Funding · Q4 2025
Startup funding in Q4 2025
157 US offerings of $20M or more were disclosed to the SEC in Q4 2025, totalling $17B.
$17B
Disclosed this quarter
157
Offerings of $20M+
$4.08B
Largest — Databricks, Inc.
1,287
All operating-company filings
By industry
$12B · 90
$2.43B · 31
$1.11B · 9
$964M · 19
$176M · 3
$143M · 2
$142M · 3
All offerings · 157
$4.08B
$821M
Kalshi Inc.
New York, NY · Software & Technology · filed Dec 4, 2025
$763M
Par Health, Inc.
St. Louis, MO · Biotech & Pharma · filed Nov 25, 2025
$500M
$452M
$425M
Lovable Labs Inc
Dover, DE · Software & Technology · filed Dec 22, 2025
$410M
Stoke Space Technologies, Inc.
stokespace.com ↗
Kent, WA · Software & Technology · filed Nov 6, 2025
$360M
$331M
$312M
$295M
Kalshi Inc.
New York, NY · Software & Technology · filed Oct 23, 2025
$269M
Radiant Industries, Inc
radiantindustries.com ↗
El Segundo, CA · Energy & Climate · filed Dec 30, 2025
$225M
$214M
$196M
$189M
Tidal Vision Products, Inc.
Bellingham, WA · Software & Technology · filed Oct 31, 2025 · 2 amendments
$167M
$153M
$150M
$143M
$140M
fal - Features & Labels, Inc.
San Francisco, CA · Software & Technology · filed Dec 10, 2025
$135M
$134M
Electra Therapeutics, Inc.
South San Francisco, CA · Biotech & Pharma · filed Oct 30, 2025
$131M
7AI, Inc.
Boston, MA · Software & Technology · filed Dec 4, 2025
$125M
Kalshi Inc.
New York, NY · Software & Technology · filed Oct 30, 2025
$120M
Triana Biomedicines, Inc.
trianabiomedicines.com ↗
Lexington, MA · Biotech & Pharma · filed Dec 4, 2025
$120M
Pelage Pharmaceuticals, Inc.
Los Angeles, CA · Biotech & Pharma · filed Nov 24, 2025
$115M
SetPoint Medical Corp
setpointmedical.com ↗
Valencia, CA · Healthcare · filed Oct 28, 2025 · 1 amendment
$114M
80 Acres Urban Agriculture, Inc.
Hamilton, OH · Agriculture · filed Oct 31, 2025
$105M
Perfumeo Corp
Cupertino, CA · Software & Technology · filed Oct 28, 2025
$103M
Nomos AI, Inc.
New York, NY · Software & Technology · filed Nov 14, 2025
$103M
$100M
Touareg Group Technologies Co.
Sheridan, WY · Software & Technology · filed Dec 2, 2025
$100M
Celero Communications, Inc.
Irvine, CA · Software & Technology · filed Nov 18, 2025
$99M
Iambic Therapeutics, Inc.
San Diego, CA · Biotech & Pharma · filed Nov 21, 2025
$94M
Cambium Biomaterials, Inc.
El Segundo, CA · Software & Technology · filed Dec 4, 2025
$94M
ALEMBIC TECHNOLOGIES, INC.
alembic.com ↗
San Francisco, CA · Software & Technology · filed Nov 7, 2025 · 1 amendment
$88M
$84M
Harbor Health Team Inc.
Austin, TX · Healthcare · filed Nov 17, 2025
$81M
$77M
$77M
Tempero Bio, Inc.
Oakland, CA · Biotech & Pharma · filed Nov 4, 2025
$70M
Kalshi Inc.
New York, NY · Software & Technology · filed Nov 6, 2025
$67M
Imbria Pharmaceuticals, Inc.
Boston, MA · Biotech & Pharma · filed Dec 16, 2025 · 1 amendment
$66M
Edison Scientific, Inc.
edisonscientific.com ↗
San Franciso, CA · Software & Technology · filed Dec 9, 2025
$65M
SAMBAZON INC
sambazon.com ↗
San Clemente, CA · Industrial & Manufacturing · filed Oct 6, 2025 · 4 amendments
$65M
$64M
Nitricity Inc.
Fremont, CA · Software & Technology · filed Oct 28, 2025 · 1 amendment
$63M
$61M
$60M
Liberation Bioindustries, Inc.
liberationbioindustries.com ↗
New York, NY · Software & Technology · filed Dec 10, 2025
$60M
$60M
$60M
$57M
Campfire Software, Inc.
brushfire.com ↗
San Francisco, CA · Software & Technology · filed Nov 18, 2025
$56M
$56M
General Counsel AI, Inc.
generalcounselai.com ↗
San Francisco, CA · Software & Technology · filed Nov 19, 2025
$55M
Basking Biosciences, Inc.
baskingbiosciences.com ↗
Cary, NC · Biotech & Pharma · filed Oct 22, 2025 · 1 amendment
$55M
Aeovian Pharmaceuticals, Inc.
aeovianpharmaceuticals.com ↗
Berkeley, CA · Biotech & Pharma · filed Dec 22, 2025
$54M
$54M
$53M
AheadComputing, Inc.
aheadcomputing.com ↗
Portland, OR · Software & Technology · filed Oct 24, 2025 · 1 amendment
$51M
Akura Medical, Inc.
Campbell, CA · Healthcare · filed Dec 3, 2025
$51M
JL Acquisitions, Inc.
Foster City, CA · Consumer & Retail · filed Nov 26, 2025
$51M
Indapta Therapeutics Inc.
Houston, TX · Software & Technology · filed Oct 14, 2025
$49M
$48M
$48M
$48M
Tasca Therapeutics Corp
tascatherapeutics.com ↗
Cambridge, MA · Biotech & Pharma · filed Dec 1, 2025 · 1 amendment
$47M
ObjectiveHealth, Inc.
objectivehealth.ai ↗
Franklin, TN · Healthcare · filed Nov 25, 2025 · 1 amendment
$46M
Ansa Biotechnologies, Inc.
ansabiotech.com ↗
Emeryville, CA · Biotech & Pharma · filed Dec 10, 2025 · 1 amendment
$44M
$43M
$43M
$41M
$40M
$40M
$39M
Foxglove Technologies Inc.
foxglove.dev ↗
San Francisco, CA · Software & Technology · filed Nov 13, 2025
$39M
$38M
Maybell Quantum Industries, Inc.
Denver, CO · Software & Technology · filed Nov 12, 2025
$38M
$38M
$38M
Rivington Labs Inc.
San Francisco, CA · Software & Technology · filed Nov 24, 2025
$38M
Mediar Therapeutics, Inc.
Boston, MA · Biotech & Pharma · filed Dec 23, 2025
$38M
$37M
Electron Exchange Holdings, Inc.
domains.atom.com ↗
Chicago, IL · Software & Technology · filed Dec 9, 2025
$36M
Elucid Bioimaging Inc.
Boston, MA · Biotech & Pharma · filed Oct 22, 2025
$36M
$36M
Triton Therapeutics, Inc.
tritontherapeutics.com ↗
Stamford, CT · Biotech & Pharma · filed Oct 23, 2025
$36M
$36M
$35M
ECM Therapeutics, Inc.
ecmtherapeutics.com ↗
Warrendale, PA · Biotech & Pharma · filed Oct 10, 2025 · 4 amendments
$35M
Panorama Artificial Intelligence Corp.
Seattle, WA · Software & Technology · filed Dec 3, 2025
$35M
Numeral Two Inc.
San Francisco, CA · Software & Technology · filed Nov 7, 2025
$34M
$34M
$34M
$34M
$33M
Dreeze, Inc.
Dover, DE · Software & Technology · filed Oct 3, 2025
$33M
$33M
Dualitas Therapeutics, Inc.
South San Francisco, CA · Biotech & Pharma · filed Nov 18, 2025
$32M
Belhaven Biopharma Inc.
Chapel Hill, NC · Biotech & Pharma · filed Oct 15, 2025
$31M
$31M
$31M
Particle Dynamics Holdings, Inc.
Chesterfield, MO · Healthcare · filed Oct 2, 2025
$31M
Myrtelle Inc.
New York, NY · Biotech & Pharma · filed Dec 23, 2025
$30M
$30M
$30M
RetireGo, Inc.
Sandy, UT · Software & Technology · filed Dec 19, 2025
$30M
$29M
RECODE THERAPEUTICS, INC.
recodetherapeutics.com ↗
Menlo Park, CA · Biotech & Pharma · filed Oct 23, 2025
$29M
VitriVax, Inc.
Boulder, CO · Biotech & Pharma · filed Nov 17, 2025
$29M
Pinteon Therapeutics, Inc.
Newton Centre, MA · Biotech & Pharma · filed Nov 12, 2025 · 3 amendments
$29M
$29M
Frontier Network Inc
frontiernetwork.com ↗
Harlingen, TX · Healthcare · filed Dec 31, 2025 · 1 amendment
$29M
$28M
80 Acres Urban Agriculture, Inc.
Hamilton, OH · Agriculture · filed Oct 31, 2025
$28M
Alta Resource Technologies, Inc.
Boulder, CO · Software & Technology · filed Dec 23, 2025
$28M
Boston Materials, Inc.
Billerica, MA · Software & Technology · filed Dec 1, 2025 · 2 amendments
$28M
Addition Therapeutics, Inc.
additiontx.com ↗
South San Francisco, CA · Biotech & Pharma · filed Dec 22, 2025
$28M
$27M
SocialTrendly, Inc.
hugedomains.com ↗
Rochester, NY · Software & Technology · filed Nov 13, 2025 · 1 amendment
$27M
Auron Therapeutics, Inc.
aurontx.com ↗
Newton, MA · Biotech & Pharma · filed Dec 23, 2025 · 1 amendment
$27M
SafetyKit, Inc.
safetykit.com ↗
San Francisco, CA · Software & Technology · filed Oct 15, 2025 · 1 amendment
$27M
ORBION SPACE TECHNOLOGY, INC.
orbionspace.com ↗
Houghton, MI · Software & Technology · filed Dec 19, 2025
$27M
$27M
$26M
PHOTOPHARMICS INC
photopharmics.com ↗
Lehi, UT · Biotech & Pharma · filed Nov 3, 2025 · 2 amendments
$26M
$26M
MayBern Solutions, Inc.
New York, NY · Software & Technology · filed Nov 20, 2025
$26M
$25M
Clearcover, Inc.
clearcover.com ↗
Chicago, IL · Software & Technology · filed Oct 31, 2025 · 2 amendments
$25M
$25M
$25M
Pheast Therapeutics, Inc.
Redwood City, CA · Software & Technology · filed Oct 16, 2025
$25M
International Battery Company, Inc.
Milpitas, CA · Software & Technology · filed Nov 26, 2025
$24M
Fable Security, Inc.
fablesecurity.com ↗
San Francisco, CA · Software & Technology · filed Nov 25, 2025
$24M
Armadin, Inc.
Menlo Park, CA · Software & Technology · filed Nov 3, 2025
$24M
$23M
Nest Healthcare, Inc.
nesthealthcare.com ↗
New Orleans, LA · Healthcare · filed Dec 19, 2025 · 1 amendment
$23M
$23M
Snowcap Compute Inc.
snowcapcompute.com ↗
San Francisco, CA · Software & Technology · filed Oct 15, 2025
$22M
$22M
$22M
$22M
$22M
Instylla, Inc.
Bedford, MA · Biotech & Pharma · filed Oct 23, 2025
$21M
$21M
VahatiCor, Inc.
Santa Clara, CA · Healthcare · filed Dec 4, 2025
$21M
$21M
WELLOCUTION INC.
New York, NY · Software & Technology · filed Dec 17, 2025
$21M
CARBON AUTONOMOUS ROBOTIC SYSTEMS INC.
Seattle, WA · Software & Technology · filed Oct 22, 2025
$20M
$20M
Arpeggio Biosciences, Inc.
Boulder, CO · Software & Technology · filed Nov 24, 2025
$20M
Disa Technologies, Inc.
Mills, WY · Energy & Climate · filed Dec 29, 2025
$20M
HealthBridge Financial, Inc.
myhealthbridge.com ↗
Grand Rapids, MI · Healthcare · filed Dec 22, 2025
$20M
Source: SEC Form D structured data. Amounts are self-reported by the issuer on a notice filing — not audited, and cumulative across amendments. Full methodology →