How much did US private companies raise in June 2025?
870 companies reported raises totalling $18.1bn on SEC Form D in June 2025. Technology was the largest sector at $9.4bn, and CA the largest state at $8.3bn. Amounts are as reported by the issuers; pooled funds are excluded.
Which industries raised the most?
Technology led with $9.4bn across 257 raises. Industries follow the SEC's own groups, folded into 7 buckets.
| Industry | Raises | Total | Share |
|---|---|---|---|
| Technology | 257 | $9.4bn | 52% |
| Other | 189 | $2.3bn | 13% |
| Finance | 58 | $1.9bn | 10% |
| Health | 102 | $1.3bn | 7% |
| Energy | 27 | $1.3bn | 7% |
| Real estate | 181 | $1.2bn | 6% |
| Consumer & industrial | 56 | $763m | 4% |
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 |
|---|---|---|---|---|
| X.AI Holdings Corp. | Palo Alto, CA | Technology | 18 Jun 2025 | $5.3bn |
| PACIFIC LIFE INSURANCE CO | Newport Beach, CA | Finance | 10 Jun 2025 | $1bn |
| EQT Private Equity Co LLC | New York, NY | Other | 30 Jun 2025 | $788m |
| First Due Holdings, Inc. | Miami, FL | Technology | 27 Jun 2025 | $783m |
| Silicon Ranch Corp | Nashville, TN | Energy | 6 Jun 2025 | $451m |
| ZUP Holdings LP | New York, NY | Consumer & industrial | 4 Jun 2025 | $396m |
| Abridge AI Inc. | Philadelphia, PA | Technology | 12 Jun 2025 | $316m |
| Emory Peak Holdings V, LLC | Houston, TX | Energy | 16 Jun 2025 | $298m |
| American Bitcoin Corp. | Miami, FL | Technology | 24 Jun 2025 | $220m |
| Odyssey Therapeutics, Inc. | Boston, MA | Health | 16 Jun 2025 | $214m |
| BITMINE IMMERSION TECHNOLOGIES, INC. | Las Vegas, NV | Technology | 30 Jun 2025 | $213m |
| Ramp Business Corp | New York, NY | Technology | 16 Jun 2025 | $200m |
| Lovable Labs Inc | Dover, DE | Technology | 27 Jun 2025 | $193m |
| Luminary Cloud, Inc. | San Mateo, CA | Technology | 27 Jun 2025 | $172m |
| Revenant Energy Holdings LLC | Plano, TX | Energy | 26 Jun 2025 | $161m |
| Gravie, Inc. | Minneapolis, MN | Health | 17 Jun 2025 | $150m |
| Terra CO2 Technology Holdings, Inc. | Golden, CO | Consumer & industrial | 23 Jun 2025 | $125m |
| Kalshi Inc. | New York, NY | Technology | 24 Jun 2025 | $125m |
| WWS Enterprises, LLC | Tampa, FL | Other | 1 Jun 2025 | $112m |
| Hadrian Automation, Inc. | Torrance, CA | Other | 27 Jun 2025 | $110m |
| Zero Hash Holdings Ltd. | Chicago, IL | Finance | 30 Jun 2025 | $104m |
| HighPoint Midstream LLC | San Antonio, TX | Energy | 17 Jun 2025 | $101m |
| PACIFIC LIFE INSURANCE CO | Newport Beach, CA | Finance | 4 Jun 2025 | $100m |
| Clay Labs Inc. | New York, NY | Other | 12 Jun 2025 | $100m |
| Upwing Energy, Inc. | Cerritos, CA | Energy | 2 Jun 2025 | $99m |
Which states raised the most?
CA led with $8.3bn across 130 raises.
| State | Raises | Total |
|---|---|---|
| CA | 130 | $8.3bn |
| NY | 90 | $2.3bn |
| FL | 71 | $1.5bn |
| TX | 84 | $1.2bn |
| MA | 40 | $526m |
| PA | 24 | $512m |
| TN | 12 | $509m |
| NV | 15 | $485m |
| MN | 20 | $340m |
| CO | 32 | $302m |
| DE | 29 | $279m |
| IL | 24 | $213m |
| WA | 30 | $174m |
| OH | 22 | $153m |
| UT | 11 | $130m |
| OR | 14 | $123m |
| GA | 23 | $109m |
| NJ | 15 | $106m |
| MI | 12 | $104m |
| IN | 4 | $92.9m |
| VA | 24 | $85.5m |
| NC | 22 | $79.8m |
| MD | 13 | $60.8m |
| AZ | 18 | $51.9m |
| MO | 5 | $45.5m |