These rankings are based on valuations set during priced funding rounds, not internal valuations or investor write downs that may occur after a funding event. (Read more in the methodology section for this board.)
It’s for that reason that Instacart, for example, is listed on the Unicorn Board with a valuation of $39 billion, which was set during its most recent funding round, although its implied internal valuation as related to employee stock options is reportedly roughly $12 billion, following a series of price adjustments in recent years.
We do, however, remove companies from the Unicorn Board that have been deemed essentially worthless by investors, such as former crypto unicorn FTX, which collapsed and filed for bankruptcy protection in late 2022.