Fanatics Maintains Prominent Status Among Global Unicorns in 2025

Fanatics Holds Strong Among Top Private Companies

In 2025, Fanatics continues to be recognized as one of the most valuable private companies worldwide. Valued at $31 billion, it ranks 18th on the global list of elite “Unicorns” — businesses with valuations exceeding $1 billion. This prestigious group includes major artificial intelligence firms and popular consumer platforms. Although unicorns hail from all regions, the United States remains the dominant hub for these billion-dollar startups.

Leveraging a Unique Growth Strategy

Despite artificial intelligence firms dominating the market in 2025, Fanatics has successfully carved out its own path. By integrating sports merchandise, collectibles, and betting into one cohesive growth approach, the company has delivered notable achievements in a highly competitive regulated sports betting landscape.

In August, Fanatics expanded its presence by becoming the fifth operator licensed to offer services in Missouri, marking its 24th US jurisdiction. Unlike competitors focused solely on mobile platforms, Fanatics plans to launch operations in both mobile and physical locations, setting it apart from peers like FanDuel, DraftKings, and Circa Sports. The state’s early market leaders also include data provider Sportradar and testing laboratory GLI.

This addition complements Fanatics’ existing footprint in some of the most profitable betting markets across the country. The company’s growth strategy has helped maintain its multibillion-dollar valuation by demonstrating its capability to secure long-term market share. Furthermore, Fanatics recently established support offices in the Philippines to bolster its North American services and enhance overall performance.

Rise of Prediction Markets and Other Sector Unicorns

Speculation about founder and CEO Michael Rubin selling part of his stake was dispelled last year when the company denied such claims. Though talk of an imminent initial public offering (IPO) has quieted, Rubin has acknowledged that going public is inevitable in the future.

Fanatics is part of a growing group of unicorns within the gaming and sports sectors. For example, Underdog Fantasy surpassed a valuation of $1.2 billion earlier this year, and PrizePicks is valued at around $2 billion. Within the prediction market space, Kalshi recently raised $185 million, reaching a $2 billion valuation, while competitor Polymarket is reportedly preparing a new funding round to achieve unicorn status.

With its significant $31 billion valuation and expanding operations, Fanatics’ hybrid business model proves its ability to flourish. Standing alongside other leading gambling unicorns like DraftKings and FanDuel, Fanatics leverages its scale in sports merchandising and collectibles to ensure sustainable growth despite an increasingly challenging economic environment.