Unicorn (Startup)

A unicorn is a privately held startup that investors value at $1 billion or more, based on its most recent funding round, even though it hasn't gone public and that valuation hasn't been tested by open market trading. The term captured how rare these companies once were; there are now hundreds of them globally, which has made some investors question whether private valuations have become inflated compared to what these companies would actually be worth if they had to list on a public stock exchange.