Leaderboards
Who has money now, who is raising, and where capital is going. Every number comes from SEC filings and links to its evidence.
Sectors & places: where startup capital is going
Companies raising and capital reported on SEC Form D by industry group, state and city, against the previous quarter and the same quarter a year earlier.
Source: SEC Form DFilings through Nov 6, 2026
Companies raising, 2026 Q3
2,365
vs 2025 Q3: +5%vs 2026 Q2: -3%
Capital reported, 2026 Q3
$46.4B
vs 2025 Q3: +21%vs 2026 Q2: +6%
By sector (SEC industry group)
Name
Companies
Raised
Largest rounds
- Other Technology Steady848YoY +5% · QoQ +4%$23.3BYoY +10%
- Other Steady721YoY -1% · QoQ -4%$12.8BYoY +38%
- 69YoY +8% · QoQ -16%$3.5BYoY +514%
- Biotechnology Steady152YoY +13% · QoQ -3%$2.2BYoY 0%
- Other Energy Heating up71YoY +34% · QoQ +18%$1.7BYoY +144%
- Other Health Care Steady179YoY +5% · QoQ -13%$1.3BYoY -12%
- Restaurants Heating up37YoY +68% · QoQ +3%$424MYoY -65%
- Manufacturing Heating up86YoY +65% · QoQ +16%$318MYoY +11%
- Pharmaceuticals Steady28YoY +4% · QoQ -7%$248MYoY -34%
- Business Services Cooling down42YoY -40% · QoQ -22%$160MYoY -28%
- Retailing Steady46YoY +12% · QoQ -16%$133MYoY -62%
- Telecommunications Cooling down11YoY -35% · QoQ +57%$83.6MYoY +34%
- Computers Heating up52YoY +126% · QoQ +4%$78.3MYoY +91%
- Agriculture Cooling down8YoY -65% · QoQ -76%$13.8MYoY -84%
- Energy ConservationFew filings3YoY +200% · QoQ +200%$10.1MYoY +1%
- Other TravelFew filings4YoY -20% · QoQ +100%$7.4MYoY -89%
- Health InsuranceFew filings1YoY -50% · QoQ 0%$5.4MYoY -70%
- Hospitals and PhysiciansFew filings5YoY -17% · QoQ -62%$3.5MYoY -96%
- Environmental ServicesFew filings2YoY 0% · QoQ -50%$651KYoY -59%
By state
Name
Companies
Raised
Largest rounds
- California Heating up392YoY +24% · QoQ +9%$16.7BYoY +10%
- Texas Steady159YoY +14% · QoQ -13%$7.4BYoY +211%
- Colorado Cooling down79YoY -19% · QoQ -12%$5.4BYoY +1195%
- New York Steady231YoY +8% · QoQ +5%$5.3BYoY -15%
- Florida Heating up161YoY +28% · QoQ -4%$2.3BYoY -21%
- Wyoming Heating up42YoY +121% · QoQ +31%$1.9BYoY +4831%
- Massachusetts Steady98YoY -13% · QoQ -16%$1.7BYoY +14%
- Virginia Heating up57YoY +21% · QoQ +43%$510MYoY +209%
- Pennsylvania Heating up63YoY +29% · QoQ +19%$477MYoY +1%
- Delaware Steady112YoY +12% · QoQ +23%$437MYoY -41%
- District of Columbia Cooling down12YoY -25% · QoQ -8%$306MYoY +86%
- Washington Steady71YoY +15% · QoQ -3%$267MYoY -53%
- Georgia Heating up43YoY +19% · QoQ +13%$261MYoY +11%
- Maryland Heating up37YoY +48% · QoQ +3%$243MYoY -3%
- Illinois Steady54YoY -11% · QoQ -13%$202MYoY -15%
By city (5+ companies raising)
Name
Companies
Raised
Largest rounds
- New York, NY Steady165YoY +9% · QoQ +9%$4.6BYoY +9%
- San Francisco, CA Heating up90YoY +34% · QoQ +27%$9.3BYoY +150%
- Burlington, VT Steady55YoY +12% · QoQ -7%$27MYoY +42%
- Austin, TX Heating up48YoY +17% · QoQ -20%$2.2BYoY +263%
- Seattle, WA Heating up41YoY +116% · QoQ +105%$173MYoY +281%
- Wilmington, DE Heating up38YoY +19% · QoQ +23%$110MYoY +40%
- Dover, DE Steady36YoY -8% · QoQ +33%$158MYoY -72%
- Denver, CO Cooling down33YoY -30% · QoQ -17%$4.2BYoY +2551%
- Boston, MA Steady31YoY -6% · QoQ -21%$728MYoY +29%
- Brooklyn, NY Heating up31YoY +35% · QoQ +35%$499MYoY +262%
Cities are the issuer address on the filing, which is sometimes a registered agent or administrator rather than where the team works.
How this board is built
- Counts operating companies that disclosed a private round on SEC Form D, and the amount they reported selling, by the quarter the round was disclosed (filing date; first-sale date for amended offerings).
- Sectors are the SEC's Form D industry groups. Pooled investment funds, real estate, banking, insurance and similar issuers are excluded; so are unpublished profiles.
- Heating up / cooling down compares the number of companies raising with the same quarter a year earlier (seasonality-free): a change of 15% or more either way. Groups with fewer than 10 companies in both quarters are marked as thin.
- Capital totals are dominated by a few very large rounds, so the company count is the steadier signal.
- SEC publishes Form D data sets quarterly and they lag; recent days are filled from EDGAR's daily filing index, so the latest weeks can be incomplete.