Unicorn Market Cap 2026: SF is the GenAI Super Cluster

Analysis below from Shreyan Jain. All data pulled on Dec 31st of the year, so “2025” means Dec 31 2025 / Jan 1 2026 in terms of market caps.In the past two years, we’ve seen a post-ZIRP market correction, the rapid breakout of frontier AI labs like OpenAI and Anthropic, and ongoing punditry on an “AI bubble.” Analysis suggests that San Francisco Bay Area has emerged as an AI super cluster, with 91% of global AI private market cap residing in a 1 hour radius.Analysis from previous years can be fo...