Fanatics ranked among world’s top unicorns in new analysis

Fanatics Inc. has been valued at $31 billion, placing the sports-merchandising and gaming company 18th among the world’s most valuable unicorns, according to new analysis by Visual Capitalist. 

The company is in an elite group of closely held firms worth more than $1 billion. To break into the top 10, Fanatics would need to double its value, as artificial intelligence firm Anthropic is valued at $62 billion. Elon Musk’s SpaceX and OpenAI dominate the list at $350 billion and $500 billion, respectively.

Fanatics is one of the most valuable unicorns in the world, though it has a long way to go to enter the top 10, the research group said. Nearly half of the global unicorns are U.S.-based, with Fanatics standing out as one of the few with a growing presence in both sports merchandising and online betting.

Rumors of an initial public offering have eased, but founder and CEO Michael Rubin said in a recent interview that a day will come when Fanatics is publicly traded, according to Casino.org.

Fanatics’ $31 billion valuation dates back to a December 2022 funding round. Reports in private markets have suggested the company’s equity has recently traded at lower levels, implying valuations between $17 billion and $25 billion. A $25 billion price tag would keep Fanatics in the global top 30, while $17 billion would put it just outside.

Fanatics is not a pure-play gaming firm, but several other companies in the sector have achieved unicorn status. Daily fantasy operator Underdog Fantasy was valued at $1.23 billion in March, while rival PrizePicks is believed to be worth about $2 billion. Prediction market operator Kalshi raised $185 million at a $2 billion valuation in June, and Polymarket is said to be nearing a $1 billion round.

Tracxn data show that only six betting firms, including DraftKings and FanDuel, are in the unicorn club, and no other betting-related companies rank among the world’s 30 most valuable startups.