Not long ago, being called a unicorn meant you were one of the rare few—a startup valued at over $1B. Then came the decacorn, the $10B club, meant to signal something even more exceptional.

But in 2025, I can’t help but ask: have these labels lost their punch?

Valuations have shifted dramatically:

• Capital cycles inflated numbers that don’t always match reality.
• Strategic and government funding accelerated certain sectors, especially AI, defense tech, and climate.
• Narratives and hype sometimes outpace revenue, traction, or proven product-market fit.

So when a company reaches unicorn or even decacorn status, does it still tell us anything about durability, fundamentals, or long-term success? Or is it simply a marker of capital raised and the market’s appetite in that moment?

The companies that will matter most five years from now won’t be remembered because of their paper valuations. They’ll be remembered for surviving volatility, solving problems at scale, and building defensible businesses that create enduring value.

Maybe unicorns and decacorns are less a signal of greatness now, and more of a conversation starter—a milestone on the journey, not the finish line.

What do you think: in 2025, do these terms still carry weight? Or do we need a new language for measuring what really matters in startups?