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) |
| 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 we could find. The index page, the family page and the provider's screener all link no rulebook or factsheet. |
| 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 | $44.0B | medium |
| Anthropic | Verified | $965.0B | high |
| Databricks | Verified | $190.0B | high |
| Revolut | Listed | No PrePost figure yet | |
| Kraken | Listed | No PrePost figure yet | |
| Anduril Industries | 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 | Listed | No PrePost figure yet | |
| Canva | Listed | No PrePost figure yet | |
| Rippling | Listed | No PrePost figure yet | |
| Figure | Not resolved to one company — see the note below | ||
| Perplexity | Verified | $22.6B | low |
| Ripple | Listed | No PrePost figure yet | |
| Epic Games | Listed | No PrePost figure yet | |
| Space Exploration Technologies Corp Class A | Listed | No PrePost figure yet | |
| Cerebras | Listed | No PrePost figure yet | |
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.
The provider lists “Figure” with no further identifier. At least two unicorns use the name: Figure AI, which PrePost tracks, and Figure Technologies. PrePost does not publish an inference as a fact.
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.
An index is not an investment. Tracking one costs money and the product that tracks it may not hold what the index holds. This page describes the index, not any product, and is not investment advice.
Last updated 2026-09-12. See also how we verify and our disclaimer.