Fanatics has secured its position among the world’s most valuable private companies in 2025, remaining 18th globally with a valuation of $31 billion. The organization ranks among an elite list of “Unicorns,” companies valued at over $1 billion, that features artificial intelligence giants and high-profile consumer platforms. While the list contains businesses from all across the globe, the United States remains the leading destination for billion-dollar startups.
The Operator Continues to Leverage Its Momentum
While AI companies have been the undisputed powerhouses of 2025, with OpenAI currently valued at $300 billion, Fanatics has challenged the status quo, combining sports merchandise, collectibles, and betting within a single growth engine. This strategy has delivered impressive results in a year when competition in regulated sports betting has only increased.
In August, Fanatics became the fifth operator to receive a license in Missouri, its 24th US jurisdiction. The company has expressed its intention to operate mobile and land-based businesses, distinguishing it from competitors like FanDuel, DraftKings, and Circa Sports. Data provider Sportradar and test lab GLI complete the list of early movers in the state.
Missouri adds to a footprint that already includes some of the most lucrative betting jurisdictions in the country. The growth has helped retain Fanatics’ multibillion-dollar valuation as investors look to its ability to lock up long-term market share. The operator also recently launched support offices in the Philippines. This move will support Fanatics’ North American operations and aims to elevate its offerings.
Prediction Markets Have Also Skyrocketed
Rumors of a possible stake sale by founder and chief executive Michael Rubin were laid to rest last year, when a spokesman denied reports that he was looking to divest a portion of his holdings. Talk of a near-term IPO has also died down, although Rubin has said that a public listing is unavoidable at some point.
Fanatics isn’t the only unicorn in the gaming and sports ecosystem. Underdog Fantasy, for instance, surpassed the $1.2 billion valuation threshold earlier this year, and PrizePicks’ estimated valuation is roughly $2 billion. In the prediction market sector, Kalshi recently raised $185 million for a $2 billion valuation, while competitor Polymarket is reportedly queueing up a new financing round that would cement unicorn status.
With its $31 billion valuation and a growing operational footprint, Fanatics has demonstrated that its hybrid model can thrive. The company now stands among other high-profile unicorns in the gambling sector, such as DraftKings and FanDuel, leveraging its scale in sports merchandising and collectibles to drive sustainable expansion and thrive in an increasingly challenging economic environment.