Private funding rounds, October 2025
Every private raise an operating company reported to the SEC on Form D in October 2025: by sector, round size, revenue, age and state, with the largest raises named and linked to their filings.
972
Rounds with money sold
$9.93bn
Total sold
$1.9M
Median round
97
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 |
|---|---|---|---|---|---|
| Crusoe Inc.Equity | CO | Other | $1.03bn | 71 | 2025-10-23 |
| Sharps Technology Inc.Equity, revenue up to $1m | NY | Other Health Care | $411M | 62 | 2025-10-31 |
| Brera Holdings PLCEquity | Outside US | Other | $300M | 53 | 2025-10-30 |
| Kalshi Inc.Equity | NY | Other Technology | $295M | 20 | 2025-10-23 |
| Whatnot Inc.Equity | CA | Other Technology | $225M | 8 | 2025-10-28 |
| Rezolve Ai PlcEquity | Outside US | Other Technology | $200M | 2 | 2025-10-10 |
| Ontic Technologies, Inc.Equity | TX | Other Technology | $196M | 8 | 2025-10-27 |
| Predictive Oncology Inc.Options or warrants | PA | Other | $173M | 20 | 2025-10-22 |
| Skyryse, Inc.Equity | CA | Other | $167M | 46 | 2025-10-10 |
| Apex Technology, Inc.Equity | CA | Other | $152M | 26 | 2025-10-03 |
| ZOOZ Power Ltd.Equity | Outside US | Other Energy | $151M | 44 | 2025-10-09 |
| Swimlane, Inc.Equity | CO | Other Technology | $143M | 33 | 2025-10-06 |
| Veradermics, IncEquity | CT | Other Health Care | $135M | 40 | 2025-10-28 |
| Electra Therapeutics, Inc.Equity | CA | Biotechnology | $134M | 19 | 2025-10-30 |
| Star Therapeutics LLCEquity | CA | Other | $125M | 21 | 2025-10-06 |
| 80 Acres Urban Agriculture, Inc.Convertible | OH | Agriculture | $114M | 81 | 2025-10-31 |
| Quoin Pharmaceuticals, Ltd.Equity | VA | Pharmaceuticals | $105M | 27 | 2025-10-23 |
| SEALSQ CorpOptions or warrants | Outside US | Other Technology | $105M | 5 | 2025-10-22 |
| Spotter, Inc.Equity | CA | Other | $89.1M | 60 | 2025-10-23 |
| Auterion Group Inc.Equity | VA | Other Technology | $87.7M | 17 | 2025-10-01 |
| Blue Current, Inc.Equity | CA | Other Technology | $81M | 10 | 2025-10-07 |
| Collective 168, LLCEquity, revenue no revenue | UT | Commercial | $74M | 104 | 2025-10-30 |
| Different Technologies LLCEquity | MO | Other Banking and Financial Services | $63.9M | 10 | 2025-10-23 |
| TXSE Group Inc.Equity | TX | Other | $63.4M | 62 | 2025-10-06 |
| Sugar Bowl CorpEquity | CA | Tourism and Travel Services | $63M | 176 | 2025-10-23 |
By sector
Sector is the issuer's own Form D industry group, grouped.
| Sector | Rounds | Total sold | Median | Largest |
|---|---|---|---|---|
| Other | 257 | $3.15bn | $1M | Crusoe Inc. $1.03bn |
| Technology1038 software and internet investors | 274 | $2.73bn | $1.6M | Kalshi Inc. $295M |
| Healthcare425 healthcare and life sciences investors | 105 | $1.66bn | $2.7M | Sharps Technology Inc. $411M |
| Real estate39 real estate investors | 178 | $1.11bn | $2.8M | Collective 168, LLC $74M |
| Financial services296 financial services investors | 41 | $467M | $5M | Different Technologies LLC $63.9M |
| Energy204 energy and utilities investors | 28 | $280M | $1M | ZOOZ Power Ltd. $151M |
| Industrials42 agriculture investors | 38 | $274M | $1.7M | 80 Acres Urban Agriculture, Inc. $114M |
| Consumer238 consumer and retail investors | 29 | $198M | $1.7M | Sugar Bowl Corp $63M |
| Business services77 business and professional services investors | 22 | $57.2M | $538K | Cavall Holdings LLC $15.6M |
By round size
Amount sold at the time of filing.
| Size band | Rounds | Total sold | Median round |
|---|---|---|---|
| Under $1M | 376 | $107M | $198K |
| $1M to $5M | 300 | $747M | $2.2M |
| $5M to $20M | 201 | $1.98bn | $9.5M |
| $20M to $50M | 64 | $2.08bn | $30M |
| $50M to $100M | 13 | $853M | $63M |
| $100M and over | 18 | $4.16bn | $159M |
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 | 97 | $420M | $250K |
| Up to $1M | 47 | $490M | $175K |
| $1M to $5M | 21 | $58.3M | $1M |
| $5M to $25M | 6 | $82.2M | $4.6M |
| $25M to $100M | 8 | $103M | $7.9M |
| Over $100M | 2 | $26.5M | $13.2M |
| Declined to disclose | 786 | $8.72bn | $2.3M |
| Not applicable | 5 | $21.3M | $1M |
By company age
Years since incorporation, as filed.
| Age | Rounds | Total sold | Median round |
|---|---|---|---|
| Under 2 years | 457 | $2bn | $1.4M |
| 2 to 5 years | 222 | $3.69bn | $2.6M |
| Over 5 years | 293 | $4.23bn | $2.4M |
By instrument
SAFE and convertible are read from the filer's own description of the security.
| Instrument | Rounds | Total sold | Median round |
|---|---|---|---|
| Equity | 732 | $8.6bn | $2.2M |
| Options or warrants | 51 | $423M | $750K |
| Debt | 49 | $381M | $4.4M |
| Convertible | 45 | $278M | $1.9M |
| Other | 21 | $159M | $850K |
| SAFE | 74 | $81.8M | $122K |
By state
The issuer's principal place of business. Top 15.
| State | Rounds | Total sold | Median round |
|---|---|---|---|
| CA | 127 | $1.85bn | $2.9M |
| NY | 90 | $1.45bn | $3.6M |
| CO | 29 | $1.28bn | $2.2M |
| Outside US | 81 | $988M | $550K |
| TX | 84 | $601M | $1.4M |
| MA | 46 | $411M | $5.1M |
| PA | 19 | $262M | $3M |
| VA | 22 | $255M | $1.5M |
| FL | 56 | $242M | $2.5M |
| NC | 35 | $227M | $3.5M |
| MN | 15 | $202M | $2.8M |
| UT | 22 | $186M | $543K |
| CT | 8 | $181M | $2.2M |
| MO | 11 | $179M | $737K |
| OH | 20 | $177M | $1.3M |
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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.
3,478 original Form D notices were filed in October 2025; 972 are operating-company rounds with money sold. Source: SEC EDGAR, Form D filings for October 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.