Unicorn
Also called: unicorns, decacorn, billion dollar startup
A unicorn is a private company valued at $1bn or more. The term was coined in 2013 to describe something rare, and there are now over a thousand, which tells you more about capital abundance than about company quality. A paper valuation set by a small round with strong preferences is not a market price, as the wave of down rounds after 2021 demonstrated.