How Valuable Is a Unicorn? Maybe Not as Much as It Claims to Be - The New York Times

A unicorn reality check

"In Palo Alto, Calif., just down the road from many of the biggest tech companies and the most influential venture capitalists, a professor at Stanford University has quietly been working on a project to crunch the valuation numbers behind some of these private companies.

Ilya A. Strebulaev and another professor working with him, Will Gornall of the University of British Columbia, have come to a startling conclusion: The average unicorn is worth half the headline price tag that is put out after each new valuation."

How Valuable Is a Unicorn? Maybe Not as Much as It Claims to Be - The New York Times