For a startup to earn the moniker "unicorn"— attaining a valuation of $1 billion as a private company—was once a vaunted status. Just a decade ago, only 80 companies had joined the club. Then came the boom of the zero-interest rate era, pushing the number above 1,200 by the beginning of 2024. But the venture capitalists who backed them have a burning question: Will they ever achieve an exit?
The so-called "age of the unicorns" has given way to a freezing of public markets, which Fortune deemed the "age of the unicorpses" in a cover story in January. With interest rates rising and government regulators striking down acquisitions, all of the companies that were able to rake in billions in funding have now found themselves struggling to achieve a successful outcome, with many folding against a less forgiving financial landscape.
