The Prime Unicorn 30 completed its quarterly reconstitution for Q2 2025. Below is a quick, fact‑first rundown of the key changes and what they mean for private market participants.
Neuralink Joins at $10.7 B
- New entrant: Neuralink debuts after a burst of secondary‑market trading lifted its valuation to $10.7 billion.
- Previous mark: The company last raised primary capital in 2023 at $3.5 billion—showcasing investor demand through a 3× step‑up in the secondaries.
Flock Safety Marches to Series H
- Flock Safety’s recent Series H round at $8.3 billion puts the company comfortably in the Top 30.
Concentration Check: The Musk Effect
Two Elon Musk–led firms now dominate the index’s aggregate valuation:
| Company | Private‑market valuation | Share of Top 30 valuation* |
| SpaceX | $327.9 B | 50.6 % |
| Neuralink | $10.7 B | 1.7 % |
*Together, the pair account for 52.25 % of the Top 30’s $648.2 billion combined valuation, yet only 13.3 % of the index’s actual weight thanks to our modified market‑cap methodology.
Looking Ahead: xAI on Deck
xAI—another Musk venture—is likely to be admitted to the Prime Unicorn 30 Index next quarter. If its momentum holds, Musk’s companies will represent an even more significant percentage of the index.
Why It Matters
- Risk management lever: For investors who may be overexposed to Musk‑driven names in private markets, the index can be used as a tool to hedge against single-founder risk.
- Efficient access for everyone else: Conversely, allocators who admire the marquee companies but lack cap‑table access can gain diversified exposure through the same index—picking up the “star‑power” upside alongside 20‑plus other unicorns in one basket.
Check out the Q2 2025 Recon Report below.