While public markets quickly process a complex environment with rapidly changing dynamics including the global health crisis, bioterrorism, possible fed rate hikes, inflation concerns, and supply chain bottlenecks; Private markets are full steam ahead. According to pitchbook, 2021 was a record setting year for private markets: 
The US venture industry set a new high-water mark in 2021 by generating a record number of companies valued at more than $1 billion, surpassing the combined total of each of the past five years. Investors deployed more than $71 billion across 340 unicorn deals last year, according to PitchBook data. A flood of funding from nontraditional and crossover investors has played a crucial role in driving up valuations. The average pre-money valuation for late-stage VC deals with nontraditional investor participation had hit a high of $1.13 billion as of the end of the third quarter, according to PitchBook's recent US VC Valuations report. While much of the capital has gone toward late-stage mega-deals with lofty new valuations, 2021 also set a record for early-stage unicorn deals in the US.
Red hot Crypto markets have fueled interest in companies like Kraken, Digital Currency Group, Gemini, Bitpay, Paxos, Bitfury, Alchemy, and many others. Institutional investors are starting to understand that you don't need to buy Bitcoin in order to bet on blockchain as a secular trend. Private equity is something that institutional investors understand. Just take a look at this chart from pitchbook:
Yes that's right, there were more unicorns minted in 2021 than in the past five years combined. traders looking at this chart are thinking it's a bubble how can I short? Fortunately for the new unicorns you can't. In fact, even selling in private markets can be tricky as they are illiquid.
Even so, private mega caps like Stripe and SpaceX choose to remain private. Perhaps in one way, there are some advantages to being private. Private companies are not subject to public disclosure rules and thus make them less of a target for market sharks and vultures. It used to be companies went public to raise money. The thinking probably goes, if we don't need money why be public?
And who wants to let go of a 100% QSBS tax break?  Certainly not any of my chums at the club.
All myths, metaphors, and hidden meanings applied, 2021 was really the year of the Unicorn.