In September, we released a major piece of research declaring that Europe had entered a new "Era of Execution". We identified a new breed of "rocketship" companies - tech startups founded since 2020 that have already reached billion-dollar valuations. At the time, we argued that European founders were smashing through scaling bottlenecks, out-executing rivals, and keeping pace with competition internationally.
We believed this was the start of a fundamental shift. But data from the final months of 2025 suggests that the velocity of new rocketships emerging is even higher than one would have expected in fall.
A 50% Surge in Just Four Months
In our end-of-year update, the data is clear: the Era of Execution has not just been a short-lived phase; it is a longer-term movement and it is even accelerating.
Between September and the end of 2025, Europe minted seven new rocketship unicorns, representing a 50% increase in just four months. This brings the total cohort of European rocketships to 21. These companies - including new entrants like Black Forest Labs, Legora, and Nscale - have collectively raised over $10 billion since 2020.
Most staggering is the sheer speed of value creation. Historically, European unicorns took an average of 7.2 years to reach billion-dollar status. For this rocketship cohort, that timeline has collapsed to just 2.2 years. For those founded after 2023, the time to unicorn is now a blistering 1.7 years.
The strength of Europe’s biggest startup market - the UK
Perhaps the most significant finding in this update is the strength of the UK technology ecosystem.
Back in September, our data raised a difficult question: was London being left behind? At that time, only one rocketship had emerged from the capital. However, the second half of 2025 has delivered a decisive answer.
Of the seven new rocketships identified in H2 2025, five are based in the UK: Nscale, Isomorphic Labs, Nothing, Fuse Energy, and Verdiva Bio. The UK has now caught up to France as the joint-leading home for rocketships in Europe, surpassing both Germany and Sweden.
This turnaround reaffirms the resilience and dominance of London as a global tech hub.
The Profile of a Rocketship Founder
What drives this speed? The dominance of technical talent and AI is becoming absolute.
Our updated data shows that 61% of all European rocketships are now AI companies.
Furthermore, the profile of the founder is shifting. Among rocketships founded in the last two years, 100% of founders have technical backgrounds. This is a massive change. When you look at European unicorns founded before 2020, only 27% had technical founders. Why does this change matter? Because data clearly shows that technical founders build the world’s most successful and valuable tech companies.
These founders are also getting younger, with the average age of an AI rocketship founder falling from 32 to 28. With AI reducing the barriers to entry for new founders, you don’t need as much experience to build in this new era. Younger and younger founders are leveraging the new capabilities of AI to create unicorns.
Speed as the Strategy for 2026
This "let's do it" attitude is permeating the entire ecosystem. In a survey of our portfolio founders conducted this December, 91% reported that their execution speed is faster now than it was at the start of the year. Looking ahead, 62% believe that speed of execution will be the single biggest differentiator for startups in 2026.
The Era of Execution has truly begun. The ambition is here, the capital is following, and European founders are redefining what is possible.
Our full report is available here
