Stanford MBAs are twice as likely to have founded a unicorn as graduates of Harvard Business School

When it comes to breeding unicorns, "The Farm" is in a class of its own.

On a per capita basis, graduates of Standford University's Graduate School of Business were more likely to have founded a venture-backed startup worth at least $1 billion than holders of MBA degrees from any other school, according to a new study. In fact, GSB grads were nearly twice as likely to have founded a unicorn as graduates of Harvard Business School, the No. 2 ranked program in the study, which was conducted by Stanford business professor Ilya Strebulaev .

About three out every 1,000 MBA holders from GSB have founded a unicorn, compared to 1.6 out of every 1,000 Harvard Business graduates, according to Strebulaev's research, which he shared in a LinkedIn post.

The study looked at 538 U.S. unicorns and identified 1,356 founders. Of those, just 238 had earned a business school graduate degree. One of the more notable for Stanford: Tony Xu, one of the co-founders of DoorDash.

The researchers then divided up those graduates by school. For each school, they compared the number of unicorn founders they'd produced to the total number of MBA graduates they'd produced between 2000 and 2015 to get their ratio of founders to graduates.

One reason why Stanford may be having so much success producing unicorn founders — at least compared to other business schools — is because of its location, one person commented in response to Strebulaev post. Given that it's in the middle of Silicon Valley and just down the street from the venture industry's traditional home base in Menlo Park, it may attract more students who aspire to be startup founders.

Regardless, here's how the schools stacked up, ranked by the number of unicorn founders they produced per 1,000 graduates: