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The number of unicorns that went public in 2019 hit a record level but the herd waiting for their run on Wall Street continues to grow.

That's one of the observations made in the eighth annual Tech IPO Pipeline report from venture analytics firm CB Insights this week.

It counts 281 U.S. tech companies as possible IPO candidates next year, if market conditions are right, with California home to the lion's share — 174.