An elite class of $100 billion startups called hectocorns are seeing record valuations a decade after $1 billion unicorns and $10 billion decacorns emerged in the tech-driven venture capital space.¹

Elon Musk’s xAI could be the next hectocorn as it eyes a $113 billion valuation in a planned tender offer to employees and outside funding round, according to reports. Successful funding would elevate xAI to rarefied ranks that include its rival OpenAI, Musk’s rocket company SpaceX, and Chinese firm Bytedance.²

The race to develop AI and other technologies has swelled unicorn numbers to more than 1,200 startups since the term was first coined in 2013.³ Skyrocketing valuations have sent some firms well beyond $10 billion decacorn status that once ruled the space.⁴ 

Here’s some of the big names in each category:

Hectocorns 

ChatGPT maker OpenAI saw its value nearly double to $300 billion in early April after raising $40 billion from investors.⁵ ChatGPT’s popularity has surged to 500 million weekly users since its late 2022 debut and the corporate version now has 3 million paying customers — helping propel the firm to $10 billion in revenue.⁶

Musk’s AI startup had a $45 billion valuation in late 2024 after a $5 billion round of private funding. But that was last year. The $113 billion figure emerged in a March restructuring that combined xAI (valued at $80 billion) with Musk's social media platform X ($33 billion).⁷

Top hectocorn status currently goes to SpaceX, whose valuation surged 67% last year to $350 billion. The private space launch company delivers satellites and cargo for NASA, the U.S. military, and commercial partners. It also provides internet service from its own Starlink satellites.⁸

Read more: One thing: Space tourism has lift off

Decacorns 

Uber, Pinterest, and Chewy were some of the earliest examples of decacorns before those companies went public in IPOs.⁹

Digital payments platform Stripe is one of the biggest decacorns these days, with no immediate plans to go public. The company recently climbed to a $91.5 billion valuation and has been rapidly integrating AI into financial transactions and security features.¹⁰

Several other financial technology startups populate the decacorn space, including U.K.-based banking and crypto services firm Revolut, valued at $45 billion last year.¹¹

San Francisco-based fintech Chime is now a former decacorn after it began trading publicly June 12 with a $11.6 billion valuation.¹² Buy-now, pay-later lender Klarna had been targeting a public valuation at $15 billion, but recently shelved its IPO plans.¹³

The space also includes companies in retail, media, and entertainment. Sports merchandise and collectibles company Fanatics has been valued at $25 billion.¹⁴ Epic Games, which counts Disney among its investors,  saw a $22.5 billion valuation in early 2024.¹⁵  

AI startup Anthropic, which is heavily backed by Amazon and Google parent Alphabet, closed its latest funding round in March at $61.5 billion.¹⁶ Many private AI startups have seen massive investments from big technology companies, which some industry watchers say reduces any pressure to go public.¹⁷

Read more: Earnings update: Tech companies stay firm on massive AI spend

Unicorns 

Unicorns valued at $1 billion or more remain the most common type of private startups with high growth potential. Some notable entrants in 2025 include newly launched robotics startup the Bot Company and prebiotic soda brand Olipop, both valued in the $2 billion range.^18,19

While valuations have surged, so have the number of companies reaching unicorn status.  An analysis by CB Insights counted 1,258 global unicorns with a cumulative valuation of nearly $4.4 trillion.²⁰

The crowded field has made getting funding for the next level more difficult than ever, with less than 25% of unicorns on track to reach the $10 billion mark, according to a recent report from Bain & Co.²¹

The IPO market doesn’t always cooperate either. Only six of the more than 350 startups that reached unicorn status in 2021 have become public companies, according to one analysis.  Reduced valuations or being acquired by other companies could be more likely outcomes for many unicorns.^22,23

The recent surge in valuations for many startups shows that overall interest remains strong.²⁴ But the landscape has dramatically changed with hectocorns, decacorns, and unicorns all vying for investor attention. 

Read more: Making billion-dollar magic: U.S. home to 49% of world’s unicorns