Power Law outcomes
Unicorns in Canada
Dealroom tracks 75 unicorns headquartered in Canada — companies that reached a verified $1B+ valuation — worth $369.7B combined, plus 17 thoroughbreds generating $100M+ in annual revenue. Updated July 2026.
75Unicorns ($1B+ valuation)
4Valued at $10B or more
17Thoroughbreds ($100M+ revenue)
$369.7BCombined unicorn valuation
Every unicorn in Canada
All 75 companies headquartered in Canada that reached a verified $1B+ valuation, ranked by latest valuation. Click a company for its full Dealroom profile.
| # | Company | Sector | HQ | Founded | Valuation | Status |
|---|---|---|---|---|---|---|
| 1 | Shopify | eCommerce & Marketplaces | Ottawa | 2006 | $152B | IPO 2015 |
| 2 | Constellation Software | Other B2B Software | Toronto | 1995 | $41B | Private |
| 3 | Cohere | AI | Toronto | 2019 | $20B | Private |
| 4 | Lululemon | eCommerce & Marketplaces | Vancouver | 1998 | $16B | IPO 2007 |
| 5 | Hut8 | Fintech | Toronto | 2017 | $8.4B | IPO 2018 |
| 6 | Dapper Labs | Consumer Services | Vancouver | 2018 | $7.6B | Private |
| 7 | Wealthsimple | Fintech | Toronto | 2014 | $7.3B | Private |
| 8 | 1Password | Cybersecurity | Toronto | 2005 | $6.8B | Private |
| 9 | Hopper | eCommerce & Marketplaces | Montreal | 2007 | $5B | Private |
| 10 | Xenon Pharmaceuticals | Biotech & Life Sciences | Burnaby | 1996 | $4.8B | IPO 2014 |
| 11 | Nuvei | Fintech | Montreal | 2003 | $4.8B | IPO 2020 |
| 12 | CoolIT Systems | Other | Calgary | 2001 | $4.8B | Private |
| 13 | PointClickCare | Health Tech & Medtech | Mississauga | 2000 | $4B | Private |
| 14 | SSENSE | eCommerce & Marketplaces | Montreal | 2003 | $3.7B | Private |
| 15 | Xanadu | Semiconductors | Toronto | 2016 | $3.6B | Private |
| 16 | ApplyBoard | Edtech | Kitchener | 2015 | $3.2B | Private |
| 17 | Blockstream | Fintech | Montreal | 2014 | $3.2B | Private |
| 18 | Waabi | Transportation | Toronto | 2021 | $3B | Private |
| 19 | LayerZero | Fintech | Vancouver | 2021 | $3B | Private |
| 20 | Clio | Other | Burnaby | 2008 | $3B | Private |
| 21 | Verafin | Fintech | St. John's | 2003 | $2.8B | Private |
| 22 | Tenstorrent | Semiconductors | Toronto | 2016 | $2.6B | Private |
| 23 | StackAdapt | Marketing | Toronto | 2014 | $2.5B | Private |
| 24 | Trillium Therapeutics | Biotech & Life Sciences | Toronto | 2004 | $2.3B | IPO 2008 |
| 25 | DECIEM | eCommerce & Marketplaces | Toronto | 2013 | $2.2B | Private |
| 26 | Alphawave IP | Semiconductors | Toronto | 2017 | $2.2B | IPO 2021 |
| 27 | The Metals Company | Transportation | Vancouver | 2011 | $2B | IPO 2021 |
| 28 | theScore | Consumer Services | Toronto | 2012 | $2B | IPO 2012 |
| 29 | Clearco | Fintech | Toronto | 2015 | $2B | Private |
| 30 | Zymeworks | Biotech & Life Sciences | Vancouver | 2003 | $1.9B | IPO 2017 |
| 31 | Jane.app | Health Tech & Medtech | North Vancouver | 2012 | $1.8B | Private |
| 32 | Trulioo | Fintech | Vancouver | 2011 | $1.8B | Private |
| 33 | Fusion Pharmaceuticals | Biotech & Life Sciences | Hamilton | 2014 | $1.7B | IPO 2020 |
| 34 | Aurinia Pharmaceuticals | Biotech & Life Sciences | Edmonton | 1993 | $1.7B | IPO 1996 |
| 35 | Paper | Edtech | Montreal | 2014 | $1.5B | Private |
| 36 | Nexii | Other | Vancouver | 2018 | $1.5B | Private |
| 37 | Tailscale | Cybersecurity | Toronto | 2019 | $1.4B | Private |
| 38 | Bitfarms | Fintech | Brossard | 2017 | $1.4B | IPO 2018 |
| 39 | Figment | Fintech | Toronto | 2018 | $1.4B | Private |
| 40 | Magnet Forensics | Other | Waterloo | 2009 | $1.3B | IPO 2021 |
| 41 | Clementia Pharmaceuticals | Biotech & Life Sciences | Montreal | 2012 | $1.3B | IPO 2017 |
| 42 | Assent | Other B2B Software | Ottawa | 2005 | $1.3B | Private |
| 43 | Ada | AI | Toronto | 2016 | $1.2B | Private |
| 44 | Rumble | Consumer Services | Toronto | 2013 | $1.2B | Private |
| 45 | Shareworks (formerly Solium Capital) | Fintech | Calgary | 1999 | $1.1B | IPO 2001 |
| 46 | Q9 Networks | Other | Toronto | 1995 | $1.1B | Private |
| 47 | eSentire | Cybersecurity | Waterloo | 2001 | $1.1B | Private |
| 48 | Carbon Engineering | Aviation | Squamish | 2009 | $1.1B | Private |
| 49 | Inversago Pharma | Biotech & Life Sciences | St-Eustache | 2015 | $1.1B | Private |
| 50 | Jobber | AI | Edmonton | 2011 | $1B | Private |
| 51 | Benevity | Other B2B Software | Calgary | 2008 | $1B | Private |
| 52 | Visier | Other | Vancouver | 2010 | $1B | Private |
| 53 | Enverus Intelligence Research (formerly RSEG) | Energy | Calgary | 1998 | $1B | Private |
| 54 | FreshBooks | Fintech | Toronto | 2003 | $1B | Private |
| 55 | Semios | Food | Vancouver | 2010 | $1B | Private |
| 56 | GeoComply | Fintech | Vancouver | 2010 | $1B | Private |
| 57 | Axelar | Other B2B Software | Toronto | 2020 | $1B | Private |
| 58 | Svante | Energy | Burnaby | 2007 | $1B | Private |
| 59 | POINT Biopharma | Biotech & Life Sciences | Toronto | 2019 | $1B | IPO 2020 |
| 60 | Tilray | Biotech & Life Sciences | Nanaimo | 2013 | $832M | IPO 2018 |
| 61 | Lightspeed | Food | Montreal | 2005 | $787M | IPO 2019 |
| 62 | AbCellera Biologics | Biotech & Life Sciences | Vancouver | 2012 | $767M | IPO 2020 |
| 63 | Wrapbook | Fintech | Toronto | 2018 | $750M | Private |
| 64 | Copperleaf | Fintech | Vancouver | 2000 | $692M | IPO 2021 |
| 65 | HIVE Digital Technologies | Fintech | Vancouver | 2013 | $562M | IPO 2017 |
| 66 | Li-Cycle | Energy | Toronto | 2016 | $433M | IPO 2020 |
| 67 | Docebo | Edtech | Toronto | 2005 | $406M | Private |
| 68 | Canopy Growth | Biotech & Life Sciences | Smiths Falls | 2014 | $380M | IPO 2014 |
| 69 | Neo Financial | Fintech | Calgary | 2019 | $301M | Private |
| 70 | Coveo | AI | Quebec City | 2005 | $216M | IPO 2021 |
| 71 | Cronos Group (CRON) | Biotech & Life Sciences | Toronto | 2013 | $138M | IPO 2016 |
| 72 | Thinkific | Edtech | Vancouver | 2012 | $20M | IPO 2021 |
| 73 | Lion Electric | Transportation | Saint-Jérôme | 2008 | $17M | Private |
| 74 | Kik | Consumer Services | Waterloo | 2009 | — | Private |
| 75 | Rational Group | Consumer Services | Toronto | 2001 | — | Private |
Thoroughbreds — the $100M+ revenue tier
Dealroom's revenue milestone: 17 Canada companies past $100M in annual revenue, proof of traction beyond paper valuations.
| # | Company | Sector | HQ | Founded | Valuation | Status |
|---|---|---|---|---|---|---|
| 1 | Fullscript | Health Tech & Medtech | Ottawa | 2011 | $1.4B | Private |
| 2 | Propel Holdings | Fintech | Toronto | 2011 | $968M | IPO 2021 |
| 3 | Knight Therapeutics | Biotech & Life Sciences | Westmount | 1995 | $523M | IPO 2014 |
| 4 | BlueCat | Fintech | Toronto | 2001 | $400M | Private |
| 5 | Real Matters | Other | Markham | 2004 | $276M | IPO 2017 |
| 6 | D2L | Edtech | Kitchener | 1999 | $271M | IPO 2021 |
| 7 | System1 | AI | Toronto | 2013 | $258M | Private |
| 8 | Mejuri | eCommerce & Marketplaces | Toronto | 2013 | $138M | Private |
| 9 | DIRTT Environmental Solutions | Other | Calgary | 2005 | $138M | IPO 2013 |
| 10 | Haivision | Consumer Services | Montreal | 2004 | $129M | IPO 2020 |
| 11 | Medexus Pharmaceuticals | Biotech & Life Sciences | Montreal | 2007 | $104M | IPO 2012 |
| 12 | Payfare | Fintech | Toronto | 2015 | $86M | IPO 2021 |
| 13 | Goodfood | eCommerce & Marketplaces | Montreal | 2014 | $44M | IPO 2017 |
| 14 | Enthusiast Gaming | Consumer Services | Toronto | 2014 | $36M | IPO 2017 |
| 15 | Repare Therapeutics | Biotech & Life Sciences | Montreal | 2016 | $2M | IPO 2020 |
| 16 | Workleap | Other B2B Software | Montreal | 2006 | — | Private |
| 17 | Sundial Growers | Food | Calgary | 2006 | — | IPO 2019 |
Frequently asked questions
How many unicorns are there in Canada?
Dealroom tracks 75 unicorns headquartered in Canada as of July 2026, worth $369.7B combined. 4 of them are valued at $10B or more.
What are the biggest unicorns in Canada?
The three most valuable are Shopify, Constellation Software, Cohere. Toronto is the top hub with 27 of them.
What counts as a unicorn — and what is a thoroughbred?
A unicorn is a company that reached a $1B+ valuation, verified by Dealroom. A thoroughbred is Dealroom's revenue-based tier: a startup-era company generating $100M+ in annual revenue — traction, not just paper valuation.