ChatGPT reshapes venture investment landscape… 220 former unicorns tumble

After ChatGPT, venture dollars have shifted sharply toward generative AI leaders like OpenAI and Anthropic, leaving many older U.S. unicorns struggling to raise new capital.

CNBC and PitchBook found that more than 220 U.S. unicorns valued highly in 2021 are now facing tougher fundraising and IPO prospects as investor attention moves on.

Companies whose last funding rounds are several years old have seen average valuations fall significantly, with enterprise software hit especially hard.

Some startups are responding by pursuing acquisitions or accepting lower-priced exits instead of trying to grow into public-market candidates.