A unicorn is a private startup valued at over $1 billion without being listed on a stock exchange. Italy currently counts ten unicorns following the entry of cybersecurity scaleup Exein in September 2026. However, four of these ten companies no longer meet the strict definition as they are either publicly traded or controlled by private equity firms.
The term was coined in 2013 by Aileen Lee, founder of venture capital firm Cowboy Ventures, in a TechCrunch article to describe American tech startups that reached a $1 billion valuation while remaining private. The metaphor a mythical, rare creature was meant to capture how exceptional the achievement was: back then, out of thousands of funded startups every year, only a handful reached that threshold.
Twelve years later, there are over 1,200 unicorns globally. Italy counts ten, taking into account the original Italian Tech Landscape 2026 report (3rd edition, produced by La Tech Made in Italy and Altermind) alongside Exein’s round in September 2026.
The List of Italian Unicorns (Updated)
Here are the ten Italian companies that have surpassed the $1 billion (or €1 billion) valuation threshold, ordered by current valuation and market capitalization:
| No. | Company | Sector | Valuation / Market Cap | Revenues (Ref.) | Headquarters |
| 1 | Bending Spoons | Apps & Software | €23 B | €1.1B | Milan |
| 2 | Technoprobe | Semiconductors (probe cards) | €7.9 B | €756M | Cernusco Lombardone (LC) |
| 3 | Reply | IT & Digital Consulting | €4.45 B | €2.6B | Turin |
| 4 | Exein | IoT Cybersecurity & Physical AI | $1.7 B (~€1.5B) | 2x YoY growth (H1 2026) | Rome |
| 5 | Domyn (ex iGenius) | Artificial Intelligence | €1.7 B | €5.6M | Milan |
| 6 | Satispay | Digital Payments | €1.6 B | €46M | Milan |
| 7 | Namirial | Digital Signature & Trust Services | €1.1 B | €74M | Senigallia (AN) |
| 8 | Scalapay | Buy Now, Pay Later | €1.1 B | €57M | Milan |
| 9 | Facile.it | Price Comparison | €1 B | €140M | Milan |
| 10 | Prima | Digital Insurance | €1 B | €1.3B | Milan |
(Aggregated data from Italian Tech Landscape 2026, updated with live stock market capitalizations and Exein’s September 2026 funding round)
Six out of the ten companies are headquartered in Milan. The list remains heavily concentrated: Bending Spoons, Technoprobe, and Reply account for the vast majority of the aggregate value of the group.
Italy’s 10th Unicorn: The Rise of Exein
In September 2026, the Italian tech ecosystem celebrated its tenth unicorn and its first ever in the cybersecurity sector: Exein.
Founded in Rome in 2018 by Gianni Cuozzo, Exein specializes in cybersecurity for IoT (Internet of Things) and Physical AI—embedded intelligent systems across automotive, industrial robotics, and medical devices. Unlike traditional security software operating at the application level, Exein operates directly at the kernel level of the operating system, blocking threats in real time before they can compromise hardware.
The company secured a $270 million funding round, bringing its valuation to $1.7 billion (approximately €1.5 billion). The round was led by global fund Headline alongside long-standing investors. In the first half of 2026 alone, Exein generated nearly double its entire 2025 revenue, confirming rapid global growth that propelled it from the soonicorn watch list to the top ranks of Italian tech.
Which Companies Are “Strict Unicorns”?
The strict definition of a unicorn requires two conditions simultaneously: a valuation above $1 billion and remaining private (unlisted). Four of the ten companies on the list fail to meet these strict criteria today:
- Bending Spoons is listed on NASDAQ (ticker: BSP): The Milanese holding company went public at an initial valuation of $18.4 billion, with its market capitalization subsequently fluctuating around $26 billion (~€23 billion). As a public company, its market valuation changes every trading day.
- Technoprobe went public in 2022: It trades on Euronext Growth Milan with a public, fluctuating valuation.
- Reply has been public since 2000: Listed on the STAR segment of Borsa Italiana, its market value updates daily, standing at approximately €4.45 billion.
- Facile.it is controlled by private equity: The company is majority-owned by American PE fund Silver Lake.
The remaining six companies Exein, Domyn, Satispay, Namirial, Scalapay, and Prima are unicorns in the strict sense: private, unlisted, and not majority-controlled by traditional private equity funds.
Edge Cases: Newcleo and Docebo
- Newcleo: Founded by physicist Stefano Buono in 2021 to develop 4th-generation nuclear reactors, the company raised hundreds of millions of euros but relocated its legal headquarters to Paris. It is currently finalizing a SPAC merger to list on NASDAQ at a $2.4 billion valuation.
- Docebo: Listed on NASDAQ and Toronto, it crossed the $3 billion valuation mark in 2021 only after becoming a public company, bypassing the private unicorn phase entirely. Its headquarters are currently in Canada.
The Next Italian Unicorns: Soonicorns to Watch
With Exein graduating to unicorn status, the key Italian soonicorns (high-growth scaleups nearing a $1B valuation) include:
- Unobravo (Online Mental Health)
- BizAway (Corporate Travel Booking)
- Musixmatch (Music Tech & Lyrics Data)
- CoreView (Cloud & SaaS Management)
- D-Orbit (Space Logistics)
- Buzzoole (Creator Economy)
- Leaf Space (Satellite Ground Stations)
- Akamas (AI-Driven Cloud Optimization)
Frequently Asked Questions
- Why is Bending Spoons valued at $26 billion instead of €11 billion?The €11 billion figure reflected its private pre-IPO valuation. Following its NASDAQ debut and major international acquisitions (such as Miro), its public market cap has risen to over $26 billion (~€23 billion).
- How many “pure” unicorns does Italy have?Under the strict definition (private, unlisted, tech-driven), Italy has 6 pure unicorns (Exein, Domyn, Satispay, Namirial, Scalapay, Prima). Four others (Bending Spoons, Technoprobe, Reply, Facile.it) are either publicly traded or private-equity owned.
