How much did US private companies raise in December 2025?
1,066 companies reported raises totalling $35.5bn on SEC Form D in December 2025. Technology was the largest sector at $27.4bn, and CA the largest state at $25.4bn. Amounts are as reported by the issuers; pooled funds are excluded.
Which industries raised the most?
Technology led with $27.4bn across 291 raises. Industries follow the SEC's own groups, folded into 7 buckets.
| Industry | Raises | Total | Share |
|---|---|---|---|
| Technology | 291 | $27.4bn | 77% |
| Energy | 44 | $2bn | 6% |
| Other | 225 | $1.9bn | 5% |
| Real estate | 244 | $1.4bn | 4% |
| Health | 116 | $1.1bn | 3% |
| Finance | 69 | $935m | 3% |
| Consumer & industrial | 77 | $713m | 2% |
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 | 19 Dec 2025 | $16.6bn |
| Databricks, Inc. | San Francisco, CA | Technology | 16 Dec 2025 | $4.1bn |
| SYNOPSYS INC | Sunnyvale, CA | Technology | 1 Dec 2025 | $2bn |
| Fervo Energy Co | Houston, TX | Energy | 4 Dec 2025 | $452m |
| Lightning AI, Inc. | San Francisco, CA | Technology | 24 Dec 2025 | $435m |
| Lovable Labs Inc | Dover, DE | Technology | 11 Dec 2025 | $425m |
| Onebrief, Inc. | Honolulu, HI | Technology | 22 Dec 2025 | $359m |
| NATIONAL FUEL GAS CO | Williamsville, NY | Energy | 12 Dec 2025 | $350m |
| NATIONAL FUEL GAS CO | Williamsville, NY | Energy | 12 Dec 2025 | $350m |
| Big Watt Digital LLC | Newark, DE | Other | 31 Dec 2025 | $307m |
| Radiant Industries, Inc | El Segundo, CA | Energy | 15 Dec 2025 | $269m |
| HIG Holdings, LLC | Fort Worth, TX | Finance | 18 Dec 2025 | $260m |
| Green Interfaith Environmental Organization | Washington, DC | Energy | 31 Dec 2025 | $250m |
| Rhodenergy An Environmental Co Corp | Princeton, NJ | Health | 31 Dec 2025 | $250m |
| GRAY MEDIA, INC | Atlanta, GA | Technology | 5 Dec 2025 | $250m |
| Signify Holdings, Inc. | New York, NY | Technology | 16 Dec 2025 | $250m |
| Fortrex Sanitation Holdings, LLC | Dunwoody, GA | Consumer & industrial | 8 Dec 2025 | $237m |
| Cottonwood Communities, Inc. | Salt Lake City, UT | Real estate | 18 Dec 2025 | $201m |
| Oxide Computer Co | Emeryville, CA | Technology | 23 Dec 2025 | $184m |
| Armadin, Inc. | Palo Alto, CA | Technology | 29 Dec 2025 | $165m |
| Point Wild Holdings, Inc. | Boston, MA | Other | 11 Dec 2025 | $150m |
| Goodfire AI, Inc. | San Francisco, CA | Technology | 17 Dec 2025 | $150m |
| Deepgram, Inc. | San Francisco, CA | Other | 5 Dec 2025 | $143m |
| Hadrian Automation, Inc. | Torrance, CA | Other | 19 Dec 2025 | $131m |
| HawkEye 360, Inc. | Herndon, VA | Technology | 18 Dec 2025 | $106m |
Which states raised the most?
CA led with $25.4bn across 170 raises.
| State | Raises | Total |
|---|---|---|
| CA | 170 | $25.4bn |
| NY | 86 | $1.9bn |
| TX | 100 | $1.3bn |
| DE | 33 | $851m |
| GA | 32 | $595m |
| MA | 40 | $581m |
| NJ | 23 | $491m |
| VA | 43 | $440m |
| UT | 19 | $389m |
| HI | 2 | $360m |
| CO | 35 | $284m |
| DC | 7 | $275m |
| PA | 39 | $247m |
| FL | 62 | $244m |
| MD | 14 | $212m |
| MI | 12 | $196m |
| OH | 24 | $195m |
| IL | 33 | $180m |
| WA | 25 | $159m |
| WY | 13 | $126m |
| AL | 11 | $121m |
| OK | 20 | $106m |
| CT | 11 | $95.2m |
| MN | 27 | $73.1m |
| TN | 12 | $68.9m |