# Unicorn outcomes: methodology

Evidence reviewed Oct 26, 2026. Historical events; selected coverage.

## What qualifies for the register

A case needs evidence of a private-company valuation of at least US$1 billion and a subsequent documented acquisition, asset sale, restructuring, bankruptcy filing, shutdown or private markdown. This is a selected research set, not a census of former unicorns. Inclusion does not assert that a company is currently worth less than US$1 billion.

## Historical valuation, not an invented peak

The private valuation is a dated benchmark supported by the linked evidence. It may be a pre-money or post-money valuation, or a disclosed lower bound. It is not automatically the highest valuation the company ever reached. SPAC transaction values and post-listing market capitalizations do not establish a private funding-round valuation.

## Different events carry different meanings

An acquisition concerns the company or business described in the announcement. An asset sale may cover only one product or selected assets. A bankruptcy filing is a court process, not proof of shutdown; businesses may continue or reorganize. A restructuring can change ownership or debt while operations continue. A shutdown is recorded only when the evidence supports cessation of operations. A private markdown is specific to its valuation date, holder and share class.

## Transaction prices are not comparable by default

Equity value, enterprise value, asset consideration and funding-round valuations measure different things. Each case identifies the reported basis and separates announcement, agreement and completion where relevant. Undisclosed prices stay undisclosed. The tracker does not subtract these figures to estimate investor losses or aggregate value destroyed.

## Shutdowns and wind-downs

The combined shutdowns and wind-downs filter includes only cases whose documented event is cessation of operations or an orderly wind-down. Bankruptcy filings, restructurings and asset sales do not enter that view automatically. A surviving brand, transferred product or successor business is identified in the case where the evidence establishes it. These are dated historical events, not a claim that every related business remains closed.

## Sources and dates

Altss independently writes these cases from linked company and investor announcements, regulatory filings, court records and identified financial reporting where needed. The source publication date, event date and evidence-review date are distinct. Dates retain the precision supported by the evidence: a year alone does not imply January 1. Historical event records are not live market prices or a continuously refreshed assessment of solvency. Unitard Club inspired the tracker; its CC BY 4.0 press dataset was used to discover expansion candidates. Altss independently checks the published claims and classifications against the sources linked in each case. Unitard investor columns and written company summaries are not imported.

## Investor names describe historical participation

Investors appear only where the linked source names them. Participation does not establish current ownership, the size of a position, realized losses or portfolio performance. Names are preserved as disclosed; similarly named funds and affiliated vehicles are not silently combined. No investor ranking is inferred from this selected sample.

## Corrections and continued research

Send a correction with the company name and supporting evidence through Contact Altss. We investigate inaccuracies and correct or contextualize the affected record while preserving relevant, lawfully published business information. New cases and event updates require evidence review before publication. This public reference is informational and is not investment advice.

Candidate discovery: Unitard Club (unitard.io), CC BY 4.0 press dataset. Altss selections, evidence checks, classifications and case text are independently prepared; investor columns and original summaries are excluded.

[Unitard Club press dataset](https://www.unitard.io/press) · [CC BY 4.0](https://creativecommons.org/licenses/by/4.0/)

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