A down round is when a startup raises capital at a lower valuation than its last round, diluting founders and employees while triggering investor anti-dilution protections globally.
The global financing stage, dominated by US crossover funds and sovereign wealth funds, that sets valuations and gates which technology companies reach IPO scale.
Platforms where founders, employees, and early investors in private companies sell shares before IPO, unlocking liquidity in a US$4 trillion global private-equity universe.
評価額10億米ドル以上の非公開企業。2026年時点で世界の約1,600社のユニコーンのうち4分の3を米国と中国が占め、評価額はグローバルなリスク選好度のバロメーターとなっている。