Who Just RaisedMonthly report · from SEC Form D filings
The state of private funding: December 2025
New raises
828
−2% vs Dec 24
Capital reported
$18.07B
+6% vs Dec 24
Median raise
$2M
$2M a year earlier
Month by month
Last 24 months · select a bar for that month
By sector
| Sector | Raises | Raised | vs year earlier |
|---|---|---|---|
| Technology | 278 | $11.1B | +31% |
| Health Care | 131 | $1.62B | +20% |
| Energy | 48 | $1.48B | +138% |
| Other | 194 | $1.26B | −73% |
| Financial Services | 52 | $1.07B | +23% |
| Travel | 2 | $831M | +6478% |
| Business Services | 26 | $291M | +357% |
| Manufacturing | 28 | $261M | +238% |
Busiest states
| State | Raises | Raised |
|---|---|---|
| California | 129 | $8.77B |
| New York | 84 | $2.38B |
| Texas | 58 | $1.04B |
| Florida | 50 | $358M |
| Massachusetts | 31 | $623M |
| Colorado | 29 | $311M |
| Delaware | 29 | $468M |
| Illinois | 28 | $128M |
The 10 largest raises
December 2025
| Company | Where | Sector | Raised |
|---|---|---|---|
| Databricks, Inc. | San Francisco, CA | Technology | $4.08B |
| Synopsys Inc. | Sunnyvale, CA | Technology | $2B |
| Republic Airways Holdings Inc. | Carmel, IN | Travel | $830M |
| Kalshi Inc. | New York, NY | Technology | $821M |
| Ripple Labs Inc. | San Francisco, CA | Technology | $500M |
| Fervo Energy Co | Houston, TX | Energy | $452M |
| Lovable Labs Inc | Dover, DE | Technology | $425M |
| National Fuel Gas Co. | Williamsville, NY | Energy | $350M |
| Ramp Business Corp | New York, NY | Technology | $312M |
| Radiant Industries, Inc | El Segundo, CA | Energy | $269M |
New Form D notices from operating companies (investment funds and vehicles excluded), as reported to the SEC; raises over $10B are left out of totals. ← November 2025 · January 2026 →