The Hurun Research Institute on Thursday released the Global Unicorn Index 2025, a ranking of the world’s unicorns that are start-ups founded in the 2000s, worth at least a billion U.S. dollars, and not yet listed on a public exchange. 

Shenzhen ranks sixth globally with 37 unicorns, making it the fastest-growing city for unicorn companies in China. The United State is in a league of its own with 758 unicorns — 50% of the world’s total. China follows with 343 unicorns. Overall, there are now 1,523 unicorns globally, an increase of 70 from last year。