The unicorn startup landscape is experiencing a downturn, with over one-third of more than 1,200 unicorns failing to secure new funding since 2021. More than 100 of these companies are valued at around $1 billion and are at risk of losing their unicorn status if they undergo a down round. As investor sentiment becomes more selective, late-stage startups may face difficult decisions regarding their future funding options. Additionally, the overall value locked in these companies has surpassed $1 trillion, indicating a significant decline in prospects for many billion-dollar startups.