Private funding rounds, May 2026
Every private raise an operating company reported to the SEC on Form D in May 2026: by sector, round size, revenue, age and state, with the largest raises named and linked to their filings.
836
Rounds with money sold
$11.13bn
Total sold
$1.4M
Median round
125
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 |
|---|---|---|---|---|---|
| Multi-Color CorpDebt | GA | Other | $1.3bn | 437 | 2026-05-26 |
| Ineffable Intelligence LtdEquity | Outside US | Other Technology | $1.1bn | 33 | 2026-05-01 |
| Shield AI IncEquity | CA | Other Technology | $592M | 32 | 2026-05-01 |
| Labels Buyer, LLCEquity | GA | Other | $558M | 521 | 2026-05-26 |
| SharonAI Holdings Inc.Convertible | NY | Other Technology | $350M | 7 | 2026-05-04 |
| Cowboy Space CorpEquity | CA | Other Technology | $305M | 78 | 2026-05-21 |
| Advanced Manufacturing Co of America, Inc.Equity | CA | Manufacturing | $245M | 21 | 2026-05-20 |
| Positron AI, Inc.Equity | NV | Other | $234M | 55 | 2026-05-12 |
| Circle Internet Group, Inc.Other | NY | Other Technology | $222M | 14 | 2026-05-22 |
| Mercury Technologies, Inc.Equity | CA | Other Technology | $200M | 21 | 2026-05-20 |
| Blitzy, Inc.Equity | MA | Other Technology | $189M | 38 | 2026-05-15 |
| HavocAI Inc.Equity | MA | Other Technology | $187M | 42 | 2026-05-12 |
| Blue Energy Global Inc.Equity | MD | Other Energy | $177M | 11 | 2026-05-01 |
| Armada Capital, LLC / OKEquity | OK | Other Energy | $156M | 2 | 2026-05-26 |
| ModRetro, Inc.Equity | CA | Other Technology | $145M | 41 | 2026-05-27 |
| GMT Exploration Co LLCEquity | CO | Oil and Gas | $114M | 36 | 2026-05-08 |
| Climb Bio, Inc.Equity | MA | Biotechnology | $110M | 22 | 2026-05-04 |
| Send Cut Send, Inc.Equity | NV | Manufacturing | $110M | 8 | 2026-05-20 |
| CIG DS1 Procurement LLCDebt | FL | Other Energy | $100M | 2 | 2026-05-04 |
| Lone Gull Holdings, Ltd.Equity | OR | Other Technology | $94.1M | 67 | 2026-05-22 |
| BayFirst Financial Corp.Equity, revenue over $100m | FL | Commercial Banking | $80M | 33 | 2026-05-05 |
| Michigan State University Federal Credit UnionDebt | MI | Other Banking and Financial Services | $75M | 41 | 2026-05-21 |
| Fabric.AI, Inc.Equity | NY | Other | $73.1M | 15 | 2026-05-01 |
| Project Orca, Inc.Equity | CT | Other Technology | $70M | 13 | 2026-05-07 |
| Venus Aerospace Corp.Equity | TX | Other Technology | $63M | 39 | 2026-05-04 |
By sector
Sector is the issuer's own Form D industry group, grouped.
| Sector | Rounds | Total sold | Median | Largest |
|---|---|---|---|---|
| Technology1038 software and internet investors | 252 | $4.93bn | $1M | Ineffable Intelligence Ltd $1.1bn |
| Other | 196 | $2.95bn | $1M | Multi-Color Corp $1.3bn |
| Real estate39 real estate investors | 154 | $855M | $2.2M | Park Place Village LP $58M |
| Healthcare425 healthcare and life sciences investors | 108 | $699M | $1.8M | Climb Bio, Inc. $110M |
| Energy204 energy and utilities investors | 27 | $682M | $3.5M | Blue Energy Global Inc. $177M |
| Industrials122 industrials and manufacturing investors | 28 | $492M | $1.1M | Advanced Manufacturing Co of America, Inc. $245M |
| Financial services296 financial services investors | 33 | $475M | $4.1M | BayFirst Financial Corp. $80M |
| Consumer238 consumer and retail investors | 27 | $21.8M | $250K | Crown Affair, Inc. $5M |
| Business services77 business and professional services investors | 11 | $19.3M | $750K | Talent Source Solutions Corp. $7.3M |
By round size
Amount sold at the time of filing.
| Size band | Rounds | Total sold | Median round |
|---|---|---|---|
| Under $1M | 370 | $92M | $159K |
| $1M to $5M | 232 | $567M | $2.2M |
| $5M to $20M | 143 | $1.35bn | $8.2M |
| $20M to $50M | 58 | $1.81bn | $30M |
| $50M to $100M | 14 | $904M | $60.7M |
| $100M and over | 19 | $6.4bn | $200M |
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 | 125 | $350M | $300K |
| Up to $1M | 50 | $35.3M | $128K |
| $1M to $5M | 18 | $46.4M | $939K |
| $5M to $25M | 11 | $60.8M | $3.5M |
| $25M to $100M | 2 | $30.6M | $15.3M |
| Over $100M | 3 | $80.8M | $675K |
| Declined to disclose | 619 | $10.51bn | $2M |
| Not applicable | 8 | $17.7M | $1.1M |
By company age
Years since incorporation, as filed.
| Age | Rounds | Total sold | Median round |
|---|---|---|---|
| Under 2 years | 377 | $2.91bn | $775K |
| 2 to 5 years | 218 | $3.63bn | $1.9M |
| Over 5 years | 241 | $4.6bn | $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 | 581 | $8.35bn | $2.3M |
| Debt | 38 | $1.71bn | $1.9M |
| Convertible | 45 | $497M | $671K |
| Other | 28 | $409M | $750K |
| Options or warrants | 48 | $118M | $513K |
| SAFE | 96 | $38.9M | $100K |
By state
The issuer's principal place of business. Top 15.
| State | Rounds | Total sold | Median round |
|---|---|---|---|
| CA | 137 | $2.45bn | $2M |
| GA | 8 | $1.92bn | $3.4M |
| Outside US | 65 | $1.31bn | $500K |
| NY | 66 | $1.19bn | $3.5M |
| MA | 33 | $747M | $5.5M |
| TX | 83 | $688M | $2.6M |
| FL | 54 | $453M | $1.6M |
| NV | 7 | $356M | $3M |
| MD | 10 | $231M | $3.1M |
| CO | 23 | $218M | $625K |
| OK | 5 | $174M | $3.3M |
| CT | 9 | $141M | $3.3M |
| MI | 8 | $138M | $805K |
| NC | 19 | $129M | $2.4M |
| DE | 32 | $103M | $465K |
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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.
3,205 original Form D notices were filed in May 2026; 836 are operating-company rounds with money sold. Source: SEC EDGAR, Form D filings for May 2026. Data built 2026-09-30.