About the data

Every list is built from public Form D filings on the SEC's EDGAR system (sec.gov). A Form D is a notice a company files when it raises money in a private offering.

• Amount sold is the amount the company reported as sold on the filing. It is cumulative to the filing date and some offerings are still open.
• New raises vs. amendments: each company is counted once, from its latest Form D filing in the week. Top-10 lists and totals use new raises only. Amendments to older rounds, and filings whose first sale was more than 12 months earlier, are set aside and not counted.
• Coverage: national figures add up every state we cover, plus DC. A state we don't cover is left out of every list and every total.
• Operating companies only: funds, real estate and oil and gas are left out, based on the industry group and pooled-fund answer on the filing and on the company name (fund, LP, property-style names). Public companies are dropped using SEC ticker and annual/quarterly report records. On top of that we keep a list of manual exclusions, each with a reason: Texas was hand-checked on Oct 18, 2026, and New York, Florida, Massachusetts and Colorado were scanned for property and fund vehicles on Oct 21, 2026.
• Not ranked, but counted in totals: filings that report stock issued as merger or acquisition consideration, and raises we are still checking.
• Tags such as "Includes conversions" or "Includes secondary sales" come from the filing's own notes, so you can see when an amount isn't all new cash.
• Industry is shown as filed.
• Each company links to its original SEC filing where we have it.

A Form D is a notice of an exempt offering, not an SEC approval. Figures have not been independently verified. Nothing here is investment advice or an offer to buy or sell securities.