Are AI unicorns starting to move beyond hype?

AI now dominates new unicorn creation. Over half (57%) of the 54 companies reaching $1B+ valuations in 2025 YTD are AI companies. Capital is flooding the landscape, with 1 in 2 venture dollars going to AI startups. These trends reflect AI hype. Investors are placing big early bets on AI potential, with many companies still proving out sustainable revenue models. For example, Thinking Machines Lab — co-founded by former OpenAI CTO Mira Murati — raised a record-breaking $2B seed round at a $12B valuation in June 2025 with no product yet launched. But beyond the hype, CB Insights Commercial Maturity scores highlight a shift toward increasing maturity among the AI companies hitting unicorn status. We highlight the trend below.