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Illustration: Aïda Amer/Axios

When Aileen Lee originally coined the term "unicorn" in late 2013, she was describing the 39 "U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors."

Flashback: It got redefined in early 2015 by yours truly and Erin Griffith, in a cover story for Fortune, as any privately-held startup valued at $1 billion or more. At the time, we counted 80 of them.

  • Ours was the definition that stuck. And, last week, the number of such companies topped 800, per CB Insights, with a cumulative valuation of around $2.6 trillion.

Why it matters: With apologies to Justin Timberlake Parker, $1 billion just isn't that cool anymore. It's not rare if there are over 800 of them, and certainly not mythical.

  • Plus, there's been a flurry of startups whose valuations have been inflated by investment dollars. Isn't it more impressive to be worth $500 million on $50 million of venture capital than $1 billion on $500 million of venture capital?

We need a new word: Dragons.

  • Dragons are much bigger, stronger and more awe-inspiring than unicorns. They destroy whatever's in their path, and their own destruction is viewed as catastrophic (at least if "GOT" is any guide).
  • To qualify, a company must be valued at $12 billion or more, net of venture funding. Yes, it's a somewhat arbitrary figure. But it reflects the >10x "unicorn" growth since the Fortune piece, and the rapidly ascending private funding trajectory.

By the numbers: Currently, there would be 19 dragons. Of those, nine are based in the U.S.

  • That's an even more exclusive club than Lee's original framing, although this is the sort of thing where less means more.
  • The U.S. dragons are: Stripe, SpaceX, Instacart, Epic Games, Databricks, Rivian, Chime, Fanatics and Plaid.

The bottom line: Welcome to the age of dragons.

Go deeper

Miriam Kramer, author of Space
Aug 31, 2021 - Economy & Business

The state of space startups

Illustration: Annelise Capossela/Axios

Space startups garnered record investment last year, according to a new report.

Why it matters: The influx — despite the coronavirus pandemic — shows that investors are still interested in the growing industry and see relatively young companies as worthy of funding.

Updated 5 hours ago - Politics & Policy

Texas governor: "All hostages are out alive and safe"

SWAT team members deploy near the Congregation Beth Israel Synagogue in Colleyville, Texas. Photo: Andy Jacobsohn/AFP via Getty Images

All four hostages have been safely released after a day-long standoff at Congregation Beth Israel in Colleyville, Texas, Gov. Greg Abbott (R) said on Saturday night.

The latest: "Around 9 p.m., the HRT — hostage rescue team — breached the synagogue, they rescued the three [remaining] hostages, the suspect is deceased," said police chief Michael Miller of Colleyville, located roughly 15 miles northeast of Fort Worth. The other hostage had been released earlier Saturday.

The new normal: Google searches reveal America's COVID shopping habits

Data: The New Normal; Google Trends; Chart: Jared Whalen/Axios

As the pandemic enters its third year, some of America's COVID-era shopping habits — including strong demand for tequila and sweatpants — are here to stay.

Driving the news: Axios worked with Google Trends and the Schema Design firm to create The New Normal, which analyzes the products Americans have Googled since 2020. Items with a lasting increase in search interest help fill in the details of what our "new normal" looks like.

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