Record 42 Decacorns Minted in 2025 as Time to $10B Shrinks to 5.5 Years
Axios, citing PitchBook, reports 42 startups reached decacorn status worldwide in 2025, with the fastest cohort hitting it in three years or less.
Forty-two startups worldwide became decacorns in 2025, a record for a single year, according to PitchBook data reported by Axios. The total surpasses the previous record of 34 set in 2021.
The average time for 2025's decacorns to reach the milestone was 5.5 years. In 2020, the comparable figure was 9.4 years.
Speed records are concentrated among the newest entrants: 17 of the 20 fastest companies to reach decacorn status appeared in 2025 and 2026, all making the jump in about three years or less. The average age of companies that newly became decacorns this year was 7.1 years, with 16 companies over eight years old joining the list.
Several current private-market valuations illustrate the trend. Modal, founded in 2021, is preparing to raise funding at a $15 billion valuation. Discovery Loop, founded in August by former Google chief scientist Jeff Dean, is reported to have aimed for a $10 billion valuation from its founding, according to the article; Business Insider reported last month that the target had risen to $50 billion.
Axios cited Webvan as an example showing that decacorn status does not guarantee long-term success. The article also said cracks are appearing in the IPO market, with listing delays and withdrawals making November a key moment.
Quick answers
How many decacorns were created in 2025?
42 companies worldwide reached decacorn status in 2025, a record year, according to PitchBook data reported by Axios.
How long did it take to become a decacorn in 2025?
The average time was 5.5 years, down from 9.4 years in 2020. The fastest 20 companies did it in about three years or less.
What is Modal's reported valuation?
Modal, founded in 2021, is preparing to raise funding at a $15 billion valuation, according to the report.