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TEMPO.CO, Jakarta - The term unicorn company was first introduced by venture capitalist Aileen Lee in 2013. In the venture capital industry, a unicorn company is a privately held company with a valuation of more than $1 billion. Typically, these companies operate in a variety of industries, including technology, and require significant capital investment to bring their products to the market.
According to CB Insights, there are 1,200 unicorn companies worldwide as of May 2024. Airbnb, Uber, and Facebook are some of the most well-known unicorns that have achieved massive success with their high-risk, venture-funded business model.
In this article, you'll discover the top 10 invaluable unicorn companies in 2024, from ByteDance, SpaceX, and OpenAI. Explore list of promising startups showcasing their innovative ideas.
1. ByteDance - China
Valuation: $225 billion
Founded in 2012, ByteDance is now one of the top tech companies with a valuation of $225 billion. It is best known for its short-form video platform, TikTok, which is currently the world's leading short-form mobile video application. With over 150,000 employees in nearly 120 cities, ByteDance continues to top the list of unicorn companies with well-known products such as Douyin, BaBe and Capcut.
2. SpaceX - the United States
Valuation: $200 billion
As an aerospace manufacturer, SpaceX specializes in the design and production of reusable spacecraft and rockets. Founded by Elon Musk in 2002, the company is now the second largest unicorn company in the world and has achieved remarkable success. Working closely with NASA, SpaceX has now produced a number of outstanding rockets, such as the Falcon 9, Falcon Heavy, and Dragon spacecraft.
3. OpenAI - the United States
Valuation: $157 billion
OpenAI is an artificial intelligence research and application development company founded in 2015. With a core mission to benefit humanity, OpenAI uses its extraordinary intelligence to address a wide range of questions and challenges. One of its most famous products is ChatGPT, an AI chatbot that excels at providing customer support, improving productivity, and optimizing workflows across departments.
4. Stripe - the United States
Valuation: $70 billion
A well-known financial infrastructure, Stripe has revolutionized online payment processing for businesses. It transforms financial operations and transactions in a more seamless way through its comprehensive features, including support for a variety of payment methods and currencies. As a result, businesses can reduce costs and increase revenue while providing a better customer experience.
5. SHEIN - Singapore
Valuation: $66 billion
Among the popular fast fashion brands, SHEIN is valued at $66 billion thanks to its innovative on-demand, customer-driven model. The company shows its best efforts to evolve the industry by offering a complete package of fashion lines from women's, men's, kids, home, and beauty.
To date, SHEIN has served customers in more than 150 countries, with major centers of operation around the world, including the United States, Brazil, Ireland, and Southern China.
6. Revolut - the United Kingdom
Valuation: $45 billion
Founded in 2015, Revolut is a financial technology company that offers banking services through a mobile app. Accessible in over 160 countries and regions, Revolut has become an effective digital alternative to traditional banking, where people can carry out their financial activities, from spending to saving and investing.
7. Databricks - the United States
Valuation: $43 billion
Databricks is a unified analytics company that helps organizations process and analyze large data sets through its platform. Its focus on simplifying data workflows and collaboration between data scientists and engineers has made it a leader in the data management space. Since 2015, Databricks has been used by more than 10,000 companies around the world, including Block, Shell, and Comcast.
8. Fanatics - the United States
Valuation: $31 billion
Fanatics is a global leader in licensed sports merchandise, providing fans with access to a wide range of apparel and collectibles. Its direct-to-consumer model and partnerships with major sports leagues have fueled its impressive growth.
9. Canva - Australia
Valuation: $25.4 billion
Founded in 2013, Canva is a graphic design platform that democratizes design by making it accessible to everyone. With its easy-to-use interface and extensive library of templates and assets, Canva empowers individuals and businesses to create stunning visuals without the need for professional design skills. To date, over 15 billion designs have been created on Canva, demonstrating that the application is not segmented into any one group.
10. Chime - the United States
Valuation: $25 billion
Chime ends the list of top unicorn companies with a valuation of $25 billion. It is a financial technology company that offers a free mobile banking service. By prioritizing user experience and transparency, Chime has quickly gained a large customer base, especially among younger consumers looking for an alternative to traditional banking.
Visual Capitalist | CB Insights
Editor's Choice: Unicorn, Decacorn Companies Worth US$21 Bn to Conduct IPO at IDX
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