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Fanatics’ $31 Billion Valuation Ranks it Among Most Valuable Unicorns
Posted on: August 21, 2025, 12:45h.
Last updated on: August 21, 2025, 01:43h.
- Fanatics in the top 20 among world’s most valuable unicorns
- Sports apparel and gaming company is valued at $31 billion
Sports apparel and betting company Fanatics is one of the most valuable unicorns in the world, though it has a long way to go to enter the top 10.
New analysis by Visual Capitalist indicates Fanatics is valued at $31 billion as of July 4, ranking it 18th among global unicorns. “Unicorn” is financial parlance for closely held companies with valuations of at least $1 billion. It’s lofty territory and even more rarefied air when the $5 billion and $10 billion levels are exceeded.
Nearly half of the world’s most valuable unicorns, including Fanatics, are US-based companies. In the case of Michael Rubin’s company, it generates the bulk of its revenue from apparel and collectibles, but its Fanatics Betting & Gaming unit is making strides in the iGaming and online sports betting industries.
A $31 billion valuation is impressive, but Fanatics would need to double in value to enter top-10 unicorn territory because No. 10, Anthropic, is valued at $62 billion. Elon Musk’s SpaceX tops the list at $350 billion, according to Visual Capitalist. OpenAI, which was ranked as the second-most valuable unicorn, is said to be worth $500 billion, making it the world’s most valuable private company.
Some Questions About Fanatics Valuation
Fanatics was valued at $31 billion following a December 2022 funding round, but a year ago, rumors surfaced that the company was mulling equity sales to staff at a $25 billion valuation.
Some experts have noted reports of Fanatics equity trading in private markets at prices implying a valuation of $17 billion. It’s not clear if that’s accurate or just conjecture, but a valuation of $25 billion would be enough to keep Fanatics among the 30 most valuable unicorns, while a $17 billion price tag would put it just outside the top 30. No other companies with betting ties are in the top 30.
What is clear is that once rampant rumors about Fanatics commencing an initial public offering (IPO) have died down, though Rubin said in a recent interview that a day will come when the company is publicly traded.
Gaming Industry Has Some Unicorns
Fanatics isn’t a pure-play gaming company, but the industry is home to some other unicorns. Underdog Fantasy was valued at $1.23 billion following a $70 million March funding round, and some industry experts believe that implies the valuation on rival PrizePicks is around $2 billion.
Tracxn data released earlier this year indicate only six betting companies, including DraftKings and FanDuel, reached unicorn status. That figure likely doesn’t include Fanatics, and it could be larger if prediction market operators are included.
In June, Kalshi raised $185 million at a $2 billion valuation while rival Polymarket is rumored to be close to raising $200 million at a $1 billion multiple.
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