Only 11% of Unicorn Exits Are IPOs Now (Down from 53%)
SaaStr
JULY 9, 2025
Most $1B+ Exits Aren’t IPOs Anymore. In fact, only 11% are. New research from Professor Ilya Strebulaev at Stanford University Graduate School of Business reveals a dramatic shift in how unicorns exit. The data, compiled by Stanford’s Venture Capital Initiative, shows IPO share of unicorn exits dropped from 83% in 2010 to just 11% in 2024—a fundamental restructuring of the exit landscape that has permanent implications for SaaS founders.
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