M&A The Highest On Record For Unicorn Exits In 2025

Gené Teare

December 18, 2025

After three slow years, unicorn exits have finally picked up in 2025, an analysis of Crunchbase data shows. IPO counts for unicorn-valued companies were back up to pre-2021 levels. And 2025 M&A deals were at the highest count and values of all time for unicorns, or private companies valued at a billion dollars or more.

M&A

M&A exit numbers this year are the highest ever for unicorn companies, with 36 deals in 2025 totaling $67 billion in value. The largest deals were:

• New York-based cloud security company Wiz was acquired by Google for $32 billion.

• South Korea-based crypto exchange Dunamu was acquired by fintech Naver Financial Corp.for $10.3 billion.

• New York-based observability platform Chronosphere was acquired by cybersecurity company Palo Alto Networks for $3.4 billion.

• Silicon Valley-based Celestial AI, developer of optical interconnect for AI datacenters, was acquired by data center networking company Marvell for $3.3 billion.

• Silicon Valley-based AI workflow company Moveworks was acquired by IT operations giant ServiceNow for $2.9 billion.

In 2024, we counted 22 unicorns that were acquired, the second-highest count over all time,  but at $7 billion, it was a far lower exit value than this year.

IPOs

IPO counts and valuations for unicorn companies also picked up year over year. A total of 40 unicorn companies debuted via a traditional IPO, and two companies listed via a SPAC or reverse merger.

These IPO counts are in line with 2018 through 2020. The collective value at the listing price was around $207 billion — $90 billion below 2020 values but on par with 2019 and 2018 valuations at $215 billion and $197 billion, respectively.

The largest exited unicorns via IPO in 2025 were CoreWeave, Figma, Klarna, Chime and Mixue Group.

The unicorn overhang

Despite the increase in exits this year, The Crunchbase Unicorn Board keeps growing as a greater number of companies join than exit each year.

As we near the end of 2025, the board is approaching $7 trillion in value, with around 1,640 companies that have raised $1.16 trillion collectively this year. (It’s worth noting, however, that 840 companies have not raised funding in three years.)

More than 800 of these still-private companies joined in the peak market of 2021 and into 2022. The unicorn board represents a huge buildup of companies that will need to exit, while a newer cohort joined the ranks.

As the unicorn board grew, IPOs were the biggest driver of exits from 2017 through 2021. That has slowed since 2022. With rumors that a company as pivotal asAnthropiccouldlist as early as 2026, anticipation is building that the IPO markets will more fully rebound next year.

Illustration: Dom Guzman