Scores, if not hundreds, of fast-growing but still-formulating companies have yet to launch shares on global exchanges. Once these private companies achieve valuation levels of $1 billion, they are known as Unicorns. We estimate there are currently more than 400 Unicorns, valued collectively at just short of $1 trillion. In 3Q, 10 Unicorns came public. These included Healthcare and Tech companies such as Snowflake, CureVac B.V., Sumo Logic, Jfrog Ltd., GoodRx Holdings Inc., KE Holdings Inc., Chindata Group Holdings Ltd. and XPeng Inc. All were successful (up on average more than 60% in their first day of trading), in contrast to the poor receptions in recent quarters for formerly high-flying but unprofitable companies such as Lyft, Uber and SmileDirectClub. Increasingly, investors are dema