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Axios Pro Deals Thought Bubble

Thought Bubble

There may be hope yet for some stalled unicorns born in the 2021–22 boom.

Why it matters: The overhang of these zombie unicorns has weighed on valuations and complicated new deal pricing.

By the numbers: As of Aug. 21, 10 U.S. unicorns have completed an IPO this year, the most since 2021. There are currently 795 active unicorns with a combined post-money valuation of $3.3 trillion, per PitchBook.

Reality check: This year is still on pace for the weakest VC-backed IPO market in over a decade, per PitchBook.

The big picture: Venture consolidation has intensified competition for quality deals, and late-stage startups are requiring more money to operate.

Zoom in: PitchBook found many of the companies listing have aligned with Trump administration policy priorities. Crypto, defense and AI remain funding juggernauts.

State of play: Design collaboration giant Figma raised $1.2 billion in its IPO in July. It is only the fifth company to raise at least $1 billion in an IPO thus far in 2025.

Figma competitor and website design platform Framer announced a $100 million Series D valuing it at $2 billion in August.

Context: With IPOs muted, the U.S. VC secondary market remains the main release valve.

Nearly half of U.S. unicorns raised a primary round within the last year and a half, and this cohort is positioned to benefit from the expansion of venture secondaries.

What we're watching: How the market receives the spate of IPOs that began roadshows this week — highlighted by Klarna, which seeks to raise up to $1.27 billion at a valuation of around $14 billion.

Stalled unicorns start to stir

The overhang has weighed on valuations and complicated new deal pricing.

There may be hope yet for some stalled unicorns born in the 2021–22 boom.Why it matters: The overhang of these zombie unicorns has weighed on valuations and complicated new deal pricing.

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Stalled unicorns start to stir

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