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Startups Stay Private Longer as Unicorns Surge

10/7/2025

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Summary

Story summary

Private markets keep startups private longer as alternative capital grows. The median age reached 13 years in 2023.
The average age of Initial Public Offering (IPO)-bound companies has more than doubled since 1980. Median revenues rise.
There are more than 1,200 unicorns, with OpenAI valued at $500 billion, surpassing SpaceX today.

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Story summary

Private markets keep startups private longer as alternative capital grows. The median age reached 13 years in 2023.
The average age of Initial Public Offering (IPO)-bound companies has more than doubled since 1980. Median revenues rise.
There are more than 1,200 unicorns, with OpenAI valued at $500 billion, surpassing SpaceX today.