More than $1 trillion in value remains locked in venture-backed startups with dwindling prospects as the Silicon Valley unicorn bubble deflates, according to a new Bloomberg Businessweek report. Of the 354 companies that reached billion-dollar valuations in 2021, only six have completed initial public offerings, Stanford Business School professor Ilya Strebulaev said.

Four others went public via SPACs and 10 were acquired, some below their unicorn status. Several prominent startups have already collapsed, including indoor farming firm Bowery Farming and AI healthcare company Forward Health. Freight business Convoy, valued at $3.8 billion in 2022, shut down last year with rival Flexport buying its assets at a steep discount.

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