How much did US private companies raise in May 2025?
952 companies reported raises totalling $19bn on SEC Form D in May 2025. Technology was the largest sector at $9.2bn, and CA the largest state at $5.2bn. Amounts are as reported by the issuers; pooled funds are excluded.
Which industries raised the most?
Technology led with $9.2bn across 275 raises. Industries follow the SEC's own groups, folded into 7 buckets.
| Industry | Raises | Total | Share |
|---|---|---|---|
| Technology | 275 | $9.2bn | 48% |
| Real estate | 192 | $2.8bn | 15% |
| Health | 99 | $2.5bn | 13% |
| Other | 238 | $2.1bn | 11% |
| Finance | 52 | $1.7bn | 9% |
| Energy | 22 | $527m | 3% |
| Consumer & industrial | 74 | $268m | 1% |
What were the largest raises?
The 25 largest filings of the month, with the issuer's own SEC record linked where the filing index is known.
| Company | Where | Industry | Date | Amount |
|---|---|---|---|---|
| World View Enterprises Inc. | Tucson, AZ | Technology | 8 May 2025 | $2.6bn |
| Howard Hughes Holdings Inc. | The Woodlands, TX | Real estate | 5 May 2025 | $900m |
| Strive Enterprises, Inc. / OH | Dallas, TX | Finance | 26 May 2025 | $750m |
| Asset Entities Inc. | Dallas, TX | Technology | 26 May 2025 | $750m |
| Kindly MD, Inc. | Salt Lake City, UT | Health | 13 May 2025 | $712m |
| Databricks, Inc. | San Francisco, CA | Technology | 27 May 2025 | $666m |
| Neuralink Corp. | Fremont, CA | Health | 30 May 2025 | $649m |
| ADREX Diversified 9 DST | Denver, CO | Real estate | 28 May 2025 | $437m |
| SharpLink Gaming, Inc. | Minneapolis, MN | Technology | 26 May 2025 | $425m |
| Payward, Inc. | Cheyenne, WY | Technology | 1 May 2025 | $400m |
| ServiceNow, Inc. | Santa Clara, CA | Technology | 30 May 2025 | $389m |
| Phantom Parent, LP | Jeffersonville, IN | Other | 20 May 2025 | $305m |
| Impulse Space, Inc. | Redondo Beach, CA | Other | 9 May 2025 | $295m |
| Niantic Spatial, Inc. | San Francisco, CA | Technology | 29 May 2025 | $248m |
| MDS 2025-Shale Development, LP | Pittsburgh, PA | Energy | 8 May 2025 | $246m |
| GREEN ENERGY GLOBAL INC | Pearce, AZ | Technology | 28 May 2025 | $211m |
| SIDEWALK INFRASTRUCTURE PARTNERS, LLC | Brooklyn, NY | Other | 7 May 2025 | $200m |
| HREX 7, DST | Houston, TX | Real estate | 29 May 2025 | $200m |
| Stash Financial, Inc. | New York, NY | Finance | 1 May 2025 | $187m |
| Motive Technologies, Inc. | Dover, DE | Technology | 20 May 2025 | $150m |
| CSP Parent LLC | Richmond, VA | Finance | 29 May 2025 | $148m |
| Vascular Perfusion Solutions, Inc. | San Antonio, TX | Health | 16 May 2025 | $147m |
| SWIMLANE, INC. | Denver, CO | Technology | 23 May 2025 | $143m |
| SIERRA INTERNATIONAL NETWORK INC | Irvine, CA | Technology | 1 May 2025 | $136m |
| NewLimit, Inc. | South San Francisco, CA | Health | 2 May 2025 | $130m |
Which states raised the most?
CA led with $5.2bn across 177 raises.
| State | Raises | Total |
|---|---|---|
| CA | 177 | $5.2bn |
| TX | 98 | $3.5bn |
| AZ | 25 | $2.9bn |
| NY | 90 | $1bn |
| UT | 19 | $841m |
| CO | 41 | $699m |
| MN | 11 | $540m |
| MA | 41 | $503m |
| WY | 10 | $420m |
| PA | 17 | $401m |
| DE | 25 | $357m |
| IN | 12 | $334m |
| GA | 25 | $236m |
| IL | 20 | $236m |
| FL | 57 | $233m |
| NJ | 21 | $228m |
| VA | 22 | $211m |
| OK | 5 | $114m |
| NH | 1 | $110m |
| NV | 15 | $110m |
| WA | 26 | $98.2m |
| WI | 16 | $81.7m |
| SC | 10 | $81m |
| OH | 22 | $79.9m |
| MD | 13 | $78.3m |