How much did US private companies raise in October 2025?
917 companies reported raises totalling $12.1bn on SEC Form D in October 2025. Technology was the largest sector at $3.5bn, and CA the largest state at $2.6bn. Amounts are as reported by the issuers; pooled funds are excluded.
Which industries raised the most?
Technology led with $3.5bn across 285 raises. Industries follow the SEC's own groups, folded into 7 buckets.
| Industry | Raises | Total | Share |
|---|---|---|---|
| Technology | 285 | $3.5bn | 29% |
| Other | 205 | $2.7bn | 23% |
| Health | 116 | $2.3bn | 19% |
| Real estate | 157 | $1.9bn | 16% |
| Finance | 57 | $701m | 6% |
| Energy | 28 | $506m | 4% |
| Consumer & industrial | 69 | $421m | 3% |
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 |
|---|---|---|---|---|
| Crusoe Inc. | Denver, CO | Other | 8 Oct 2025 | $1bn |
| Waystar Holding Corp. | Lehi, UT | Health | 1 Oct 2025 | $621m |
| ADREX Diversified 10 DST | Denver, CO | Real estate | 6 Oct 2025 | $490m |
| Apptronik, Inc | Austin, TX | Technology | 21 Oct 2025 | $331m |
| Mercor.io Corp | San Francisco, CA | Technology | 10 Oct 2025 | $330m |
| GRAIL, Inc. | Menlo Park, CA | Health | 21 Oct 2025 | $325m |
| Kalshi Inc. | New York, NY | Technology | 8 Oct 2025 | $295m |
| KoBold Metals Co | Berkeley, CA | Other | 30 Oct 2025 | $280m |
| DraftKings Inc. | Boston, MA | Technology | 21 Oct 2025 | $229m |
| Enterprise Housing Partners 48 Limited Partnership | Columbia, MD | Real estate | 23 Oct 2025 | $226m |
| Whatnot Inc. | San Francisco, CA | Technology | 15 Oct 2025 | $225m |
| AIREX Portfolio 10 DST | Denver, CO | Real estate | 7 Oct 2025 | $224m |
| Ontic Technologies, Inc. | Austin, TX | Technology | 14 Oct 2025 | $196m |
| Predictive Oncology Inc. | Pittsburgh, PA | Other | 7 Oct 2025 | $173m |
| Foundry-Logic, Inc. | Washington, DC | Energy | 27 Oct 2025 | $167m |
| Curative Inc. | Austin, TX | Health | 31 Oct 2025 | $153m |
| Legora, Inc. | Dover, DE | Technology | 28 Oct 2025 | $150m |
| DeenVest Capital, LLC | Cumming, GA | Real estate | 6 Oct 2025 | $150m |
| Supabase, Inc. | Dover, DE | Technology | 2 Oct 2025 | $143m |
| Veradermics, Inc | New Haven, CT | Health | 14 Oct 2025 | $135m |
| Electra Therapeutics, Inc. | South San Francisco, CA | Health | 15 Oct 2025 | $134m |
| Perfumeo Corp | Cupertino, CA | Technology | 27 Oct 2025 | $105m |
| Quoin Pharmaceuticals, Ltd. | Ashburn, VA | Health | 14 Oct 2025 | $105m |
| Beacon Biosignals, Inc. | Boston, MA | Technology | 7 Oct 2025 | $103m |
| Set Forth Holdings, LLC | Villanova, PA | Other | 20 Oct 2025 | $101m |
Which states raised the most?
CA led with $2.6bn across 156 raises.
| State | Raises | Total |
|---|---|---|
| CA | 156 | $2.6bn |
| CO | 36 | $1.9bn |
| TX | 89 | $1.3bn |
| NY | 85 | $1bn |
| MA | 39 | $698m |
| UT | 13 | $673m |
| PA | 20 | $391m |
| DE | 40 | $382m |
| FL | 54 | $274m |
| MD | 10 | $263m |
| MN | 21 | $222m |
| CT | 11 | $185m |
| GA | 14 | $183m |
| DC | 3 | $175m |
| MO | 6 | $145m |
| VA | 15 | $143m |
| WA | 36 | $142m |
| IN | 10 | $130m |
| OK | 9 | $104m |
| IL | 19 | $104m |
| NC | 24 | $102m |
| AZ | 16 | $99.9m |
| TN | 16 | $87.4m |
| AR | 9 | $86.3m |
| OR | 15 | $82.6m |