A Unicorn IPO Wave Could Deliver Windfalls for Hedge Funds

Crunchbase expects 15 unicorns to pursue IPOs this year — and hedge funds hold stakes in seven of them.

Stephen Taub February 3, 2026

The unicorn universe is growing.

In December alone, 23 companies reached this vaunted status, according to the Crunchbase database. Altogether, there were 186 new unicorns — private companies valued at $1 billion or more — in 2025, up from 115 the previous year and 102 in 2023, according to the website.

The 64 companies that joined this prestigious club in the fourth quarter were the most in any three-month period since second-quarter 2022. Altogether, the database counts 1,699 unicorns through the end of December.

Crunchbase believes the IPO market is showing clear signs of life, citing improving public market conditions, stabilizing interest rates, and renewed investor appetite for growth. So — drawing on its predictive intelligence tools, which evaluate factors including funding history, growth signals, investor mix, and market timing — it recently put together a list of 15 late-stage companies it thinks are likely to go public in 2026.

All the companies enjoy heavy venture capital backing. They span AI, enterprise software, fintech, space, defense, health care, and consumer tech. Seven count hedge funds or their VC arms among the investors. They include the VC arms of Tiger Global, which was an investor in five of the companies; Coatue Management; and D1 Capital Partners.

Here are the seven companies Crunchbase says are likely to go public this year and the hedge fund firms or their VC arms that have previously invested in the companies.

The biggest buzz surrounds SpaceX, the Elon Musk–led satellite giant. It is estimated to have a valuation of $800 billion. D1 Capital Partners, whose investment accounts for about 45 percent of the firm’s venture capital portfolio, is poised to become a huge winner. Thanks in large part to SpaceX, D1’s private portfolio jumped 39 percent last year.
Data and AI giant Databricks has been valued at $134 billion. Crunchbase points out that the company crossed a $4.8 billion revenue run rate during the third quarter. Both Tiger Global and Coatue have been active investors; both participated in the company’s $400 million Series F financing round and the February 2021 $1 billion Series G round.
Crusoe Energy Systems, an AI infrastructure company, counts several venture capital firms among its most active investors over the years, including Tiger Global. In December 2025, it closed its $1.375 billion Series E round, which valued Crusoe at more than $10 billion. Other investors include Nvidia and football superstar Saquon Barkley.
Canva, an Australian design platform company, was most recently valued at $42 billion. In August 2023, Coatue purchased shares from existing investors at a $25.5 billion valuation.
Health tech company Innovaccer was valued at $3.45 billion in early 2025 after raising $275 million in its Series F funding round, which included primary and secondary investments. It hopes to become a one-stop shop for health care AI solutions. Tiger Global and Steadview Capital each participated in three different financings over the years, per Crunchbase. In 2021, Tiger Global led a $1.3 billion financing round.
Crunchbase says digital bank Revolut is a “very likely” candidate for an initial public offering. A November secondary sale of shares co-led by Coatue boosted the company’s valuation to $75 billion. Over the years, Coatue and Tiger Global each participated in at least two financing rounds. In August 2024, Coatue, D1 Capital Partners, and Tiger Global led a secondary share sale that at the time valued the company at $45 billion.
Smartphone maker Nothing raised $200 million in September in a Series C financing round led by Tiger Global, giving it a valuation of $1.3 billion.