The Unitard Index — Summary Table

T H E R E S E A R C H D E S K · U N I T A R D . I O S U M M A R Y T A B L E

≈$1.47T

of one-time unicorn value gone ($1,467.8B), against a combined peak of $1.63T

70%

of the index (309 companies) fell below the $1B threshold during 2022–2024

36%

fell below the line in 2022 alone (158 companies), the most of any year

$143B

raised by 138 bankrupt or shut-down companies ($143.1B) before insolvency

01 Outcomes by category

One category per company, from its most recent reported event

OUTCOME	COMPANIES	SHARE	COMBINED PEAK	MEDIAN DECLINE (n)
💀 Dead / Bankrupt	129	29%	$443.3B	−100% (n=129)
📉 Public < $1B	138	31%	$574.5B	−93% (n=138)
🤝 Acquired	76	17%	$243.4B	−90% (n=75)
✂️ Markdown	101	23%	$370.9B	−81% (n=86)
All former unicorns	444	100%	$1.63T	≈$1.47T vaporized

02 When they peaked, and when they fell

Year of peak valuation vs. year the company fell below $1B

PEAK YEAR

2017 or earlier 52 12%

2018–2020 67 15%

2021 246 55%

2022 58 13%

2023 or later 21 5%

FELL BELOW $1B

2021 or earlier 81 18%

2022 158 36%

2023 92 21%

2024 59 13%

2025–26 54 12%

03 Raised per day

BANKRUPT / SHUT-DOWN, WITH FUNDING DATA

Companies138

Total capital raised$143.1B

Aggregate raised per day alive$282K

Median company, raised per day alive$152K

              Highest: Northvolt ($14B raised, 8.4 yrs)
              $4.58M/day
            

              Runner-up: WeWork ($22B raised, 13.4 yrs)
              $4.50M/day
            

04 Largest peaks in the index

COMPANY	PEAK	FELL	OUTCOME
WeWork	$47B ’19	2023	✂️
Juul Labs	$38B ’18	~2022	✂️
FTX	$32B ’22	2022	💀
Nikola*	$30B ’20	2025	💀
LeEco / LeTV*	$25B ’15	2017	📉
Farfetch*	$23B ’21	2022	🤝
Byju's	$22B ’22	~2023	💀

*Denotes peak public market capitalization post-listing/SPAC rather than a private financing round.

Scope. All 444 entries in the Unitard Index on 23 Oct 2026: venture-backed companies once valued at $1B+ that a subsequent reported event put below $1B.

Total Vaporized. Calculated as aggregate peak valuation ($1.63T) minus latest reported outcome value, market cap, acquisition price, or complete equity write-off ($1,467.8B / ≈$1.47T).

Declines. Median of the "from peak" figure shown on company pages, where published (sample size n shown). Dead / Bankrupt equity is recorded as −100%.

Raised per day. Total capital raised ÷ estimated days from founding to recorded bankruptcy, restructuring or shutdown. Aggregate = total raised ÷ total days across companies. It is not operating cash burn, money spent, or investor losses.

Markdowns & Investors. Form NPORT-P marks reflect single institutional holders under ASC 820 fair-value rules, not whole-company valuations. Disclosed investor lists reflect historical Crunchbase round records, not current ownership or losses.

Sources & Independence. SEC filings, bankruptcy dockets, and verified financial press cited per company page. Full methodology: unitard.io/methodology. Raw CSV & charts: unitard.io/press, licensed CC BY 4.0 (investor columns excluded). Published by Common Parlance, Inc.; the company and its principals hold no short positions in any listed security.

🦄 The Unitard Index

PEAK YEAR

FELL BELOW $1B