What this index holds, how it is built, and what its record does not cover. Morningstar Indexes, built with PitchBook.
Twenty of the largest and most liquid venture-backed private companies valued at $1 billion or more. Constituents must meet the index's liquidity requirements.
Run by Morningstar Indexes, built with PitchBook. PrePost has no relationship with the provider and is not paid to list this index.
The index began on 25 September 2025. Its performance record starts 19 December 2014, so roughly ten and a half years of it is backfilled rather than live. A return quoted over five or ten years is mostly a backtest.
Stableton's own page says Morningstar developed the predecessor index “in collaboration with Stableton” and that it backtests the history. The firm marketing a product tracking the index helped design it.
The provider's own report notes that where transactions are infrequent, secondary-market marks can stay unchanged even as new information emerges.
A constituent that goes public stays in the index for 180 days after listing, so an index of private companies can hold recently listed ones.
| Field | Value |
|---|---|
| Provider | Morningstar Indexes, built with PitchBook |
| Inception | September 25, 2025 |
| Performance record starts | December 19, 2014 |
| Constituents | 19 |
| Weighting | Equal Weight |
| Rebalance | Quarterly (next September 21, 2026) |
| Reconstitution | Quarterly |
| Currency | USD |
| How constituents are priced | Not published as a rule. The provider's own quarterly report sources its secondary-market marks to Caplight, alongside Morningstar and PitchBook data. |
| Published methodology | None that PrePost could find on the provider's own pages. |
| Variants | Morningstar PitchBook Unicorn 20 TR USD Morningstar PitchBook Unicorn 20 PR USD Morningstar PitchBook Unicorn 20 Decrement 3% TR USD |
| Identifiers | FS0000K3NS (Morningstar fund ID), F00001SCV3 (Morningstar security ID) |
Named constituents as of August 31, 2026.
Membership as the index provider published it on this date. PrePost shows which companies are in the index, not their weights.
| Company | PrePost | Estimate | Confidence |
|---|---|---|---|
| Ramp | Verified | $60.0B | high |
| Anthropic | Verified | $965.0B | high |
| Databricks | Verified | $190.0B | high |
| Revolut | Verified | $115.0B | high |
| Kraken | Listed | No PrePost figure yet | |
| Anduril | Verified | $100.0B | medium |
| Neuralink | Verified | $28.6B | medium |
| Stripe | Verified | $159.0B | high |
| Applied Intuition | Listed | No PrePost figure yet | |
| OpenAI | Verified | $894.3B | high |
| Deel | Verified | $17.3B | high |
| Canva | Verified | $42.0B | high |
| Rippling | Listed | No PrePost figure yet | |
| Figure AI (identified by PrePost, not named by the provider) | Verified | $39.0B | medium |
| Perplexity | Verified | $22.6B | low |
| Ripple | Listed | No PrePost figure yet | |
| Epic Games | Verified | $13.8B | medium |
| Space Exploration Technologies Corp Class A | Public | Trades on an exchange; PrePost covers private companies | |
| Cerebras | Public | Trades on an exchange; PrePost covers private companies | |
Verified means a full PrePost profile with sourced figures. Listed means the company is named here because a benchmark we track names it; PrePost has published no figure for it and does not rank it. Public means it has left the private market and can be bought through any broker.
The index provider lists this constituent only as “Figure”, with no identifier of any kind. PrePost has identified it as Figure AI on four grounds: the index selects the largest and most liquid unicorns; no separate Figure AI entry appears in any index we track; the other well-known company of that name, Figure Technologies, is an order of magnitude too small to qualify; and the two SEC-filing funds on this site that hold it, which must name portfolio companies precisely, both report it as “Figure AI, Inc.”. The provider has not confirmed this, and we have asked.
This company now trades on a public exchange. The index provider still lists it here, and its own indexes disagree about which side of the line it falls on. PrePost has taken it from SEC filings: funds on this site report it with a CUSIP, an ISIN and a quoted market price, none of which a private holding has.
An index is a definition, not something you can buy. These are the products PrePost tracks that follow this one.
| Vehicle | Run by |
|---|---|
| Stableton Morningstar PitchBook Unicorn 20 Certificate or fund, by country | Stableton Financial AG |
Listing a vehicle is not a recommendation of it, and tracking an index is not the same as holding what the index holds.
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An index is not an investment, and a product that tracks one may not hold what it holds. This page describes the index, not any product. Not investment advice.
Last updated 2026-11-14. See also how we verify and our disclaimer.