2025上半年全球独角兽新增42家，AI赛道领跑，港股成中国独角兽IPO热土

Core Insights - The number of new unicorns globally in H1 2025 decreased to 42, representing a year-on-year decline of 12.50% compared to 48 in H1 2024 and a quarter-on-quarter decline of 6.67% from 45 in H2 2024 [6][8] - The average valuation of new unicorns in H1 2025 was $1.785 billion, down 11.02% year-on-year from $2.006 billion in H1 2024 and down 20.13% from $2.235 billion in H2 2024 [8] - The majority of new unicorns were concentrated in sectors such as artificial intelligence (16), enterprise services (7), healthcare (4), and big data (4) [6][13] Unicorn Distribution - In H1 2025, the United States led with 26 new unicorns, accounting for 61.90% of the total, while China contributed 7 new unicorns, making up 16.67% [10] - Other countries with new unicorns included Switzerland and Germany (2 each), and Ireland, Mexico, Canada, New Zealand, and Israel (1 each) [10] Financing Overview - The total disclosed financing amount for the 42 new unicorns reached $75.117 billion, with the highest funding in artificial intelligence ($36.4 billion), followed by enterprise services ($7.7 billion) and big data ($6.5 billion) [13] - A total of 475 investment institutions participated in financing new unicorns, with 418 institutions investing in one unicorn and 57 institutions investing in two or more [14] Existing Unicorn Financing - The most active sectors for existing unicorn financing in H1 2025 were artificial intelligence (49 events), enterprise services (37 events), and finance (31 events) [18] - The total disclosed financing for existing unicorns was highest in artificial intelligence ($65.298 billion), followed by enterprise services ($5.830 billion) and finance ($4.494 billion) [18] Unicorn Exits - In H1 2025, 10 unicorns exited through IPOs or SPACs, with 8 unicorns exiting via mergers and acquisitions, and 1 unicorn exiting due to a valuation drop [23] - Notably, 8 Chinese unicorns listed on the Hong Kong Stock Exchange, Shanghai Stock Exchange, and NASDAQ [23]