Private funding rounds, June 2025
Every private raise an operating company reported to the SEC on Form D in June 2025: by sector, round size, revenue, age and state, with the largest raises named and linked to their filings.
825
Rounds with money sold
$7.83bn
Total sold
$1.8M
Median round
87
Rounds by pre-revenue companies
The largest raises
Amount sold as reported on the Form D. Each company links to its filing on EDGAR.
| Company | State | Industry | Sold | Investors | Filed |
|---|---|---|---|---|---|
| Neuralink Corp.Equity | CA | Biotechnology | $649M | 49 | 2025-06-12 |
| Silicon Ranch CorpEquity | TN | Other Energy | $451M | 4 | 2025-06-30 |
| SharpLink Gaming, Inc.Equity | MN | Other Technology | $425M | 108 | 2025-06-10 |
| Abridge AI Inc.Equity | PA | Other Technology | $316M | 20 | 2025-06-30 |
| Impulse Space, Inc.Equity | CA | Other | $295M | 47 | 2025-06-11 |
| Gravie, Inc.Equity | MN | Health Insurance | $144M | 11 | 2025-06-26 |
| Oric Pharmaceuticals, Inc.Equity | CA | Biotechnology | $125M | 15 | 2025-06-06 |
| Observe, Inc.Equity | CA | Other Technology | $125M | 52 | 2025-06-06 |
| Gecko Robotics, Inc.Equity | PA | Other Technology | $122M | 29 | 2025-06-12 |
| Mach Industries Inc.Equity | CA | Other | $102M | 14 | 2025-06-26 |
| Bioleum CorpEquity, revenue no revenue | OK | Other Energy | $85M | 19 | 2025-06-04 |
| Peoples Financial Services Corp.Debt | PA | Commercial Banking | $85M | 52 | 2025-06-20 |
| Vivodyne, Inc.Equity | CA | Other Technology | $77.7M | 18 | 2025-06-10 |
| SpyGlassPharma, Inc.Equity | CA | Other Health Care | $75M | 10 | 2025-06-05 |
| Xona Space Systems Inc.Equity | CA | Other | $74.6M | 17 | 2025-06-20 |
| Collective Hub, Inc.Equity | CA | Other Technology | $71M | 48 | 2025-06-13 |
| Bitwise Asset Management, Inc.Equity | CA | Other | $70M | 20 | 2025-06-20 |
| Radiant Industries, IncEquity | CA | Other Energy | $66M | 30 | 2025-06-10 |
| Upwing Energy, Inc.Equity | CA | Oil and Gas | $65M | 4 | 2025-06-13 |
| Arthrosi Therapeutics, Inc.Equity | CA | Pharmaceuticals | $60.9M | 13 | 2025-06-24 |
| Lilt, Inc.Equity | CA | Other Technology | $55.5M | 16 | 2025-06-17 |
| Meritum Energy Holdings, LPEquity | TX | Other | $54.3M | 228 | 2025-06-17 |
| Redem Tech, Inc.Equity | Outside US | Other Technology | $52.6M | 13 | 2025-06-26 |
| Wander.com, Inc.Equity | TX | Other Technology | $52.2M | 91 | 2025-06-11 |
| Goodfire AI, Inc.Equity | CA | Other Technology | $52M | 47 | 2025-06-02 |
By sector
Sector is the issuer's own Form D industry group, grouped.
| Sector | Rounds | Total sold | Median | Largest |
|---|---|---|---|---|
| Technology1038 software and internet investors | 232 | $2.63bn | $2.2M | SharpLink Gaming, Inc. $425M |
| Other | 218 | $1.61bn | $1.1M | Impulse Space, Inc. $295M |
| Healthcare425 healthcare and life sciences investors | 92 | $1.5bn | $2.4M | Neuralink Corp. $649M |
| Real estate39 real estate investors | 166 | $761M | $2.1M | Spyglass - Decatur East Holdings, LLC $48.5M |
| Energy204 energy and utilities investors | 23 | $745M | $983K | Silicon Ranch Corp $451M |
| Financial services296 financial services investors | 37 | $420M | $6M | Peoples Financial Services Corp. $85M |
| Industrials122 industrials and manufacturing investors | 28 | $95.1M | $1.1M | Diamond Standard Inc. $21M |
| Consumer238 consumer and retail investors | 16 | $50.2M | $707K | Nonoses Inc. $15.8M |
| Business services77 business and professional services investors | 13 | $18.5M | $434K | FinResults Inc. $7.2M |
By round size
Amount sold at the time of filing.
| Size band | Rounds | Total sold | Median round |
|---|---|---|---|
| Under $1M | 309 | $97.4M | $250K |
| $1M to $5M | 269 | $637M | $2M |
| $5M to $20M | 166 | $1.6bn | $9.1M |
| $20M to $50M | 52 | $1.55bn | $26.2M |
| $50M to $100M | 19 | $1.2bn | $60.9M |
| $100M and over | 10 | $2.75bn | $219M |
By company revenue
The revenue range the issuer reported on its Form D. Many decline to disclose it.
| Revenue | Rounds | Total sold | Median round |
|---|---|---|---|
| No revenue | 87 | $291M | $500K |
| Up to $1M | 41 | $67.9M | $350K |
| $1M to $5M | 20 | $21.3M | $551K |
| $5M to $25M | 6 | $24.1M | $3.9M |
| $25M to $100M | 4 | $8.7M | $975K |
| Over $100M | 2 | $11.6M | $5.8M |
| Declined to disclose | 661 | $7.41bn | $2.4M |
| Not applicable | 4 | $1.7M | $400K |
By company age
Years since incorporation, as filed.
| Age | Rounds | Total sold | Median round |
|---|---|---|---|
| Under 2 years | 313 | $1.62bn | $1.3M |
| 2 to 5 years | 241 | $1.84bn | $2M |
| Over 5 years | 270 | $4.37bn | $3M |
| Not yet formed | 1 | $210K | $210K |
By instrument
SAFE and convertible are read from the filer's own description of the security.
| Instrument | Rounds | Total sold | Median round |
|---|---|---|---|
| Equity | 614 | $6.96bn | $2.4M |
| Debt | 53 | $384M | $1M |
| Convertible | 56 | $214M | $1M |
| Other | 21 | $137M | $840K |
| Options or warrants | 39 | $97.3M | $550K |
| SAFE | 42 | $39.5M | $500K |
By state
The issuer's principal place of business. Top 15.
| State | Rounds | Total sold | Median round |
|---|---|---|---|
| CA | 129 | $2.8bn | $3.8M |
| TX | 70 | $598M | $2.4M |
| MN | 12 | $598M | $3.2M |
| PA | 17 | $549M | $900K |
| TN | 12 | $486M | $995K |
| NY | 66 | $463M | $2.5M |
| Outside US | 72 | $394M | $849K |
| MA | 35 | $188M | $4.3M |
| IL | 24 | $180M | $2.8M |
| FL | 46 | $174M | $2.2M |
| WA | 32 | $104M | $650K |
| NJ | 11 | $99.4M | $1.4M |
| OK | 6 | $95.5M | $1.7M |
| OR | 11 | $88.5M | $3.9M |
| OH | 21 | $81M | $2M |
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How this is built
A US company raising money privately files a Form D with the SEC within 15 days of the first sale. Each report counts every original Form D (not amendments, so a round that closes in tranches is counted once) filed in the period by an operating company. A weekly report covers an ISO week, Monday to Sunday UTC; a monthly report the calendar month. Investment funds, SPVs, finance vehicles and business-combination filings are left out. A round is counted when the filing reports money already sold, and its size is that amount.
Form D does not name the round, so there is no seed or Series A label here. The tables group by what the filing does state: the amount sold, the issuer's industry group, its own revenue range, how long ago it was incorporated, and the instrument sold.
2,690 original Form D notices were filed in June 2025; 825 are operating-company rounds with money sold. Source: SEC EDGAR, Form D filings for June 2025. Built 2026-10-11 from the SEC quarterly Form D data set, with the same filters as the reports built from EDGAR each month.