100+ new unicorns across 10 sectors. AI dominates—6 of 10 categories are AI-native or AI-enhanced.
AI Foundation Models
- Thinking Machines — $10B
- Reflection — $8B
- Reka — $1B
AI Agents & Automation
- n8n — $2.5B
- Decagon — $1.5B • LangChain — $1.3B
- Serval • Main Func
AI Infrastructure
- Fireworks AI — $4B
- Baseten — $2.2B • Modular — $1.6B
- Modal — $1.1B
AI Video / Creative
- Luma — $4B • Fal — $4B
- Suno — $2.5B • Gamma — $2.1B
- Revive — $1.9B
Healthcare AI
- OpenEvidence — $6B
- Abridge — $5.3B • Hippocratic — $3.5B
- Thyme Care — $1.5B
Defense Tech
- Castellion — $2.8B
- HawkEye 360 — $2B
- Harmattan AI — $1.4B
Space & Satellites
- Stoke — $2B
- Loft Orbital — $1B • Apex — $1B
Crypto / Blockchain
- Kalshi — $11B
- Tempo — $5B • Erebor — $4.3B
- Flying Tulip — $1B
Key Insights
- AI dominates: 6 of 10 categories AI-native or AI-enhanced
- Crypto makes comeback: Kalshi $11B leads, prediction markets surge
- Defense institutionalized: $1T US budget driving new allocation class
- Healthcare AI breakout: Clinical documentation and drug discovery lead
- Creative AI clusters: Video, music, presentation tools at $2B+ each
- Space tech rising: 3 new unicorns, dual-use technology focus
The Pattern: AI is the common thread — infrastructure, agents, verticals all scaling. Non-AI unicorns require proven fundamentals.
This is part of a comprehensive analysis. Read the full analysis on The Business Engineer.
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