The largest private fundraising by an operating company in 2026 so far was X.AI Holdings Corp., which reported $16.6 billion of equity sold to 131 investors in a notice first filed on January 6, 2026 [1][2]. Madison Air Solutions followed with $10.9 billion and Databricks with $5.0 billion [1]. DataPorium data show that operating companies filed 13,882 new private offering notices from January 1 to October 9, 2026, reporting $192.5 billion sold; the 25 offerings in the ranking account for $55.2 billion, or 28.7% [1].
What are these private fundraising figures?
When a company sells securities without registering them with the SEC, under exemptions such as Rule 506(b) or 506(c), it files a short notice, Form D, within 15 days of the first sale and amends it when terms change. The notices are official SEC data, but they are what the company reports: they are notices of offerings, not verified results [1]. "Amount sold" is what the company had sold when it filed; "investors" is how many had bought so far. Each offering appears once, at its newest filing, so an amendment replaces the earlier figures [1]. Industry is the category the company picked from a fixed list on the form, which is why many technology companies show as "Other Technology" [1].
Which companies raised the most privately in 2026?
| Rank | Company | State or country | Industry (as filed) | Amount sold | Investors | First filed |
|---|---|---|---|---|---|---|
| 1 | X.AI Holdings Corp. | California | Other Technology | $16.6 billion | 131 | Jan. 6 |
| 2 | Madison Air Solutions Corp | Illinois | Other | $10.9 billion | 397 | Apr. 27 |
| 3 | Databricks, Inc. | California | Other Technology | $5.0 billion | 136 | Aug. 27 |
| 4 | TBC - The Boring Co | Texas | Other | $3.2 billion | 141 | Sep. 10 |
| 5 | Crusoe Inc. | Colorado | Other | $3.1 billion | 108 | Sep. 17 |
| 6 | Multi-Color Corp (debt) | Georgia | Other | $1.3 billion | 437 | May 26 |
| 7 | Tenstorrent Holdings Inc. | Texas | Other Technology | $1.3 billion | 134 | Sep. 9 |
| 8 | Kalshi Inc. | New York | Other Technology | $1.1 billion | 71 | Aug. 25 |
| 9 | Ineffable Intelligence Ltd | United Kingdom | Other Technology | $1.1 billion | 33 | May 1 |
| 10 | Baseten Labs, Inc. | California | Other Technology | $1.1 billion | 41 | Jun. 30 |
| 11 | Saronic Technologies, Inc. | Texas | Other Technology | $1.0 billion | 39 | Apr. 9 |
| 12 | MFG Diversified Holdings Inc | Wyoming | Other Banking and Financial Services | $1.0 billion | 1 | Aug. 6 |
| 13 | ZeroStack Corp. | Texas | Other Technology | $1.0 billion | 2 | Sep. 2 |
| 14 | Fluidstack Ltd | United Kingdom | Other Technology | $842.5 million | 30 | Jan. 23 |
| 15 | Ramp Business Corp | New York | Other Technology | $782.0 million | 48 | Jun. 17 |
| 16 | Groq LLC | California | Other Technology | $672.2 million | 144 | Jul. 24 |
| 17 | Supabase, Inc. | Delaware | Other Technology | $650.0 million | 29 | Jun. 5 |
| 18 | Castelion Corp | California | Other Technology | $647.0 million | 17 | Aug. 28 |
| 19 | Shield AI Inc | California | Other Technology | $591.8 million | 32 | May 1 |
| 20 | Labels Buyer, LLC | Georgia | Other | $558.2 million | 521 | May 26 |
| 21 | Fab2, Inc. | Texas | Other Technology | $556.0 million | 89 | Sep. 8 |
| 22 | Harvey AI Corp | California | Other Technology | $550.3 million | 28 | Sep. 11 |
| 23 | Sierra Space Corp | Colorado | Other | $550.0 million | 2 | Mar. 16 |
| 24 | Whatnot Inc. | California | Other Technology | $547.0 million | 17 | Aug. 18 |
| 25 | MatX Inc. | California | Other Technology | $527.9 million | 23 | Mar. 10 |
Source: DataPorium Private Fundraising, Form D notices first filed from January 1 to October 9, 2026, each offering at its newest filing, data updated October 11, 2026 [1]. "First filed" is the date of the offering's first notice in 2026. Equity unless marked; Multi-Color's offering is debt. Ranked on unrounded amounts. State or country is the company's main office as filed.
What stands out in the 2026 ranking?
Two notices make up half the total
X.AI Holdings and Madison Air Solutions together reported $27.5 billion sold, 49.8% of the $55.2 billion in the table [1]. X.AI's notice lists a $20.0 billion offering, of which $16.6 billion, or 83.0%, had been sold when it filed; its first sale was on December 19, 2025 [1][2]. Madison Air reported its whole $10.9 billion offering as sold to 397 investors; the data link the company to the stock ticker MAIR [1].
Technology dominates
Eighteen of the 25 companies chose "Other Technology" as their industry, and 13 of the 25 reported $1 billion or more sold [1]. California has nine companies in the table and Texas five [1].
Some large notices have very few investors
Three of the 25 offerings list one or two investors: MFG Diversified Holdings, a Wyoming company, reported $1.0 billion from one investor, and ZeroStack and Sierra Space each reported two [1]. The investor count is as filed and does not say who the investors are.
Several companies filed more than one offering
The table shows each company once, at its largest offering. Crusoe also reported a second offering of $595.9 million in options and other securities, for $3.7 billion across the two [1][3]. Fluidstack filed a second offering of $730.0 million and MFG Diversified Holdings a second of $485.0 million [1]. Multi-Color Corp and Labels Buyer, LLC, both in Atlanta, reported first sales on the same day, May 11, 2026, and filed on the same day [1].
Which industries raised the most in 2026?
These totals cover every new notice of an operating company filed in 2026 through October 9, without the exclusions used for the ranking, so they still include some insurance and investment vehicles that are not marked as funds [1].
| Industry (as filed) | New offerings | Amount sold | Median amount sold |
|---|---|---|---|
| Other Technology | 2,838 | $70.8 billion | $1.3 million |
| Other | 3,093 | $41.6 billion | $0.8 million |
| Insurance | 136 | $14.9 billion | $3.4 million |
| Other Banking and Financial Services | 394 | $8.5 billion | $3.0 million |
| Other Real Estate | 1,145 | $8.5 billion | $2.6 million |
| Biotechnology | 518 | $6.7 billion | $2.3 million |
| Investing | 564 | $5.4 billion | $2.1 million |
| Commercial (real estate) | 1,316 | $5.3 billion | $2.6 million |
Source: DataPorium Private Fundraising totals by industry, operating companies, new notices filed January 1 to October 9, 2026 [1].
"Other Technology" accounted for 36.8% of the $192.5 billion and "Other" for 21.6% [1]. The median offering was much smaller than the headline rounds: $1.3 million for technology companies and for all operating companies alike [1].
How does 2026 compare by quarter?
| Quarter | New offerings | Amount sold | Median amount sold |
|---|---|---|---|
| Q1 2025 | 4,272 | $57.7 billion | $1.5 million |
| Q2 2025 | 3,862 | $43.1 billion | $1.8 million |
| Q3 2025 | 4,420 | $55.4 billion | $1.7 million |
| Q4 2025 | 4,428 | $54.8 billion | $1.7 million |
| Q1 2026 | 4,520 | $66.5 billion | $1.2 million |
| Q2 2026 | 4,566 | $60.9 billion | $1.6 million |
| Q3 2026 | 4,282 | $61.3 billion | $1.4 million |
| Q4 2026 (to Oct. 9) | 514 | $3.8 billion | $1.0 million |
Source: DataPorium Private Fundraising totals by quarter, operating companies, new notices [1]. Data are complete through September 30, 2026; later notices are provisional.
In the first three quarters of 2026, operating companies reported $188.7 billion sold in new offerings, 20.9% more than the $156.1 billion in the same quarters of 2025 [1]. The number of new notices rose 6.5%, to 13,368 in the first three quarters of 2026 from 12,554 a year earlier [1]. Q1 2026 was the largest quarter of the period, helped by X.AI's notice in January [1].
X.AI Holdings reported $16.6 billion sold in the largest private offering by an operating company in 2026 through October 9, followed by Madison Air Solutions at $10.9 billion.
How we built the ranking
- Universe: Form D notices of operating companies (pooled investment funds removed) whose offering was first filed between January 1 and October 9, 2026, each offering at its newest filing [1].
- Measure: amount sold as reported in the newest notice, in US dollars [1].
- Removed: offerings relying on the Investment Company Act fund exclusions or selling pooled-fund interests, such as insurance company separate accounts (the largest, New York Life Insurance & Annuity Corp, $3.0 billion); offerings of securities described only as "other" (four Pacific Life Insurance notices of up to $791.4 million); and two open-ended offerings by holding partnerships with hundreds of investors that look like investment vehicles although not marked as funds, EAG Holdings LP ($2.0 billion) and EQT Infrastructure Co LLC ($539.6 million) [1].
- Not fundraising: securities issued in a merger or acquisition were left out, among them Dillard's ($2.4 billion), Marvell ($2.0 billion) and Howard Hughes Holdings ($1.0 billion) [1].
- One row per company: companies with several 2026 offerings appear once, at their largest [1].
Every company's offerings and filings are on its DataPorium page, for example X.AI Holdings, Databricks and Crusoe; the full list is on the DataPorium private fundraising screener [1][2][3].
Key takeaways
- X.AI Holdings reported $16.6 billion sold, the largest private offering by an operating company in 2026 through October 9 [1][2].
- The 25 largest offerings totaled $55.2 billion, 28.7% of the $192.5 billion reported in 13,882 new notices [1].
- 13 of the 25 companies reported $1 billion or more sold, and 18 filed as "Other Technology" [1].
- New offerings in the first three quarters of 2026 reported $188.7 billion sold, up 20.9% from $156.1 billion in 2025 [1].
- The median new offering was $1.3 million, far below the headline rounds [1].
Frequently asked questions
What is the biggest private funding round of 2026?
Among operating companies, X.AI Holdings Corp. reported the largest, $16.6 billion sold to 131 investors in a notice first filed on January 6, 2026 [1][2].
What is a Form D?
A short notice filed with the SEC within 15 days after a company first sells securities in an offering exempt from registration. The amounts are reported by the company and are not verified [1].
How much did private companies raise in 2026?
Operating companies reported $192.5 billion sold in 13,882 new offering notices filed from January 1 to October 9, 2026 [1].
Which industry raised the most private money in 2026?
Companies filing as "Other Technology" reported $70.8 billion sold in 2,838 new offerings, 36.8% of the 2026 total for operating companies [1].