In 2014, China held only one spot and 28% of the combined valuation among the top 10 most valued startups in the world. The US, by contrast, held eight (65% of value). India laid claim to the final spot (7%).

But as of December 2017, China now holds four spots and accounts for 46% of the combined valuation for the top 10 most valuable unicorns. Quartz estimates it will surpass the US by the end of this year should it continue the same rate of growth from the last four years.

When looking at the full list of the world’s unicorns, however, Silicon Valley still accounts for a higher share of their combined valuation. While China produces companies that are more valuable on average, the Valley continues to win on quantity—with most US-based unicorns hovering at $1 billion.