Private funding rounds, January 2026
Every private raise an operating company reported to the SEC on Form D in January 2026: by sector, round size, revenue, age and state, with the largest raises named and linked to their filings.
815
Rounds with money sold
$5.6bn
Total sold
$1.3M
Median round
92
Rounds by pre-revenue companies
Against January 2025
The same month a year earlier, counted with the same filters. Totals swing with a handful of very large raises; the number of rounds and the median move less.
| January 2026 | January 2025 | Change | |
|---|---|---|---|
| Rounds with money sold | 815 | 911 | -11% |
| Total sold | $5.6bn | $17.23bn | -68% |
| Median round | $1.3M | $2M | -36% |
| Rounds by pre-revenue companies | 92 | 80 | +15% |
| Original Form D notices filed | 3,441 | 3,204 | +7% |
| Sector | Rounds January 2026 | Rounds January 2025 | Change | Median now | Median then |
|---|---|---|---|---|---|
| Technology | 235 | 277 | -15% | $1.1M | $2.9M |
| Other | 229 | 245 | -7% | $907K | $1.4M |
| Real estate | 171 | 162 | +6% | $2M | $2.4M |
| Healthcare | 73 | 115 | -37% | $1.2M | $2.2M |
| Consumer | 21 | 28 | -25% | $1000K | $850K |
| Financial services | 28 | 27 | +4% | $2M | $3.3M |
| Industrials | 22 | 22 | 0% | $1.8M | $1.9M |
| Energy | 22 | 27 | -19% | $1.2M | $678K |
| Business services | 14 | 8 | +75% | $169K | $807K |
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 |
|---|---|---|---|---|---|
| Oxide Computer CoEquity | CA | Other Technology | $184M | 7 | 2026-01-07 |
| Wonder Group, Inc.Options or warrants | NY | Restaurants | $180M | 6 | 2026-01-12 |
| Armadin, Inc.Equity | CA | Other Technology | $165M | 28 | 2026-01-14 |
| Span.IO, Inc.Equity | CA | Other Technology | $163M | 15 | 2026-01-27 |
| Point Wild Holdings, Inc.Equity | MA | Other | $150M | 6 | 2026-01-07 |
| PREMIUM BRANDS HOLDINGS CorpEquity, revenue over $100m | Outside US | Other | $150M | 36 | 2026-01-23 |
| Deepgram, Inc.Equity | CA | Other | $143M | 27 | 2026-01-13 |
| NovaBay Pharmaceuticals, Inc.Options or warrants | CA | Other | $134M | 4 | 2026-01-27 |
| Preply, Inc.Equity | MA | Other Technology | $101M | 25 | 2026-01-20 |
| VantAI Holdings, Inc.Equity | NY | Other Health Care | $86.3M | 11 | 2026-01-21 |
| Superstate Inc.Equity | NY | Other | $77.5M | 14 | 2026-01-28 |
| Mirum Pharmaceuticals, Inc.Equity | CA | Biotechnology | $68.5M | 2 | 2026-01-29 |
| Semafor, Inc.Equity, revenue $25m to $100m | NY | Other Technology | $63.6M | 28 | 2026-01-09 |
| ModelML Inc.Equity | CA | Other Technology | $60M | 35 | 2026-01-22 |
| Freeform Future Corp.Equity | CA | Other Technology | $58.9M | 21 | 2026-01-07 |
| Alveus Therapeutics, Inc.Equity | PA | Pharmaceuticals | $56.9M | 17 | 2026-01-14 |
| Fabric8Labs, Inc.Equity | CA | Other Technology | $56M | 14 | 2026-01-27 |
| Prime Intellect, Inc.Equity | DE | Other | $49.9M | 61 | 2026-01-15 |
| Robotic Research OpCo, LLCEquity | MD | Other | $48.5M | 3 | 2026-01-06 |
| Tiseo Holdings, LLCEquity | MI | Construction | $48.5M | 7 | 2026-01-14 |
| Vizgen, Inc.Equity | MA | Biotechnology | $47.8M | 9 | 2026-01-12 |
| Arcadian III, LPOther | CA | Other | $47M | 17 | 2026-01-07 |
| Selimor Investments LtdEquity | SC | Other Technology | $46.4M | 62 | 2026-01-09 |
| Exxat, Inc.Equity | NJ | Other Technology | $45M | 3 | 2026-01-29 |
| Lydian Labs, Inc.Equity | MA | Other Technology | $43.7M | 19 | 2026-01-06 |
By sector
Sector is the issuer's own Form D industry group, grouped.
| Sector | Rounds | Total sold | Median | Largest |
|---|---|---|---|---|
| Technology1038 software and internet investors | 235 | $1.87bn | $1.1M | Oxide Computer Co $184M |
| Other | 229 | $1.6bn | $907K | Point Wild Holdings, Inc. $150M |
| Real estate | 171 | $908M | $2M | Tiseo Holdings, LLC $48.5M |
| Healthcare425 healthcare and life sciences investors | 73 | $608M | $1.2M | VantAI Holdings, Inc. $86.3M |
| Consumer58 food and beverage investors | 21 | $238M | $1000K | Wonder Group, Inc. $180M |
| Financial services296 financial services investors | 28 | $167M | $2M | First Commerce Bancorp, Inc./NJ $40M |
| Industrials122 industrials and manufacturing investors | 22 | $99.6M | $1.8M | MOLG Inc. $29.1M |
| Energy204 energy and utilities investors | 22 | $97.1M | $1.2M | Malta Inc. $24M |
| Business services77 business and professional services investors | 14 | $19.5M | $169K | CPE Enterprises, LLC $14.5M |
By round size
Amount sold at the time of filing.
| Size band | Rounds | Total sold | Median round |
|---|---|---|---|
| Under $1M | 360 | $116M | $232K |
| $1M to $5M | 233 | $550M | $2M |
| $5M to $20M | 162 | $1.6bn | $8.9M |
| $20M to $50M | 43 | $1.43bn | $32.6M |
| $50M to $100M | 8 | $528M | $61.8M |
| $100M and over | 9 | $1.37bn | $150M |
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 | 92 | $169M | $383K |
| Up to $1M | 48 | $55.8M | $178K |
| $1M to $5M | 17 | $53.2M | $1.2M |
| $5M to $25M | 11 | $47.8M | $2.6M |
| $25M to $100M | 3 | $68.1M | $3.4M |
| Over $100M | 3 | $192M | $39.2M |
| Declined to disclose | 635 | $5.01bn | $1.7M |
| Not applicable | 6 | $5.2M | $273K |
By company age
Years since incorporation, as filed.
| Age | Rounds | Total sold | Median round |
|---|---|---|---|
| Under 2 years | 342 | $1.43bn | $1M |
| 2 to 5 years | 227 | $1.6bn | $1.6M |
| Over 5 years | 246 | $2.57bn | $1.5M |
By instrument
SAFE and convertible are read from the filer's own description of the security.
| Instrument | Rounds | Total sold | Median round |
|---|---|---|---|
| Equity | 621 | $4.77bn | $1.8M |
| Options or warrants | 40 | $380M | $438K |
| Other | 32 | $247M | $1.8M |
| Convertible | 42 | $91.5M | $625K |
| Debt | 26 | $79M | $775K |
| SAFE | 54 | $33.9M | $135K |
By state
The issuer's principal place of business. Top 15.
| State | Rounds | Total sold | Median round |
|---|---|---|---|
| CA | 109 | $1.61bn | $2.7M |
| NY | 84 | $878M | $3.7M |
| MA | 28 | $550M | $6.9M |
| TX | 65 | $331M | $1.2M |
| Outside US | 62 | $266M | $283K |
| FL | 52 | $170M | $1.1M |
| NV | 17 | $148M | $1M |
| NJ | 20 | $126M | $550K |
| CO | 29 | $123M | $1.6M |
| SC | 12 | $110M | $4.4M |
| OH | 20 | $106M | $2M |
| NC | 18 | $106M | $1.5M |
| PA | 21 | $103M | $800K |
| MI | 12 | $96.7M | $1.4M |
| DE | 22 | $94.6M | $711K |
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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.
3,441 original Form D notices were filed in January 2026; 815 are operating-company rounds with money sold. Source: SEC EDGAR, Form D filings for January 2026. Built 2026-10-11 from the SEC quarterly Form D data set, with the same filters as the reports built from EDGAR each month.