How much did US private companies raise in November 2025?
764 companies reported raises totalling $13.2bn on SEC Form D in November 2025. Technology was the largest sector at $4.2bn, and NY the largest state at $3.7bn. Amounts are as reported by the issuers; pooled funds are excluded.
Which industries raised the most?
Technology led with $4.2bn across 217 raises. Industries follow the SEC's own groups, folded into 7 buckets.
| Industry | Raises | Total | Share |
|---|---|---|---|
| Technology | 217 | $4.2bn | 32% |
| Finance | 42 | $3.1bn | 23% |
| Health | 108 | $2.3bn | 18% |
| Consumer & industrial | 57 | $1.4bn | 11% |
| Other | 165 | $1.2bn | 9% |
| Real estate | 151 | $839m | 6% |
| Energy | 24 | $157m | 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 |
|---|---|---|---|---|
| NEW YORK LIFE INSURANCE & ANNUITY CORP | New York, NY | Finance | 17 Nov 2025 | $1.7bn |
| REPUBLIC AIRWAYS HOLDINGS INC. | Carmel, IN | Consumer & industrial | 25 Nov 2025 | $830m |
| Kalshi Inc. | New York, NY | Technology | 19 Nov 2025 | $821m |
| Par Health, Inc. | St. Louis, MO | Health | 10 Nov 2025 | $763m |
| Ripple Labs Inc. | San Francisco, CA | Technology | 4 Nov 2025 | $500m |
| Ramp Business Corp | New York, NY | Technology | 17 Nov 2025 | $312m |
| METROPOLITAN TOWER LIFE INSURANCE CO | Lincoln, NE | Finance | 3 Nov 2025 | $287m |
| Galecto, Inc. | Boston, MA | Health | 12 Nov 2025 | $285m |
| Erebor Bank, National Association | Columbus, OH | Finance | 10 Nov 2025 | $276m |
| Skims Body, Inc. | Los Angeles, CA | Other | 7 Nov 2025 | $262m |
| Wonder Group, Inc. | New York, NY | Consumer & industrial | 19 Nov 2025 | $180m |
| PDW Holdings, Inc. | Huntsville, AL | Technology | 19 Nov 2025 | $162m |
| United Capital Financial Partners, LLC | Irving, TX | Finance | 10 Nov 2025 | $151m |
| fal - Features & Labels, Inc. | San Francisco, CA | Technology | 14 Nov 2025 | $140m |
| 7AI, Inc. | Boston, MA | Technology | 19 Nov 2025 | $131m |
| Triana Biomedicines, Inc. | Lexington, MA | Health | 26 Nov 2025 | $120m |
| Neurophos Inc. | Austin, TX | Technology | 26 Nov 2025 | $109m |
| Nomos AI, Inc. | New York, NY | Technology | 3 Nov 2025 | $103m |
| Navitas Semiconductor Corp | Torrance, CA | Technology | 10 Nov 2025 | $100m |
| Federato Technologies, Inc. | San Francisco, CA | Other | 3 Nov 2025 | $100m |
| Iambic Therapeutics, Inc. | San Diego, CA | Health | 6 Nov 2025 | $99.3m |
| Cambium Biomaterials, Inc. | El Segundo, CA | Technology | 18 Nov 2025 | $94.4m |
| BlossomHill Therapeutics, Inc. | San Diego, CA | Health | 25 Nov 2025 | $84.2m |
| SURF AIR MOBILITY INC. | Hawthorne, CA | Consumer & industrial | 10 Nov 2025 | $83.7m |
| IREX IV Industrial Portfolio DST | Dallas, TX | Real estate | 26 Nov 2025 | $80.1m |
Which states raised the most?
NY led with $3.7bn across 77 raises.
| State | Raises | Total |
|---|---|---|
| NY | 77 | $3.7bn |
| CA | 135 | $2.8bn |
| MO | 6 | $858m |
| IN | 7 | $845m |
| TX | 75 | $793m |
| MA | 31 | $745m |
| FL | 52 | $374m |
| OH | 17 | $352m |
| NE | 3 | $297m |
| CO | 28 | $243m |
| AL | 9 | $208m |
| WA | 16 | $201m |
| IA | 6 | $155m |
| PA | 16 | $148m |
| AZ | 18 | $138m |
| VA | 11 | $124m |
| MD | 14 | $95.9m |
| NV | 9 | $88.5m |
| CT | 12 | $87.7m |
| OR | 7 | $82.7m |
| IL | 20 | $75.2m |
| AR | 7 | $74.1m |
| DE | 30 | $70.2m |
| MI | 7 | $65.4m |
| AK | 4 | $60.5m |