After a dismal '16, U.S. IPO activity has shown signs of recovery; however, the IPO fee pool is still 47% below the '14 peak. IPO fees from VC-backed companies doubled Y/Y - a key driver for the 2017 recovery. Despite the recent activity, the stable of Unicorns is larger than ever, and has the potential to bolster the recovery further. The aggregate value of Unicorns now stands at $600b, which we believe represents a potential $2b in IPO fees - more than the entire U.S. IPO fee pool in the last twelve months. Bulge-bracket banks should be the top beneficiaries if these Unicorn IPOs materialize, as they currently earn 69% of fees from VC-backed deals.