Crunchbase: 187 New Unicorns Minted in 2025 — Fastest Formation Rate Since 2021, AI Companies Dominate, Sequoia and a16z Lead
Crunchbase News·low signal
Crunchbase reports 187 companies joined the Unicorn Board in 2025, the fastest new formation pace since the 2021 peak, with AI companies representing the dominant category backed by Sequoia and a16z. For SaaS disruption context, the spike signals that venture capital has been actively capitalizing AI-native replacements at scale — these are the companies positioning to structurally replace existing SaaS categories as enterprise contracts come up for renewal.