What does unicorn mean?

In finance, a unicorn refers to a privately-held startup company that has reached a valuation of over $1 billion. These companies are considered rare and mythical, much like the creature they are named after, and are often seen as highly desirable investment opportunities due to their potential for rapid growth and substantial returns. Unicorns are typically associated with the technology and innovation sectors, and their valuations are often driven by factors such as disruptive business models, rapid scalability, and strong market demand for their products or services. The term "unicorn" has become widely popular in the venture capital and startup communities, and the pursuit of discovering and investing in the next unicorn has become a key focus for many investors and entrepreneurs.