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Zombie unicorn count grows

A line chart that shows the share of U.S. unicorns that had not raised funding in three years, by year. The rate was 2.6% in 2016, fell to a low of 2.3% in 2022, then climbed to 19.9% in 2024, 33.5% in 2025 and 38.3% in 2026.

Percent of U.S. unicorns that have not raised funds in last three years

Data: PitchBook; Chart: Lucinda Shen/Axios

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Between the lines of Advent's $1B for defense tech

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Zombie unicorn count grows