Every quarter, the Prime Unicorn Index reconstitutes to reflect the evolving private-market landscape. Using the Index’s rules-based methodology and the latest available pricing data, companies are re-evaluated, re-ranked, added, or removed as their valuations and eligibility change.
The Q3 2026 reconstitution took effect on July 15, 2026. Its defining feature was the arrival of three new components in the Prime Unicorn 30, each supported by a recent funding round completed at a higher valuation. Click here to view the full Prime Unicorn 30 Index Q3 Reconstitution Report.
Three New Names Join the Prime Unicorn 30
Deel enters at No. 9 with a Prime Unicorn Index valuation of approximately $16.6 billion. The global payroll and HR platform helps companies hire, pay, and manage employees and contractors across international markets. In October 2025, Deel raised a $300 million Series E. At the time, the company said it had surpassed $1 billion in annual recurring revenue and achieved its third consecutive year of profitability.
Baseten enters at No. 12 with an Index valuation of approximately $12.6 billion, up from roughly $2 billion a year earlier. The AI infrastructure company helps businesses deploy and scale machine-learning models in production. In June 2026, Baseten raised a $1.5 billion Series F as revenue grew nearly twentyfold year over year.
Supabase completes the group at No. 14 with an Index valuation of approximately $11.2 billion. The open-source developer platform raised a $500 million Series F in June 2026, only eight months after completing its previous funding round.
Each addition reflects a genuine up-round rather than a stale mark, which is precisely the distinction the Index is built to capture.
Departures Reflect Both Repricing and Progress
Several companies also exited the Index this quarter, but not for the same reason.
Some were repriced below the $1 billion eligibility threshold as more recent market information replaced valuations that had gone years without a meaningful update.
Noom, for example, had gone several years without a new financing event before more recent secondary-market activity provided updated pricing information. The company was repriced below the Index’s eligibility threshold as the weight-management market evolved alongside the rapid adoption of GLP-1 medications.
Nomi Health was also repriced following a private-equity investment that provided a more current indication of the company’s market value.
Ascend Elements, a battery-materials recycling company, exited after filing for Chapter 11 bankruptcy amid financing challenges, changing market conditions, and the cancellation of a major federal grant.
Other companies departed for a more positive reason: they completed an IPO and passed the Index’s 150-trading-day removal threshold. Netskope and Navan were among the newly public companies that reached that milestone. These departures represent graduations from the private market rather than valuation markdowns.
Additional Developments Among Leading Components
Reconstitution establishes the Index at a specific point in time, but private-market pricing continues to evolve immediately afterward.
Databricks, ranked No. 4 with an Index valuation of approximately $152 billion at reconstitution, announced on July 16 that it had signed a term sheet for a new strategic funding round. Because the announcement came after the July 15 reconstitution date and the round had not yet closed, the new information was not incorporated into the Q3 rankings.
Ripple, ranked No. 7, also reached an important regulatory milestone earlier in July. On July 6, the company received full Crypto-Asset Service Provider authorization from Luxembourg’s financial regulator under the European Union’s Markets in Crypto-Assets framework. The authorization allows Ripple to offer regulated crypto-payment services across the 30 countries of the European Economic Area.
The Takeaway
The Q3 reconstitution demonstrates why current, rules-based private-market pricing matters.
Three companies earned positions in the Prime Unicorn 30 following significant up-rounds. Others fell below the Index’s eligibility threshold as the market replaced outdated marks with more current information. Newly public companies completed their transition out of the private-market universe altogether.
Unicorn status, and a company’s position among the most valuable private businesses, is not permanent. Reconstitution makes those changes visible, replacing static snapshots with a more current view of the private market.
Want more data on Unicorn companies, including funding and valuation history, secondary transactions, and more? Email Contact@PrimeUnicornIndex.com or call 646-290-9254.