Private funding rounds, February 2026
Every private raise an operating company reported to the SEC on Form D in February 2026: by sector, round size, revenue, age and state, with the largest raises named and linked to their filings.
747
Rounds with money sold
$7.49bn
Total sold
$1.5M
Median round
98
Rounds by pre-revenue companies
Against February 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.
| February 2026 | February 2025 | Change | |
|---|---|---|---|
| Rounds with money sold | 747 | 776 | -4% |
| Total sold | $7.49bn | $5.77bn | +30% |
| Median round | $1.5M | $1.5M | -3% |
| Rounds by pre-revenue companies | 98 | 69 | +42% |
| Original Form D notices filed | 3,041 | 2,529 | +20% |
| Sector | Rounds February 2026 | Rounds February 2025 | Change | Median now | Median then |
|---|---|---|---|---|---|
| Technology | 230 | 237 | -3% | $1.5M | $2M |
| Financial services | 29 | 21 | +38% | $3.6M | $864K |
| Real estate | 141 | 134 | +5% | $2.4M | $2.2M |
| Other | 177 | 204 | -13% | $1.1M | $710K |
| Healthcare | 93 | 116 | -20% | $1.2M | $3.4M |
| Industrials | 20 | 13 | +54% | $1.7M | $1.5M |
| Energy | 26 | 19 | +37% | $3.1M | $3.2M |
| Consumer | 20 | 11 | +82% | $375K | $930K |
| Business services | 11 | 21 | -48% | $750K | $942K |
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 |
|---|---|---|---|---|---|
| New York Life Insurance & Annuity CorpOther, revenue over $100m | NY | Insurance | $1.7bn | 2 | 2026-02-03 |
| Mercor.io CorpEquity | CA | Other Technology | $330M | 21 | 2026-02-18 |
| Signify Holdings, Inc.Equity | NY | Other Technology | $250M | 19 | 2026-02-03 |
| Thompson Thrift 2026 Multifamily Development, LPEquity | IN | Construction | $222M | 408 | 2026-02-19 |
| Bancar Technologies LtdEquity | Outside US | Other Technology | $195M | 28 | 2026-02-19 |
| Flapping Airplanes, Inc.Equity | CA | Other Technology | $180M | 79 | 2026-02-23 |
| Goodfire AI, Inc.Equity | CA | Other Technology | $150M | 19 | 2026-02-09 |
| Heron Power Electronics CoEquity | CA | Manufacturing | $138M | 11 | 2026-02-20 |
| Iliad Biotechnologies, Inc.Equity | FL | Biotechnology | $116M | 36 | 2026-02-20 |
| Deep Fission, Inc.Equity | CA | Other Energy | $80M | 223 | 2026-02-18 |
| Overland Ai Inc.Equity | WA | Other Technology | $80M | 22 | 2026-02-03 |
| Altesa BioSciences, Inc.Equity | GA | Pharmaceuticals | $75M | 17 | 2026-02-23 |
| Standard Nuclear, Inc.Equity | TN | Other Energy | $70M | 27 | 2026-02-09 |
| GenLogs CorpEquity | VA | Other Technology | $63.3M | 14 | 2026-02-02 |
| Range Finance, Inc.Equity | VA | Other Technology | $62.3M | 22 | 2026-02-05 |
| AtScale, Inc.Equity | CA | Other Technology | $62.1M | 35 | 2026-02-03 |
| Bond Aviation Holdings, LLCEquity | FL | Airlines and Airports | $60.6M | 43 | 2026-02-10 |
| East Texas Financial Corp /Tx/Equity | TX | Commercial Banking | $59.1M | 22 | 2026-02-17 |
| Pax8, Inc.Options or warrants | CO | Other Technology | $58.4M | 11 | 2026-02-02 |
| Eve Nexus Inc.Equity | NJ | Manufacturing | $58.3M | 82 | 2026-02-19 |
| Chowbus, Inc.Equity | IL | Other Technology | $56.3M | 11 | 2026-02-19 |
| Big Shot Pictures Inc.Equity | CA | Other | $55.5M | 5 | 2026-02-20 |
| Reliable Community Bancshares IncDebt | MO | Commercial Banking | $55M | 29 | 2026-02-20 |
| CRB Group, Inc.Equity | NJ | Commercial Banking | $50M | 13 | 2026-02-19 |
| DPEG Park North, LPEquity | TX | Other Real Estate | $48.8M | 276 | 2026-02-02 |
By sector
Sector is the issuer's own Form D industry group, grouped.
| Sector | Rounds | Total sold | Median | Largest |
|---|---|---|---|---|
| Technology1038 software and internet investors | 230 | $2.63bn | $1.5M | Mercor.io Corp $330M |
| Financial services296 financial services investors | 29 | $2.1bn | $3.6M | New York Life Insurance & Annuity Corp $1.7bn |
| Real estate | 141 | $943M | $2.4M | Thompson Thrift 2026 Multifamily Development, LP $222M |
| Other | 177 | $686M | $1.1M | Big Shot Pictures Inc. $55.5M |
| Healthcare425 healthcare and life sciences investors | 93 | $521M | $1.2M | Iliad Biotechnologies, Inc. $116M |
| Industrials122 industrials and manufacturing investors | 20 | $305M | $1.7M | Heron Power Electronics Co $138M |
| Energy204 energy and utilities investors | 26 | $268M | $3.1M | Deep Fission, Inc. $80M |
| Consumer238 consumer and retail investors | 20 | $23.7M | $375K | Six Bells Inc. $6.2M |
| Business services77 business and professional services investors | 11 | $21.4M | $750K | FormationQ, Inc. $10M |
By round size
Amount sold at the time of filing.
| Size band | Rounds | Total sold | Median round |
|---|---|---|---|
| Under $1M | 301 | $88.3M | $163K |
| $1M to $5M | 227 | $519M | $2M |
| $5M to $20M | 153 | $1.42bn | $8.1M |
| $20M to $50M | 43 | $1.28bn | $27.3M |
| $50M to $100M | 14 | $896M | $61.3M |
| $100M and over | 9 | $3.28bn | $195M |
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 | 98 | $148M | $258K |
| Up to $1M | 43 | $29.4M | $175K |
| $1M to $5M | 8 | $51.4M | $1.5M |
| $5M to $25M | 9 | $109M | $5.7M |
| $25M to $100M | 5 | $42.7M | $1.9M |
| Over $100M | 2 | $1.74bn | $871M |
| Declined to disclose | 570 | $5.33bn | $2M |
| Not applicable | 12 | $38.9M | $2.5M |
By company age
Years since incorporation, as filed.
| Age | Rounds | Total sold | Median round |
|---|---|---|---|
| Under 2 years | 323 | $1.89bn | $1.3M |
| 2 to 5 years | 219 | $2.19bn | $1.6M |
| Over 5 years | 205 | $3.4bn | $1.8M |
By instrument
SAFE and convertible are read from the filer's own description of the security.
| Instrument | Rounds | Total sold | Median round |
|---|---|---|---|
| Equity | 568 | $5.01bn | $2M |
| Other | 20 | $1.97bn | $8.4M |
| Debt | 35 | $269M | $1.1M |
| Options or warrants | 43 | $126M | $500K |
| Convertible | 31 | $71.2M | $750K |
| SAFE | 50 | $41.2M | $189K |
By state
The issuer's principal place of business. Top 15.
| State | Rounds | Total sold | Median round |
|---|---|---|---|
| NY | 58 | $2.31bn | $2.7M |
| CA | 107 | $1.52bn | $3M |
| TX | 63 | $550M | $3.4M |
| Outside US | 67 | $405M | $711K |
| FL | 46 | $365M | $2.4M |
| IN | 11 | $270M | $2M |
| CO | 27 | $261M | $3.3M |
| VA | 18 | $187M | $3.6M |
| TN | 12 | $140M | $4.8M |
| NJ | 8 | $129M | $4.9M |
| IL | 21 | $124M | $2M |
| MA | 24 | $123M | $1.8M |
| WA | 15 | $112M | $800K |
| GA | 11 | $106M | $1M |
| NC | 15 | $99.7M | $4M |
What is your company worth?
Free valuation with the reasoning, benchmarked to cited medians.
Pre-money calculator
Price a round: pre-money, post-money and the ownership split.
Investors who fund your sector
1,200+ active venture and growth firms, by sector and stage.
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.
3,041 original Form D notices were filed in February 2026; 747 are operating-company rounds with money sold. Source: SEC EDGAR, Form D filings for February 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.