Technology companies worth more than $1 billion—and many worth $10 billion—have fewer reasons to go public than they did in the past. Here’s what that means for them and their investors. Since 2013, an increasing number of technology companies have achieved “unicorn” status: valuations upward of $1 billion in private markets. As of the end of last year, 146 private tech companies were valued at that level, according to CB Insights—more than twice the number a year earlier. In addition, 14 private companies were “decacorns,” with valuations exceeding $10 billion.