Private funding rounds, December 2025
Every private raise an operating company reported to the SEC on Form D in December 2025: by sector, round size, revenue, age and state, with the largest raises named and linked to their filings.
859
Rounds with money sold
$15.54bn
Total sold
$2M
Median round
95
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 |
|---|---|---|---|---|---|
| Databricks, Inc.Equity | CA | Other Technology | $4.08bn | 153 | 2025-12-31 |
| Kalshi Inc.Equity | NY | Other Technology | $821M | 31 | 2025-12-04 |
| Ripple Labs Inc.Equity | CA | Other Technology | $500M | 9 | 2025-12-23 |
| Fervo Energy CoEquity | TX | Other Energy | $452M | 39 | 2025-12-10 |
| Lovable Labs IncEquity | DE | Other Technology | $425M | 34 | 2025-12-22 |
| National Fuel Gas CoEquity | NY | Oil and Gas | $350M | 23 | 2025-12-23 |
| Ramp Business CorpEquity | NY | Other Technology | $312M | 73 | 2025-12-29 |
| Radiant Industries, IncEquity | CA | Other Energy | $269M | 40 | 2025-12-30 |
| Skims Body, Inc.Equity | CA | Other | $262M | 12 | 2025-12-19 |
| Gray Media, IncDebt, revenue over $100m | GA | Telecommunications | $250M | 82 | 2025-12-16 |
| Bending Spoons S.p.A.Equity | Outside US | Other Technology | $243M | 42 | 2025-12-04 |
| Fortrex Sanitation Holdings, LLCEquity | GA | Business Services | $237M | 59 | 2025-12-22 |
| Odyssey Therapeutics, Inc.Equity | MA | Biotechnology | $214M | 55 | 2025-12-04 |
| HIG Holdings, LLCEquity | TX | Insurance | $198M | 144 | 2025-12-29 |
| Curative Inc.Equity | TX | Health Insurance | $153M | 12 | 2025-12-04 |
| fal - Features & Labels, Inc.Equity | CA | Other Technology | $140M | 19 | 2025-12-10 |
| Rio2 LtdEquity | Outside US | Other | $137M | 60 | 2025-12-31 |
| Hadrian Automation, Inc.Equity | CA | Other | $131M | 39 | 2025-12-31 |
| 7AI, Inc.Equity | MA | Other Technology | $131M | 10 | 2025-12-04 |
| Triana Biomedicines, Inc.Equity | MA | Pharmaceuticals | $120M | 20 | 2025-12-04 |
| Void Star Holdings Inc.Equity | VA | Other Technology | $103M | 30 | 2025-12-12 |
| Touareg Group Technologies Co.Equity | WY | Other Technology | $100M | 30 | 2025-12-02 |
| Project Applecart LLCEquity | NY | Other Technology | $100M | 2 | 2025-12-29 |
| PDW Holdings, Inc.Equity | AL | Other Technology | $99.1M | 28 | 2025-12-03 |
| Cambium Biomaterials, Inc.Equity | CA | Other Technology | $94.4M | 33 | 2025-12-04 |
By sector
Sector is the issuer's own Form D industry group, grouped.
| Sector | Rounds | Total sold | Median | Largest |
|---|---|---|---|---|
| Technology1038 software and internet investors | 247 | $8.99bn | $2.5M | Databricks, Inc. $4.08bn |
| Energy204 energy and utilities investors | 41 | $1.46bn | $4.5M | Fervo Energy Co $452M |
| Healthcare425 healthcare and life sciences investors | 110 | $1.45bn | $3.2M | Odyssey Therapeutics, Inc. $214M |
| Other | 213 | $1.45bn | $750K | Skims Body, Inc. $262M |
| Financial services296 financial services investors | 37 | $924M | $7.9M | HIG Holdings, LLC $198M |
| Real estate39 real estate investors | 151 | $832M | $2.5M | SW Neighborhood Centers IV, LLC $65.5M |
| Business services77 business and professional services investors | 17 | $263M | $725K | Fortrex Sanitation Holdings, LLC $237M |
| Industrials122 industrials and manufacturing investors | 23 | $114M | $378K | LuxWall, Inc. $77M |
| Consumer238 consumer and retail investors | 20 | $51.7M | $580K | Camp NYC, Inc. $17M |
By round size
Amount sold at the time of filing.
| Size band | Rounds | Total sold | Median round |
|---|---|---|---|
| Under $1M | 343 | $115M | $250K |
| $1M to $5M | 230 | $586M | $2.5M |
| $5M to $20M | 176 | $1.71bn | $8.5M |
| $20M to $50M | 63 | $1.84bn | $28.4M |
| $50M to $100M | 25 | $1.65bn | $60.2M |
| $100M and over | 22 | $9.63bn | $240M |
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 | 95 | $231M | $660K |
| Up to $1M | 35 | $25.7M | $165K |
| $1M to $5M | 10 | $14.9M | $817K |
| $5M to $25M | 11 | $60.3M | $3.5M |
| $25M to $100M | 6 | $135M | $22M |
| Over $100M | 3 | $251M | $1.2M |
| Declined to disclose | 694 | $14.82bn | $2.7M |
| Not applicable | 5 | $715K | $128K |
By company age
Years since incorporation, as filed.
| Age | Rounds | Total sold | Median round |
|---|---|---|---|
| Under 2 years | 379 | $1.77bn | $1.1M |
| 2 to 5 years | 204 | $2.86bn | $2.9M |
| Over 5 years | 276 | $10.9bn | $3M |
By instrument
SAFE and convertible are read from the filer's own description of the security.
| Instrument | Rounds | Total sold | Median round |
|---|---|---|---|
| Equity | 653 | $13.83bn | $2.4M |
| Debt | 55 | $1.19bn | $3.4M |
| Convertible | 50 | $310M | $1.3M |
| Other | 21 | $111M | $975K |
| Options or warrants | 33 | $46.6M | $145K |
| SAFE | 47 | $44.2M | $250K |
By state
The issuer's principal place of business. Top 15.
| State | Rounds | Total sold | Median round |
|---|---|---|---|
| CA | 138 | $6.81bn | $4.3M |
| NY | 76 | $2.37bn | $5.1M |
| TX | 72 | $1.1bn | $1.9M |
| MA | 32 | $622M | $1.4M |
| Outside US | 72 | $615M | $466K |
| GA | 18 | $543M | $1.8M |
| DE | 28 | $470M | $626K |
| FL | 57 | $390M | $1.1M |
| CO | 32 | $344M | $3.2M |
| WA | 24 | $220M | $3.2M |
| AL | 9 | $206M | $2.5M |
| VA | 19 | $193M | $2.7M |
| MI | 8 | $172M | $20.2M |
| PA | 17 | $169M | $1.3M |
| IL | 22 | $140M | $2.8M |
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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.
3,403 original Form D notices were filed in December 2025; 859 are operating-company rounds with money sold. Source: SEC EDGAR, Form D filings for December 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.