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Living like us New data points about the financial health of unicorns in an IPO drought are scarce. Unicorns—private technology companies valued at $1 billion or more—have become their own asset class. Crunchbase counts 1,386 global unicorns, pegged at $4.8 trillion. CB Insights counts 1,180 worth $3.8 billion. Regardless of which number you think is more accurate, it’s clear that unissued unicorns represent one of the largest pools of paper wealth in the world.
Program Note: I will be staying next week. The best Anna Haim, who often helps write The Exchange and recently took over the weekend newspaper, will fill in next week. She is the best! I’m back on the 22nd!
That said, there’s a good chance that part of that illiquid value won’t materialize, given that every unicorn has to raise capital. Today, a good number could not defend their recent personal evaluation. However, if we rank the unicorn team qualitatively, the best companies – often the most overpriced – are actually not as overpriced as you might think.
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