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In less than two years, the VC industry has transformed a mythical creature into a somewhat common one. PitchBook has released its inaugural VC Unicorn Report, which dives into the terms, conditions and trends affecting VC-backed companies worth $1 billion or more. Drawing on valuation documents and more than 25,000 company valuations housed in the PitchBook Platform, the report breaks down valuation trends for specific companies, including protection terms, protective provisions, dividends, liquidation preferences, participation rights, voting rights and elections of Boards of Directors. The video above takes a look into the report and lends some insight into the current state of U.S. unicorns.