This graphic visualizes unicorns valued at $2 billion or more that became unicorns ($1 billion+ in valuation) in 2025.
Data comes from PitchBook, as of May 1, 2025. PitchBook defines unicorns as venture-backed companies valued at $1 billion or more after a funding round, until it goes public, gets acquired, or drops below that valuation. Yangtze Memory, a Chinese flash memory chip developer, is 2025’s biggest unicorn so far with a $22.1 billion valuation. The company became a unicorn, by PitchBook’s definition, in April 2025 after it secured a $222 million investment from Quanhong Investment. Even if a company’s internal or market valuation exceeds $1 billion, PitchBook’s definition requires a qualifying funding event for official unicorn status. Abridge, an American healthcare AI startup that summarizes clinician-patient conversations into documentation, is the second-most valuable unicorn in the class of 2025. AI-driven companies dominate the list of the biggest unicorns of 2025—such as Synthesia (AI video generation), AnySphere (AI programming assistants), and The Bot Company (AI agents)—and have attracted significant investment in recent years. There have been 43 new unicorns created in 2025, as of May. The largest share (65%) of new unicorns in 2025 are from North America, followed by Europe (23%). Currently, the most valuable unicorns in the world are ByteDance, the creator of TikTok, and Elon Musk’s SpaceX. Source: Visual Capitalist
HedgeFunds have added $25 Billion of short equity futures exposure over the last 3 COT reports, the largest increase AT LEAST the last decade 🚨🚨
Source: Barchart
BREAKING: Hedge Funds
Hedge Funds were long volatility, short U.S. Dollar, short equities, and short Bitcoin $BTC before the U.S.-China trade agreement was announced... Source: Barchart, Bloomberg
BlackRock, the world's largest asset manager with $11.6 Trillion in assets under management, has 1,131 funds.
BlackRock's BITCOIN ETF, $IBIT, is #9 of all funds after 16 months 👇 Source: HODL15Capital 🇺🇸 @HODL15Capital
Wow. Systematic macro hedge funds have reduced exposure to US equities to levels not seen since the COVID crash.
They sure have a lot of buying to do if the market stays bid. Chart: Goldman Sachs thru Markets & Mayhem
Chinese state-backed funds are cutting off new investment in US private equity, according to several people familiar with the situation, in the latest salvo against President Donald Trump’s trade war.
State-backed funds have been pulling back from investing in the funds of US-headquartered private capital firms in recent weeks, according to seven private equity executives with knowledge of the matter. The moves come in response to pressure from the Chinese government, three of the people said. Some of the Chinese funds are also seeking to be excluded from private equity investments in US companies, even if those investments are made by buyout groups based elsewhere, some of the executives added. The change in approach to the US comes as China has borne the brunt of US tariffs announced in the past three weeks that threaten to significantly curtail trade between the world’s two biggest economies. Source: FT
Non-exhaustive list of Macro, Systematic & Multi-strategy hedge funds returns for 2024.
Source: Bloomberg, The Long view
2025 is going to start and mutual funds and hedge funds managers cash levels are near record lows
Source: BofA
