If a private startup achieves a valuation exceeding $1 billion—without being listed on a stock market—it becomes a unicorn. These firms are typically technology-driven and carry a strong innovation component. They reshape the global economy and the business landscape for years to come.
Today, ten of these companies are particularly in focus for investors and industry observers, according to CB Insights. The reality is that the list lacks any Spanish unicorns. Most of the top players are American, while the leader is a Chinese company. ByteDance, the Chinese tech giant behind the social platform TikTok, holds a valuation of about $225 billion and stands as the most valuable unicorn in the world. Its ongoing tensions with the United States do not appear to have seriously affected its trajectory.
In second place sits the famously ambitious SpaceX, led by the controversial entrepreneur who also owns X. This founder is known for owning Tesla and for his recent status as the world’s richest person, a title he briefly shared with or surpassed by Jeff Bezos. SpaceX, focused on aerospace manufacturing since its founding in 2002, remains the most valuable unicorn in the United States, with a valuation near $150 billion.
The third position goes to another American company focused on Artificial Intelligence: OpenAI. Its fame comes from breakthroughs that are changing the way people work, with technologies such as ChatGPT at the forefront. Elon Musk has publicly clashed with the company at times, though he remains a major investor, and OpenAI is backed by influential partners including Microsoft.
The fourth spot belongs to Shein, the giant in the retail unicorn category. Headquartered in Singapore, this fast-fashion behemoth offers an extensive online catalog and ultra-affordable prices. It carries a valuation around $66 billion. The marketplace has not been free from controversy, particularly regarding manufacturing conditions. France recently advanced measures to curb fast fashion, and Spain is watching closely as it considers similar steps.
Fifth is Stripe, an American financial services company that enables online transactions for businesses. It is valued at about $65 billion and is highlighted for its influence and growth. Close behind is Databricks, another U.S. company that analyzes data in the cloud. It handles massive data volumes, and its innovative approach has earned it a $43 billion valuation, ranking it sixth on the list.
Seventh place goes to Revolut, the UK’s most valuable unicorn. It has built a rapid reputation for its financial services app, reaching a valuation of roughly $33 billion after less than a decade in operation.
In the lower end of the ranking, three diverse startups fill the remaining spots. Eighth is Fanatics, an American leader in sports merchandise valued at around $31 billion with deep ties to major sporting events and clubs worldwide. Just behind it, ninth, is Canva from Australia, a household name in both educational and professional environments. Based in Sydney, the design tool aims to democratize graphic creation, with a valuation near $25 billion. Finally, Epic Games seals the list as the United States’ unicorn at tenth, known for Fortnite and the Unreal Engine technology, with a valuation of about $23 billion.
Spanish unicorns
Spain also hosts notable unicorns, even if they do not crack the global top ten. They attract the interest of funds and investors, and the leading Spanish unicorn is Idealista. After Cinven acquired the company this summer for €2.9 billion, Idealista returns to the forefront as the most valuable local startup of the moment.
Other Spanish unicorns shaping the domestic startup ecosystem include Glovo, a food delivery platform; Jobandtalent, a job-finding platform; eDreams, a travel search engine; Wallbox, which develops charging solutions for electric vehicles; Cabify, a transport company; Devo, a security analytics platform; Domestika, an online learning platform; Recover, a circular fashion venture; and Wallapop, a marketplace for second-hand goods.