From Silicon Valley to the Middle East, from Southeast Asia to Latin America, the global unicorn map in 2025 is quietly reconstructing. And this time, AI is no longer just the driving force behind the scenes, but the protagonist. It not only reshapes the product form and business model, but also quietly rewrites the rules of the game in the Internet industry. Who is riding the wind? Who is standing still? This article will take you through the fog of capital and technology and gain insight into the new order of unicorns driven by AI.
Today, unicorn companies are not only synonymous with innovation, but also a “barometer” of insight into the transformation of the Internet industry. Their rise and fall accurately outline the evolution trajectory of the Internet industry: artificial intelligence (AI) has jumped from edge technology to the core engine that drives growth, Chinese Internet companies are advancing from model innovation to hard technology deep waters, and the global entrepreneurial ecology has also undergone a profound transformation from frenzied expansion to rational precipitation.
Based on the data of the 2021-2025 “Hurun Global Unicorn” list, this paper summarizes the pattern evolution, track hotspots and development context of Internet-related unicorns in the past five years, and tries to reveal the industry trends of technology paradigm migration, market pattern reconstruction and capital logic shift, so as to provide Internet practitioners with forward-looking strategic insights and pragmatic action guidance.
1. Overview of global unicorns in 2025
1. Overall picture: The number has reached a new high, and AI has become the core engine
In 2025, the number of global unicorn companies will reach a new high, reaching 1,523, and the total valuation of all unicorn companies will reach 40 trillion yuan. SpaceX became the world’s most valued unicorn for the first time, with a valuation increase of 1.2 trillion yuan to 2.6 trillion yuan. OpenAI’s valuation has increased significantly for the second year in a row, with a valuation increase of 1.5 trillion yuan, ranking second with 2.2 trillion yuan, compared to OpenAI’s valuation of only 138 billion yuan two years ago. Despite an increase in valuation of 584 billion yuan, ByteDance lost the title of the world’s most valuated unicorn, tying for second place with OpenAI.
From the perspective of the growth of the number of unicorn enterprises, the year-on-year growth rate plummeted from 80% in 2021 to 5%. Behind this slowdown in growth is the game between capital winter and technological breakthroughs: primary market financing fell 37% year-on-year, but AI financing increased by 210% against the trend, pushing the average valuation of new unicorns back to 16.55 billion yuan, back to 2021 levels.
To achieve these three challenges, product managers will only continue to appreciate
Good product managers are very scarce, and product managers who understand users, business, and data are still in demand when they go out of the Internet. On the contrary, if you only do simple communication, inefficient execution, and shallow thinking, I am afraid that you will not be able to go through the torrent of the next 3-5 years.
View details >
From a structural point of view, nearly one-third of the world’s unicorn companies are related to AI, of which 128 are pure AI companies, with a total valuation of nearly 7 trillion yuan, covering AI assistants, machine learning platforms and vertical applications in various industries. This data confirms the full penetration of AI technology into the industry, from the underlying technology to the application scenarios, AI is becoming the core engine driving the growth of corporate valuation.
2. Unicorn in the Internet industry: China and the United States dominate, and the track is differentiated
Internet-related unicorn companies are the core force driving global innovation and growth, accounting for 77% of global unicorn companies in 2025. Fintech, AI, and software services are the three areas where Internet-related unicorns are most concentrated. The remaining 23% of unicorn companies are mainly engaged in the sales of physical products, mainly concentrated in hard technology fields such as semiconductors and new energy. Specifically:
1) Geographical distribution: The bipolar pattern between China and the United States is stable, and emerging markets are rising
The global territory of unicorn companies presents a pattern of “bipolar dominance and multi-point flowering”. Silicon Valley in the United States is still a global innovation highland, San Francisco has won the “Global Unicorn Capital” with 199 unicorns, and cities such as New York and Boston have formed complementary ecologies. The United States ranked first with 758 unicorns, accounting for 49.8% of the total number of unicorns in the world, China ranked second with 343, and Beijing, Shanghai, Shenzhen, Guangzhou and Hangzhou contributed 67.9% of the country’s unicorns and 81.1% of the valuation.
Notably, internet unicorns in emerging markets are rising rapidly. India ranks third in the world with 64 Internet unicorns, and its performance in the fintech and e-commerce fields is particularly prominent, such as third-party payment platform PhonePe and social e-commerce platform Meesho. A number of local Internet companies have also emerged in Southeast Asia, the Middle East and other regions, such as Vietnam’s online retail platform TheCrownX and Singapore’s logistics technology company NinjaVan, which have become important additions to the global Internet map.
From the perspective of regional synergy, unicorn companies in China and the United States present differentiated development paths. American companies take Silicon Valley as the core to form a complete chain of “technology research and development, capital incubation, and global expansion”; China relies on the three major urban agglomerations of the Yangtze River Delta, Pearl River Delta and Beijing-Tianjin-Hebei to build an industrial closed loop of “hardware manufacturing, scene landing, and ecological integration”.
2) Track hotspots: AI reshapes the pattern and deepens vertical fields
- Artificial Intelligence vs. Generative AI:AI has become the biggest winner this year, with 30.6% of new global unicorns coming from this field, and the financing amount of artificial intelligence track companies ranks first among all tracks, accounting for 36.7% of the total global unicorn financing. Generative AI companies such as OpenAI and Anthropic have risen rapidly through large model iterations and scenario-based applications, promoting artificial intelligence from technical concepts to large-scale commercial applications. China’s Dark Side of the Moon and MiniMax have also risen rapidly in the field of Chinese large models, and Chinese artificial intelligence track unicorns account for 40% of the world.
- Fintech and Web3.0:Fintech continues to lead with 197 unicorns, accounting for 12.9% of the global total. Revolut, Stripe and other companies are reshaping the financial service ecosystem through innovative models such as open banking and cross-border payments. At the same time, the number of unicorns in the Web3.0 field has increased significantly, such as blockchain infrastructure company ConsenSys and NFT platform MagicEden, reflecting the increased market recognition of cryptocurrencies and decentralized applications.
- Industrial Internet and vertical fields: The industrial Internet has become the core track of China’s unicorns, accounting for more than 30%. A large number of unicorns have emerged in the fields of enterprise services, intelligent manufacturing, and new energy, such as the industrial Internet platform Shugen Interconnection, and the new energy vehicle chip manufacturer Horizon Robot. These companies empower traditional industries through digital technology to improve production efficiency and innovate business models.
- E-commerce vs. Social Retail:After experiencing rapid growth, the e-commerce track is transforming from scale expansion to value upgrading. In 2025, the number of global e-commerce unicorns will decline compared with last year, but valuations will remain stable, and cross-border e-commerce platforms such as Shein and Temu will become new growth highlights through flexible supply chains and social fission models. In addition, emerging models such as community group buying and live broadcast e-commerce are also emerging, such as China’s Meituan Preferred and Douyin e-commerce, to promote the innovation and development of the e-commerce industry.
2. Internet industry trend analysis based on global unicorns
1. Technical paradigm: from model innovation to hard-core breakthrough
1) AI reshapes industrial logic
From 2021 to 2025, the number of global AI unicorns will increase from 84 to 128, with an average valuation increase of 370%. Since the launch of ChatGPT in 2022, AI startups have entered an explosive period. Behind this trend is the combined effect of declining computing power costs, abundant data resources and algorithm iteration. OpenAI has achieved a valuation jump of 1.5 trillion yuan with GPT-4 and Sora, proving that the commercial value of generative AI has entered the stage of large-scale implementation from proof-of-concept. Chinese companies have built barriers in vertical fields: WeDoctor’s AI doctors cover 11,500 hospitals, and the AI pharmacist system has increased the prescription compliance rate by 40%; Yinwang Intelligent reduces the cost of autonomous driving by 60% through the vehicle-road collaboration system. This two-wheel drive of “general large model + small industry model” is rewriting the rules of competition in the Internet industry.
2) The rise of hard technology and the integration of virtual and real
The proportion of unicorns in hard technology fields such as semiconductors and new energy has increased from 8% in 2021 to 15% in 2025, and companies such as Yangtze River Storage and Blue Arrow Aerospace have become new growth poles. At the same time, the commercialization of virtual and real integration technologies such as metaverse and AR/VR has accelerated, with the annual sales of smart glasses exceeding 3 million pairs, and Thunderbird Technology’s AR education solutions covering more than 5,000 schools around the world. This combination of “hard infrastructure + soft experience” indicates that the Internet industry is shifting from traffic competition to technical depth.
2. Market pattern: the game of globalization and localization
1) Chinese enterprises have broken through the sea
From 2021 to 2025, the number of overseas IPOs of Chinese unicorns increased by 320%, with Hong Kong stocks and Nasdaq becoming the main destinations. ByteDance has achieved a 7-fold increase in global GMV through TikTokShop, and miHoYo’s “Black Myth Wukong” accounts for 65% of its overseas revenue, proving that Chinese Internet companies have shifted from “CopytoChina” to “CopyfromChina”. But there are also challenges: the export restrictions of the United States on AI chips have made Chinese unicorns face bottlenecks in obtaining computing power; The EU’s Digital Markets Act requires platforms such as TikTok to reconstruct their data governance systems.
2) The characteristic development of the regional market
With its huge population base and digital transformation, India has become the world’s second largest Internet market, with companies such as Zomato and Swiggy occupying 80% of the market share through “low-price subsidies + localized operations”. Europe has established barriers in areas such as data privacy and green technology, and Revolut has achieved business in 28 countries through compliance innovation. This model of “global technology + local scene” requires Chinese enterprises to maintain their technological advantages when going overseas, but also to have a deep understanding of local culture and policies.
3. Capital logic: from burning money to value creation
1) Rational return of valuation system
The average valuation of global unicorns reached 16.16 billion yuan in 2021, fell to 12.9 billion yuan in 2023, and rebounded to 16.55 billion yuan in 2024 due to the AI boom. To a certain extent, this fluctuation reflects the rational shift of capital from “scale first” to “profit first”. Taking China as an example, 44% of the new unicorns in 2024 will come from the spin-off of large enterprises, such as Huawei’s divestment of Yinwang Intelligence and ByteDance’s spin-off of Chedi, which reduces trial and error costs through resource collaboration.
2) Diversified exploration of exit mechanisms
From 2021 to 2025, the proportion of global unicorn IPO exits will drop from 78.6% to 51.6%, and the proportion of M&A exits will increase from 12.7% to 30.6%. Chinese companies are more inclined to exit through Hong Kong stock listings, and 12 of the 19 exiting unicorns will choose Hong Kong stocks in 2024. This change requires entrepreneurs to not only consider valuation when financing, but also plan diversified exit paths, such as strategic investment, spin-off and listing.
3. Inspiration and coping strategies for Internet product operation
As a front-line Internet product operator, we are not only a witness to the trend, but also a value creator. From the changes of unicorns, we can extract four core enlightenments to help us find the right positioning and make precise efforts in the rapidly iterative industry.
1. Be a “translator” for technical implementation
In the face of new technologies such as AI and the Internet of Things, we do not have to blindly chase concepts, but become “translators” between technology and scenarios.
- First of all, learn to “peel off the cocoon” – start from the user’s high-frequency pain points to judge the real needs of technology applications: for example, 70% of user consultations are concentrated in logistics and after-sales, and the vertical model of AI customer service is more targeted at this time;
- Then achieve “small step verification” – when trying to network equipment in industrial scenarios, first focus on improving the efficiency of a single production line, verify the technical value with the lowest cost, and avoid the failure of the implementation caused by greed for perfection.
The key is to establish “technical sensitivity”, which can maintain the awareness of the cutting-edge through technical reports, industry summits, etc., but always use “whether it can solve specific problems” as the application yardstick, so that technology can truly become a lever to improve operational efficiency, rather than a tool to show off skills.
2. Incarnate as a “decoder” of market differences
When we expand into different markets, we need to take off the “generalized” glasses and put on the “localized” microscope.
- First of all, understand the policy code: for example, the right to data portability in the EU market and the UPI payment system in the Indian market, these rules are not obstacles, but the underlying framework for designing the operation plan;
- Secondly, understand the cultural details: the dependence of Southeast Asian users on cash on delivery, the prayer time habits of Middle Eastern users, these nuances determine the design of push strategies and payment processes;
- It is also necessary to make good use of the local ecology: whether it is accessing local payment tools or adapting to local language habits, it is essentially building a “down-to-earth” user experience.
Remember, true localization is not about passive adaptation, but about actively transforming regional characteristics into differentiated advantages, allowing users to feel the temperature of “understand me”.
3. The “deep cultivator” of transforming user value
In the stock era, we need to redefine the connotation of “operation” – from the “wide casting” of pursuing new users to the “intensive cultivation” of old users.
- Establish a “dynamic ledger” for user hierarchy: clearly distinguish the exclusive needs of high-value users and the awakening opportunities of silent users, such as designing personalized function entrances for high-frequency users and pushing interactive activities full of memory points for sleeping users;
- Create scenario-based “value touchpoints”: embed product functions into users’ daily lives, such as integrating health management into the check-in system of sports apps, so that tool attributes and emotional needs can be naturally connected;
- Build a “sense of participation channel” for user co-creation: invite users to participate in product iteration through survey questionnaires, functional internal testing, etc., so that they can change from “users” to “co-builders”.
In essence, we need to transform from the “porter” of traffic to the “architect” of user relations, and build a moat for user retention with continuous value delivery.
4. Become an “understanding person” of capital logic
In the face of changes in the direction of capital winds, we need to establish a “value consensus”:
- Understand the industrial upgrading logic behind the rise of hard-core technology, and pay more attention to the actual effects of technology empowerment in operations, such as the improvement of customer service efficiency by AI tools and the optimization of user analysis by data centers.
- Grasp the trend of track migration, take the initiative to expand capabilities to incremental fields such as the industrial Internet, and accumulate experience in B-end operations;
- Cultivating “anti-fragility” professionalism, whether it is the rapid trial and error of early-stage projects or the refined operation of mature products, we must pay attention to the improvement of data-driven decision-making ability and compliance awareness.
Remember, capital is always chasing value creators who “solve real problems”, and our core competitiveness lies in the ability to transform industry trends into specific operational strategies.
epilogue
Standing at the forefront of 2025 and looking back, the development picture of the Internet industry is clearly discernible: the huge wave of the consumer Internet is gradually calming down, the deep current of the industrial Internet is surging, and what runs through and drives forward is the engine of technological innovation that will never run dry. For every practitioner,The “breaking point” may be hidden in three key turns: Regard technology as the core lever that drives efficiency jumps, rather than as a concept of chasing. Transform market differences into unique fertile ground for deep innovation, rather than as insurmountable obstacles; Always put user value at the absolute core of products and operations, not as a footnote to traffic.
Real industry change always begins with insight into trends and becomes down-to-earth。 When we focus on the new paradigm revealed by the unicorn list and transform it into specific action strategies, we can find our own way to break the game and growth coordinates in the magnificent “second half” of the Internet industry.
