Private funding rounds, November 2025
Every private raise an operating company reported to the SEC on Form D in November 2025: by sector, round size, revenue, age and state, with the largest raises named and linked to their filings.
760
Rounds with money sold
$7.65bn
Total sold
$1.5M
Median round
69
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 |
|---|---|---|---|---|---|
| Stoke Space Technologies, Inc.Equity | WA | Other Technology | $410M | 29 | 2025-11-06 |
| ZUP Holdings LPEquity | NY | Restaurants | $396M | 9 | 2025-11-24 |
| Castelion CorpEquity | CA | Other Technology | $360M | 30 | 2025-11-20 |
| Apptronik, IncEquity | TX | Other Technology | $331M | 44 | 2025-11-05 |
| GRAIL, Inc.Equity | CA | Biotechnology | $325M | 17 | 2025-11-07 |
| Foundry-Logic, Inc.Equity | DC | Other Energy | $167M | 34 | 2025-11-12 |
| KoBold Metals CoEquity | CA | Other | $163M | 24 | 2025-11-14 |
| Legora, Inc.Equity | DE | Other Technology | $150M | 15 | 2025-11-13 |
| Pelage Pharmaceuticals, Inc.Equity | CA | Pharmaceuticals | $120M | 5 | 2025-11-24 |
| Nomos AI, Inc.Equity | NY | Other Technology | $103M | 21 | 2025-11-14 |
| Celero Communications, Inc.Equity | CA | Other Technology | $100M | 48 | 2025-11-18 |
| Navitas Semiconductor CorpEquity | CA | Other Technology | $100M | 4 | 2025-11-21 |
| Federato Technologies, Inc.Equity | CA | Other | $100M | 17 | 2025-11-18 |
| Iambic Therapeutics, Inc.Equity | CA | Biotechnology | $99.3M | 22 | 2025-11-21 |
| Colorado HoldcoEquity | Outside US | Other | $88.1M | 35 | 2025-11-14 |
| Surf Air Mobility Inc.Convertible, revenue over $100m | CA | Airlines and Airports | $83.7M | 4 | 2025-11-24 |
| Harbor Health Team Inc.Equity | TX | Other Health Care | $83.7M | 18 | 2025-11-17 |
| Tempero Bio, Inc.Equity | CA | Biotechnology | $77M | 23 | 2025-11-04 |
| Antora Energy, Inc.Convertible | CA | Other | $71.7M | 26 | 2025-11-03 |
| Kalshi Inc.Equity | NY | Other Technology | $70M | 14 | 2025-11-06 |
| Electra Battery Materials CorpConvertible | Outside US | Other | $69.1M | 7 | 2025-11-07 |
| Dickinson Financial CorpDebt | MO | Commercial Banking | $65M | 36 | 2025-11-20 |
| OneAZ Credit UnionDebt | AZ | Other Banking and Financial Services | $65M | 12 | 2025-11-14 |
| Doppel Inc.Equity | CA | Other Technology | $61.2M | 12 | 2025-11-21 |
| Rani Therapeutics Holdings, Inc.Equity | CA | Biotechnology | $60.3M | 15 | 2025-11-10 |
By sector
Sector is the issuer's own Form D industry group, grouped.
| Sector | Rounds | Total sold | Median | Largest |
|---|---|---|---|---|
| Technology1038 software and internet investors | 225 | $3.02bn | $1.5M | Stoke Space Technologies, Inc. $410M |
| Healthcare425 healthcare and life sciences investors | 108 | $1.33bn | $2.7M | GRAIL, Inc. $325M |
| Other | 203 | $1.21bn | $559K | KoBold Metals Co $163M |
| Real estate39 real estate investors | 132 | $721M | $2.1M | 1250 JV LP $45M |
| Consumer58 food and beverage investors | 25 | $528M | $555K | ZUP Holdings LP $396M |
| Financial services296 financial services investors | 24 | $371M | $5.2M | Dickinson Financial Corp $65M |
| Energy204 energy and utilities investors | 17 | $241M | $952K | Foundry-Logic, Inc. $167M |
| Industrials93 transportation and logistics investors | 11 | $160M | $4M | Surf Air Mobility Inc. $83.7M |
| Business services77 business and professional services investors | 15 | $73.2M | $255K | Duration Group Holdings LLC $23.1M |
By round size
Amount sold at the time of filing.
| Size band | Rounds | Total sold | Median round |
|---|---|---|---|
| Under $1M | 316 | $91.3M | $200K |
| $1M to $5M | 225 | $538M | $2.1M |
| $5M to $20M | 138 | $1.42bn | $9.5M |
| $20M to $50M | 52 | $1.65bn | $30M |
| $50M to $100M | 19 | $1.42bn | $70M |
| $100M and over | 10 | $2.53bn | $246M |
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 | 69 | $141M | $500K |
| Up to $1M | 27 | $24.4M | $200K |
| $1M to $5M | 11 | $14.8M | $747K |
| $5M to $25M | 2 | $1.5M | $753K |
| $25M to $100M | 2 | $35M | $17.5M |
| Over $100M | 2 | $114M | $56.9M |
| Declined to disclose | 644 | $7.31bn | $1.9M |
| Not applicable | 3 | $11.9M | $3.4M |
By company age
Years since incorporation, as filed.
| Age | Rounds | Total sold | Median round |
|---|---|---|---|
| Under 2 years | 345 | $1.99bn | $980K |
| 2 to 5 years | 196 | $2.39bn | $2.6M |
| Over 5 years | 219 | $3.27bn | $2.3M |
By instrument
SAFE and convertible are read from the filer's own description of the security.
| Instrument | Rounds | Total sold | Median round |
|---|---|---|---|
| Equity | 586 | $6.7bn | $1.9M |
| Debt | 33 | $402M | $4M |
| Convertible | 39 | $342M | $2.3M |
| Options or warrants | 37 | $95.4M | $250K |
| SAFE | 42 | $64.3M | $208K |
| Other | 23 | $49.8M | $145K |
By state
The issuer's principal place of business. Top 15.
| State | Rounds | Total sold | Median round |
|---|---|---|---|
| CA | 123 | $2.78bn | $4.4M |
| NY | 63 | $937M | $1.7M |
| TX | 59 | $650M | $1.3M |
| WA | 17 | $463M | $1.4M |
| Outside US | 59 | $415M | $536K |
| MA | 32 | $333M | $4.8M |
| FL | 51 | $234M | $2.1M |
| AZ | 22 | $224M | $2.3M |
| DE | 32 | $221M | $780K |
| CO | 27 | $191M | $1.9M |
| DC | 1 | $167M | $167M |
| AR | 6 | $108M | $18.4M |
| MD | 9 | $73.2M | $1M |
| GA | 13 | $70.8M | $550K |
| MO | 5 | $69.4M | $1M |
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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.
2,555 original Form D notices were filed in November 2025; 760 are operating-company rounds with money sold. Source: SEC EDGAR, Form D filings for November 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.