New York
WARNING: Some unicorns may be smaller than they appear.
The recent proliferation of so- called unicorns - startup technology companies valued at more than US$1 billion - has been greeted variously as a sign of healthy innovation or an indication that valuations have become dangerously overheated.
Led by the likes of car-hailing service Uber at US$41 billion and home- rental website Airbnb at US$10 billion, the global ranks of unicorns have more than doubled, to 102, over the past 15 months, according to PitchBook Data, which tracks private financial markets.
Less noticed is that the reported valuations of many unicorns have been inflated by the terms of the private investments that set those...
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