This quarter’s update included new entrants spanning AI infrastructure, healthtech, and developer-tooling segments, underscoring the continued strength of vertical software and automation themes.
Outgoing Components
- Paradox, Inc. – acquired by Workday for $1B
- Movable, Inc. – acquired by STG (price undisclosed)
- Synthego, Inc. – acquired by Perceptive Advisors (price undisclosed)
Incoming Components
- Chainguard, Inc. – $3.2B
- Mashgin, Inc. – $1.6B
- Invoca, Inc. – $1.1B
- Noom, Inc. – $3.5B
- OneBrief, Inc. – $1.1B
- Anaconda, Inc. – $1.3B
- Kriya Therapeutics, Inc. – $1.7B
- Supabase, Inc. – $5.4B
- Posthog, Inc. – $1.4B
- Baseten Labs, Inc. – $1.8B
Under Review
- Carbon, Inc. – valued below $1B after recent Series Prime round
- Guideline, Inc. – acquired by Gusto; awaiting filing and price confirmation
The Composite Index rose 52.1% YTD through October 15, with an annualized volatility of 18.1%, and a total market value of $1.53T.
The top 10 components now represent 61% of combined market value, led by SpaceX, Anthropic, and Databricks.
About Index Reconstitution
Both indexes are reviewed and reconstituted quarterly—each January, April, July, and October—based on updated valuations derived from federal and state filings, secondary transactions, and company disclosures.
Full Reconstitution Reports
Download the full Q4 2025 reconstitution reports below, which include component-level details, valuation updates, and methodology summaries:
📄 Prime Unicorn 30 Recon Report (Q4 2025)
📄 Prime Unicorn Composite Recon Report (Q4 2025)
For more information, contact contact@primeunicornindex.com.
*Components remain in the index for a specified period following IPO to mirror lock-up periods.