Private rounds announced in 2025-Q4, aggregated from public sources.
| Sector | Rounds | Capital |
|---|---|---|
| Other Technology | 401 | $8.0B |
| AI / ML | 61 | $6.8B |
| Other | 493 | $3.7B |
| Software / Tech | 164 | $2.9B |
| Biotechnology | 146 | $2.2B |
| Hardware / Semiconductors | 2 | $2.1B |
| Pharmaceuticals | 35 | $1.8B |
| Other Energy | 50 | $1.7B |
| Company | Sector | Stage | Amount | Filed |
|---|---|---|---|---|
| Databricks, Inc. SAN FRANCISCO | AI / ML | Growth/Late | $4.1B | Dec 16 |
| Synopsys Inc Sunnyvale | Hardware / Semiconductors | Growth/Late | $2.0B | Dec 1 |
| EssentaTor Inc. DOVER | Other Technology | Growth/Late | $1.5B | Dec 16 |
| Crusoe Energy Holdings Inc. DENVER | AI / ML | Growth/Late | $1.0B | Oct 8 |
| Republic Airways Holdings Inc. CARMEL | Airlines and Airports | Growth/Late | $829.9M | Nov 25 |
| Kalshi Inc. NEW YORK | Other Technology | Growth/Late | $820.8M | Nov 19 |
| Par Health, Inc. St. Louis | Pharmaceuticals | Growth/Late | $763.0M | Nov 10 |
| Waystar Holding Corp. LEHI | Healthtech | Growth/Late | $620.8M | Oct 1 |
| Ripple Labs Inc. SAN FRANCISCO | Software / Tech | Growth/Late | $500.0M | Nov 4 |
| Fervo Energy Co HOUSTON | Other Energy | Growth/Late | $452.0M | Dec 4 |
| Lightning AI, Inc. San Francisco | AI / ML | Growth/Late | $435.5M | Dec 24 |
| Lovable Labs Inc DOVER | AI / ML | Growth/Late | $425.0M | Dec 11 |
| Onebrief, Inc. HONOLULU | Defense | Series D+ | $359.3M | Dec 22 |
| Apptronik, Inc AUSTIN | Mobility / Logistics | Growth/Late | $331.4M | Oct 21 |
| Mercor.io Corp SAN FRANCISCO | Software / Tech | Series D+ | $330.4M | Oct 10 |
| Grail, Inc. Menlo Park | Biotechnology | Growth/Late | $325.0M | Oct 21 |
| Ramp Business Corp NEW YORK | Other Technology | Growth/Late | $311.7M | Nov 17 |
| Kalshi Inc. NEW YORK | Other Technology | Series D+ | $294.5M | Oct 8 |
| Galecto, Inc. Boston | Pharmaceuticals | Series D+ | $285.0M | Nov 12 |
| KoBold Metals Co Berkeley | Mining & Resources | Growth/Late | $280.0M | Oct 30 |
| Radiant Industries, Inc EL SEGUNDO | Other Energy | Series D+ | $268.8M | Dec 15 |
| Skims Body, Inc. Los Angeles | Other | Series D+ | $262.0M | Nov 7 |
| Payward, Inc. Cheyenne | Crypto / Web3 | Series D+ | $260.0M | Dec 10 |
| Green Interfaith Environmental Organization Washington | Environmental Services | Series D+ | $250.0M | Dec 31 |
| Rhodenergy An Environmental Co Corp PRINCETON | Biotechnology | Series D+ | $250.0M | Dec 31 |
| Gray Media, Inc Atlanta | Telecommunications | Series D+ | $250.0M | Dec 5 |
| Signify Holdings, Inc. NEW YORK | Other Technology | Series D+ | $250.0M | Dec 16 |
| Bending Spoons S.p.A. MILAN | Other Technology | Series D+ | $243.2M | Oct 29 |
| Fortrex Sanitation Holdings, LLC DUNWOODY | Business Services | Series D+ | $237.0M | Dec 8 |
| DraftKings Inc. BOSTON | Other | Series D+ | $228.7M | Oct 21 |
| Whatnot Inc. SAN FRANCISCO | Other Technology | Series D+ | $225.0M | Oct 15 |
| Ontic Technologies, Inc. AUSTIN | Software / Tech | Series D+ | $196.4M | Oct 14 |
| Oxide Computer Co Emeryville | Software / Tech | Series D+ | $184.0M | Dec 23 |
| Wonder Group, Inc. NEW YORK | Restaurants | Growth/Late | $180.0M | Nov 19 |
| Predictive Oncology Inc. PITTSBURGH | Biotechnology | Series D+ | $173.3M | Oct 7 |
| Foundry-Logic, Inc. WASHINGTON | Other Energy | Series D+ | $166.5M | Oct 27 |
| Armadin, Inc. Palo Alto | Other Technology | Series D+ | $165.2M | Dec 29 |
| Legora, Inc. DOVER | Legaltech | Series D+ | $150.4M | Oct 28 |
| WC SACD Holdings, Inc. BOSTON | Other | Series D+ | $150.0M | Dec 11 |
| Goodfire AI, Inc. San Francisco | AI / ML | Series D+ | $150.0M | Dec 17 |
| Deepgram, Inc. SAN FRANCISCO | Media & Content | Series D+ | $143.2M | Dec 5 |
| Supabase, Inc. OCBC CENTRE | Other Technology | Series D+ | $143.1M | Oct 2 |
| fal - Features & Labels, Inc. San Francisco | Other Technology | Series D+ | $140.5M | Nov 14 |
| Rio2 Ltd Vancouver | Other | Series D+ | $136.5M | Dec 15 |
| VeraDermics, Inc New Haven | Other Health Care | Series D+ | $135.0M | Oct 14 |
| Electra Therapeutics, Inc. SOUTH SAN FRANCISCO | Biotechnology | Series D+ | $134.2M | Oct 15 |
| Hadrian Automation, Inc. TORRANCE | Other | Series D+ | $131.3M | Dec 19 |
| 7AI, Inc. BOSTON | Other Technology | Series D+ | $130.6M | Nov 19 |
| Triana Biomedicines, Inc. LEXINGTON | Pharmaceuticals | Series D+ | $120.1M | Nov 26 |
| TA Fintech Inc. DOVER | Fintech | Series D+ | $120.0M | Nov 24 |
Largest jumps from a company's prior reported round to a round landing this quarter. Round sizes are reported figures, not modeled.
| Company | Sector | Prior round | This round | Step-up |
|---|---|---|---|---|
| Databricks, Inc. | AI / ML | $23.0M | $4.1B | 177.3× |
| Perfumeo Corp | Other Technology | $1.0M | $105.5M | 101.0× |
| Neuropathix, Inc. | Pharmaceuticals | $1.2M | $50.0M | 41.4× |
| Brazil Potash Corp. | Other | $1.0M | $28.0M | 28.0× |
| Pax8, Inc. | Other Technology | $2.1M | $58.4M | 27.4× |
| Kazia Therapeutics Ltd | Biotechnology | $2.1M | $55.3M | 27.0× |
| Adept ID, Inc. | Other Technology | $1.4M | $31.2M | 21.5× |
| Electra Battery Materials Corp | Other Energy | $1.6M | $34.5M | 21.1× |
| Spiro Medical Inc. | Healthtech | $2.0M | $37.1M | 18.5× |
| Super League Gaming, Inc. | Gaming | $1.1M | $20.0M | 18.2× |
| HighGrove Holdings, LLC/MO | Other | $1.0M | $17.5M | 17.5× |
| Freeform Future Corp. | Other Technology | $3.7M | $58.9M | 15.9× |
Companies whose earliest reported round lands this quarter — first-time raisers, by opening round size.
| Company | Sector | Stage | Opening round | Filed |
|---|---|---|---|---|
| Synopsys Inc Sunnyvale | Hardware / Semiconductors | Growth/Late | $2.0B | Dec 1 |
| EssentaTor Inc. DOVER | Other Technology | Growth/Late | $1.5B | Dec 16 |
| Republic Airways Holdings Inc. CARMEL | Airlines and Airports | Growth/Late | $829.9M | Nov 25 |
| Par Health, Inc. St. Louis | Pharmaceuticals | Growth/Late | $763.0M | Nov 10 |
| Waystar Holding Corp. LEHI | Healthtech | Growth/Late | $620.8M | Oct 1 |
| Lightning AI, Inc. San Francisco | AI / ML | Growth/Late | $435.5M | Dec 24 |
| Rhodenergy An Environmental Co Corp PRINCETON | Biotechnology | Series D+ | $250.0M | Dec 31 |
| Green Interfaith Environmental Organization Washington | Environmental Services | Series D+ | $250.0M | Dec 31 |
| Gray Media, Inc Atlanta | Telecommunications | Series D+ | $250.0M | Dec 5 |
| Fortrex Sanitation Holdings, LLC DUNWOODY | Business Services | Series D+ | $237.0M | Dec 8 |
| Ontic Technologies, Inc. AUSTIN | Software / Tech | Series D+ | $196.4M | Oct 14 |
| Foundry-Logic, Inc. WASHINGTON | Other Energy | Series D+ | $166.5M | Oct 27 |