&gt;&gt;Meanwhile, the theoretical market cap of all current private-market unicorns ($300-$500Bn, depending on the source)<p>I am sure there are many unicorns that are overhyped and are going to fail.
The 300Bn is same as market cap of Facebook. If one invested in every one of Unicorns at current market, I think its most likely they will make profit on the investment.<p>Don&#x27;t forget everyone thought FB was Way over valued when MSFT invest at 15Bn valuation.