Q1 2023 Reconstitution Summary

Following our reconstitution for Q1 2023, we are introducing three new components into the Prime Unicorn Index- Astera Labs, Neuralink, and BigPanda. There were no deletions from the Index this quarter. As a reminder, the Index is reviewed and reconstituted quarterly on the third Wednesday of each January, April, July, and October. 

Astera Labs is a leader in purpose-built data and memory connectivity solutions to remove performance bottlenecks throughout the data center. It has a valuation of over $2.7B, with its most recent investment round being a $150M Series D on 11/17/22. Notable investors include GlobalLink1, Intel Capital, Sutter Hill, VentureTech Alliance, Fidelity, Atreides, and Valor Equity. Astera Labs is based in Santa Clara, CA, and lists Jitendra Mohan as its CEO and Co-Founder.

Neuralink Corporation develops implantable human-computer interfaces such as neural lace. The company is building devices that have the potential to help people with paralysis and inventing new technologies that could expand our abilities, our community, and our world. Neuralink has a nearly $2.2B valuation, raising $205.9M on 7/23/21 in a Series C Round. Notable investors include Google Ventures, Vy Capital, The Founders Fund, Gigafund, Valor Equity Partners, Craft Ventures, and DFJ Growth. It is interesting to note that Neuralink was founded by Elon Musk, making it his second active Index component along with SpaceX. The company is based in Fremont, CA. 

BigPanda is a data science platform for automating IT event correlation, which helps IT, NOC, and DevOps teams detect & resolve critical issues 90% faster. BigPanda has a valuation of about $1.3B and raised about $127.7M during a Series E round on 6/14/22. Notable investors include Mayfield Fund, Sequoia, Battery Ventures, Pelion Venture Partners, TPG Growth, Glynn Capital Management, Advent International, Insight Venture Partners, UBS Capital, and Wells Fargo Strategic Capital. BigPanda is based in Mountain View, CA, and lists Assaf Resnick as its CEO and Co-Founder. 

The Prime Unicorn Index added 3 constituents in its quarterly reconstitution for a total of 163 index components for Q1 2023. Currently, the median market cap is $2.36 billion and the Index’s total market value is $662 billion. The Q1 2023 Prime Unicorn Index Reconstitution Report provides more information on the new 3 constituents and how they compare against the Index.