Private funding rounds, August 2025
Every private raise an operating company reported to the SEC on Form D in August 2025: by sector, round size, revenue, age and state, with the largest raises named and linked to their filings.
890
Rounds with money sold
$15.68bn
Total sold
$1.5M
Median round
93
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 |
|---|---|---|---|---|---|
| X.AI Holdings Corp.Equity | CA | Other Technology | $5.32bn | 7 | 2025-08-06 |
| Genesys Cloud Services Topco LLCEquity | CA | Other Technology | $1.5bn | 2 | 2025-08-14 |
| QuantinuumEquity | CO | Computers | $594M | 35 | 2025-08-25 |
| Verb Technology Company, Inc.Equity, revenue up to $1m | NV | Other Technology | $558M | 141 | 2025-08-22 |
| Ramp Business CorpEquity | NY | Other Technology | $514M | 61 | 2025-08-20 |
| Empery Digital, Inc.Equity | TX | Other | $501M | 122 | 2025-08-01 |
| INNOVATE Corp.Debt, revenue over $100m | NY | Other | $360M | 5 | 2025-08-14 |
| Kriya Therapeutics, Inc.Equity | NC | Biotechnology | $313M | 2 | 2025-08-15 |
| Heritage Distilling Holding Company, Inc.Options or warrants | WA | Other | $224M | 49 | 2025-08-20 |
| Elise A.I. Technologies Corp.Equity | NY | Other Technology | $210M | 14 | 2025-08-21 |
| SAB Biotherapeutics, Inc.Equity | FL | Biotechnology | $175M | 17 | 2025-08-05 |
| Starburst Labs, Inc.Equity | RI | Other Technology | $153M | 6 | 2025-08-04 |
| Blockratize Inc.Equity | NY | Other Technology | $135M | 23 | 2025-08-01 |
| Roaring Fork Energy V, LPEquity, revenue no revenue | TX | Oil and Gas | $125M | 64 | 2025-08-21 |
| fal - Features & Labels, Inc.Equity | CA | Other Technology | $125M | 21 | 2025-08-11 |
| Framer, Inc.Equity | Outside US | Other Technology | $100M | 6 | 2025-08-27 |
| Robotic Research OpCo, LLCEquity | MD | Other Technology | $93.3M | 14 | 2025-08-21 |
| X4 Pharmaceuticals, IncEquity | MA | Biotechnology | $85M | 18 | 2025-08-25 |
| RESTOR3D, Inc.Equity | NC | Other Health Care | $84.8M | 133 | 2025-08-22 |
| Apreo Health, Inc.Equity | CA | Other Health Care | $81.8M | 7 | 2025-08-19 |
| Matic Robots, Inc.Equity | CA | Other Technology | $77.3M | 66 | 2025-08-13 |
| Byline Bancorp, Inc.Debt | IL | Commercial Banking | $75M | 22 | 2025-08-19 |
| Vulcan Elements Inc.Equity | NC | Other Technology | $62.4M | 13 | 2025-08-20 |
| Plexium, Inc.Equity | CA | Biotechnology | $60.1M | 20 | 2025-08-25 |
| Signify Holdings, Inc.Equity | NY | Other Technology | $57.5M | 7 | 2025-08-28 |
By sector
Sector is the issuer's own Form D industry group, grouped.
| Sector | Rounds | Total sold | Median | Largest |
|---|---|---|---|---|
| Technology1038 software and internet investors | 261 | $10.73bn | $1.7M | X.AI Holdings Corp. $5.32bn |
| Other | 240 | $1.89bn | $803K | Empery Digital, Inc. $501M |
| Healthcare425 healthcare and life sciences investors | 119 | $1.59bn | $3.5M | Kriya Therapeutics, Inc. $313M |
| Real estate39 real estate investors | 158 | $663M | $2M | Pengyou Partners Two LLC $37.5M |
| Financial services296 financial services investors | 27 | $413M | $10M | Byline Bancorp, Inc. $75M |
| Energy204 energy and utilities investors | 26 | $185M | $762K | Roaring Fork Energy V, LP $125M |
| Industrials122 industrials and manufacturing investors | 22 | $121M | $2.2M | Faraday Future Intelligent Electric Inc. $37.6M |
| Business services77 business and professional services investors | 19 | $52M | $575K | Black Football League LLC $25M |
| Consumer238 consumer and retail investors | 18 | $39.5M | $850K | Heli Destinations 3, LLC $11M |
By round size
Amount sold at the time of filing.
| Size band | Rounds | Total sold | Median round |
|---|---|---|---|
| Under $1M | 362 | $105M | $208K |
| $1M to $5M | 288 | $688M | $2.1M |
| $5M to $20M | 164 | $1.62bn | $8.6M |
| $20M to $50M | 47 | $1.48bn | $30M |
| $50M to $100M | 14 | $988M | $68.7M |
| $100M and over | 15 | $10.81bn | $313M |
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 | 93 | $328M | $775K |
| Up to $1M | 48 | $671M | $285K |
| $1M to $5M | 15 | $103M | $2.3M |
| $5M to $25M | 16 | $110M | $4.5M |
| $25M to $100M | 2 | $60M | $30M |
| Over $100M | 2 | $405M | $202M |
| Declined to disclose | 706 | $13.98bn | $1.9M |
| Not applicable | 8 | $24.3M | $1.3M |
By company age
Years since incorporation, as filed.
| Age | Rounds | Total sold | Median round |
|---|---|---|---|
| Under 2 years | 379 | $6.59bn | $1M |
| 2 to 5 years | 254 | $3bn | $2.1M |
| Over 5 years | 257 | $6.09bn | $2.1M |
By instrument
SAFE and convertible are read from the filer's own description of the security.
| Instrument | Rounds | Total sold | Median round |
|---|---|---|---|
| Equity | 669 | $14.32bn | $2M |
| Debt | 39 | $769M | $1.9M |
| Options or warrants | 43 | $295M | $455K |
| Convertible | 56 | $212M | $1M |
| SAFE | 60 | $46.7M | $200K |
| Other | 23 | $40.2M | $665K |
By state
The issuer's principal place of business. Top 15.
| State | Rounds | Total sold | Median round |
|---|---|---|---|
| CA | 113 | $7.93bn | $3.2M |
| NY | 74 | $1.72bn | $2.8M |
| TX | 66 | $912M | $1M |
| CO | 30 | $707M | $1.9M |
| NV | 11 | $565M | $150K |
| NC | 28 | $502M | $1.2M |
| FL | 61 | $484M | $1.5M |
| Outside US | 86 | $414M | $1M |
| MA | 48 | $390M | $3.6M |
| WA | 26 | $280M | $550K |
| GA | 27 | $268M | $7.4M |
| MD | 13 | $166M | $1.3M |
| RI | 3 | $153M | $565K |
| IL | 24 | $120M | $1.3M |
| NJ | 15 | $113M | $2.7M |
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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.
2,935 original Form D notices were filed in August 2025; 890 are operating-company rounds with money sold. Source: SEC EDGAR, Form D filings for August 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.