Venture capital partners now underwrite Series A meetings against $25B outcomes. According to SaaStr, this marks a shift from the unicorn hunts of ten years ago and the subsequent focus on decacorns. There are now 60+ companies valued above $25B, representing a 13.5x increase in the supply of outcomes large funds seek.
Public companies at $25B+ market cap rose from 6 to 18 to 60 over twenty years. Private companies at the same valuation went from 0 to 5 to 21 in the same period.