The best cloud unicorns aren’t as overvalued as you might think

Living as we are in an IPO drought, new data points about the financial health of unicorns are annoyingly scarce. Unicorns — private tech companies worth $1 billion or more — have become an asset class of their own. Crunchbase counts 1,386 global unicorns, pegging their value at $4.8 trillion. CB Insights counts 1,180 worth $3.8 billion. Regardless of which number you think is more accurate, it’s clear that unexited unicorns represent one of the largest pools of paper wealth in the world.
A programming note: I am off next week. The excellent Anna Heim, who often helps write

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