Published on: August 21, 2025, 12:45h.
Updated on: August 21, 2025, 12:45h.
- Fanatics ranks among the top 20 most valuable unicorns globally
- Sports gear and gaming enterprise valued at $31 billion
Fanatics, a company specializing in sports apparel and betting, holds a prestigious position as one of the most valuable unicorns in the world, yet it still has significant ground to cover to break into the top 10 rankings.
According to new insights from Visual Capitalist, Fanatics has a valuation of $31 billion as of July 4, placing it 18th among the world’s unicorns. In financial terms, a “unicorn” refers to privately held businesses valued at over $1 billion, a rare distinction that becomes even more exclusive at higher valuation levels of $5 billion and $10 billion.
Approximately half of the most valuable unicorns globally, including Fanatics, are based in the United States. Michael Rubin’s enterprise primarily generates its revenue through apparel and collectibles, although its Fanatics Betting & Gaming division is making significant advancements in the online gaming and sports betting markets.
While a $31 billion valuation is indeed impressive, Fanatics would need to double its worth to enter the top 10 unicorns, as the 10th positioned company, Anthropic, is valued at $62 billion. At the top, Elon Musk’s SpaceX boasts a valuation of $350 billion, as reported by Visual Capitalist. Moreover, OpenAI, positioned as the second-most valuable unicorn, is estimated at $500 billion, labeling it as the most valued private entity worldwide.
Insights on Fanatics’ Valuation
Fanatics’ $31 billion valuation stems from a funding round in December 2022; however, a year earlier, there were speculations that the company contemplated equity sales to its employees at a $25 billion valuation.
Some analysts have noted reports suggesting that Fanatics’ equity was trading in private markets with indications of a $17 billion valuation. The accuracy of these claims is uncertain, but a $25 billion valuation would maintain Fanatics’ position as one of the 30 most valuable unicorns, whereas a $17 billion assessment would push it just outside that threshold. Notably, no other betting-related companies are included in the top 30.
It is evident that speculation about an initial public offering (IPO) for Fanatics has lessened, even as Rubin mentioned in a recent discussion that the time will come when the company transitions to a publicly traded entity.
The Gaming Sector’s Unicorns
While Fanatics does not solely focus on gaming, the industry is home to several other unicorns. For instance, Underdog Fantasy reached a valuation of $1.23 billion following a $70 million funding round in March, and many industry insiders speculate that rival PrizePicks is valued around $2 billion.
According to Tracxn data published earlier this year, merely six gambling firms, like DraftKings and FanDuel, have achieved unicorn status. This count may not account for Fanatics and could increase if prediction market operators are included in the tally.
In June, Kalshi secured $185 million at a $2 billion valuation, while competitor Polymarket is rumored to be approaching a $200 million raise at a $1 billion valuation.