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.
估值10亿美元或以上的私营公司。截至2026年，全球约1,600家独角兽中四分之三集中在美国和中国，使得独角兽估值成为全球风险偏好的晴雨表。