  We obtain the complete physical spectrum of the $W_N$ string, for arbitrary
$N$. The $W_N$ constraints freeze $N-2$ coordinates, while the remaining
coordinates appear in the currents only {\it via} their energy-momentum tensor.
The spectrum is then effectively described by a set of ordinary Virasoro-like
string theories, but with a non-critical value for the central charge and a
discrete set of non-standard values for the spin-2 intercepts. In particular,
the physical spectrum of the $W_N$ string includes the usual massless states of
the Virasoro string. By looking at the norms of low-lying states, we find
strong indications that all the $W_N$ strings are unitary.
