TL;DR
TechCrunch used Crunchbase and PitchBook data to compile VC-backed startups that reached $1 billion+ valuations in 2025. While AI companies dominate the list, the year’s new unicorns also include firms in space, energy, payments and biotech.
What happened
TechCrunch tracked VC-backed startups that crossed the $1 billion valuation threshold during 2025, drawing on Crunchbase and PitchBook records. The surge in new unicorns is driven largely by firms working on AI models, agent platforms and AI infrastructure, but the list also includes notable companies outside the AI category — from hydrogen-powered drones and nuclear renewable energy to satellite operators and crypto-native banks. Examples named include Reflection (an open foundation-model developer valued at $8 billion), Unconventional AI (an energy-efficient AI-compute startup valued at $4.5 billion), Luma (AI video generation, $4 billion) and Heven Aerotech (hydrogen drones, $1 billion). TechCrunch indicates the compilation is being updated through the year, and the reporting highlights raised rounds, investors and founding dates where available from PitchBook and other cited sources.
Why it matters
- The wave of new unicorns underscores persistent investor appetite for AI and adjacent technologies.
- High valuations across diverse sectors suggest capital is flowing beyond software into hardware, energy and life sciences.
- Rapid unicorn creation can reshape startup ecosystems, affecting talent flows, M&A activity and later-stage fundraising dynamics.
- Large seed and growth rounds indicate venture firms are willing to fund aggressive scale-up plans amid continued competition for category leaders.
Key facts
- TechCrunch compiled the list using data from Crunchbase and PitchBook.
- The majority of newly minted unicorns in the compilation are AI-related, though several are in other industries such as space, energy, payments and biotech.
- Reflection is listed with an $8 billion valuation after a reported $2 billion Series B and $2.2 billion in total funding to date.
- Unconventional AI, founded in 2025 by former Databricks head of AI Naveen Rao, is reported at a $4.5 billion valuation after a $475 million seed round backed by investors including Andreessen Horowitz and Lightspeed.
- Luma, an AI video generation company founded in 2021, is listed at a $4 billion valuation after a $900 million Series C.
- Tempo, founded in 2025, is cited as a blockchain payments company valued at $5 billion following a $500 million Series A.
- Heven Aerotech, founded in 2019, is identified as a hydrogen-powered drone maker with a $1 billion valuation and $115.2 million raised to date.
- TechCrunch notes the list will be updated throughout the year to reflect new entrants that reach unicorn valuations.
What to watch next
- Updates to TechCrunch’s compilation as more 2025 unicorns are identified and added (confirmed in the source).
- How funding trends for AI infrastructure and foundation models evolve through 2026 — not confirmed in the source.
- Whether the mix of sectors producing unicorns (AI, energy, space, crypto, biotech) will shift in the coming months — not confirmed in the source.
Quick glossary
- Unicorn: A privately held startup valued at $1 billion or more.
- VC-backed: A company that has received investment from venture capital firms.
- Series B / Series C: Later-stage venture funding rounds that typically support scaling operations, hiring and market expansion.
- Foundation model: A large pre-trained machine learning model that can be adapted for multiple downstream tasks.
- Seed round: An early equity financing round intended to support product development and initial market entry.
Reader FAQ
How many new unicorns were created in 2025?
The article headline states 'more than 100' new tech unicorns in 2025; a precise total beyond that phrase is not confirmed in the source excerpt.
What sources did TechCrunch use to compile the list?
TechCrunch used data from Crunchbase and PitchBook to identify VC-backed startups reaching unicorn valuations.
Are most of the new unicorns AI companies?
The source reports that most are AI-related, but it also highlights a significant number from other industries.
Will the list be updated?
Yes — TechCrunch says the list will be updated throughout the year (confirmed in the source).
With AI igniting an investor frenzy, every month, more startups obtain unicorn status. Using data from Crunchbase and PitchBook, TechCrunch tracked down the VC-backed startups that became unicorns so far this…
Sources
- More than 100 new tech unicorns were minted in 2025 — here they are
- At least 80 new tech unicorns were minted in 2025 so far
- Unicorn Companies 2025: Global List, Stats & Valuation …
- Forbes Next Billion-Dollar Startups 2025
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