SEC Fundraising Activity ( Feb 1 – 28, 2026 )

Startups	Crowdfunded	IPOs	Venture Funds
171	68	28	8

Startup Funding

February 2026 Private Placement Snapshot

February saw robust startup financing activity with 171 companies reporting private offerings. The month was characterized by a broad mix of technology, health care & life sciences, and real estate transactions. On the technology side, AI, advanced manufacturing, and enterprise software continued to dominate larger raises, while biotechnology and pharmaceuticals remained steady beneficiaries of investor interest. Real estate offerings—particularly EB-5–related vehicles and operating partnerships—also made up a meaningful portion of the count, reflecting continued capital formation despite higher-rate headwinds.

Standout Raises & Themes

Several companies stood out this month for the scale of their raises and the significance of the problems they are tackling:

• Goodfire AI, Inc. led the month with a $161.7M raise from just 19 investors, underscoring concentrated conviction behind its AI research and safety-focused approach. The size and structure of the round signal strong institutional belief in next-generation AI infrastructure and alignment technologies.

• Heron Power Electronics Co secured nearly $140M, highlighting continued investor appetite for power electronics innovation, a critical enabler for electrification, energy efficiency, and next‑generation hardware systems.

• Overland Ai INC. raised $80M in the autonomous and defense-adjacent technology space, pointing to growing interest in AI-driven mobility and operational autonomy across industrial and government use cases.

• Altesa BioSciences, Inc. attracted $75M to advance pharmaceutical development, reinforcing the resilience of biotech funding for companies addressing unmet medical needs.

• Machina Labs, Inc. raised over $52M, standing out for its work in robotic manufacturing and AI-driven metal forming, a key technology for reshoring advanced manufacturing and improving supply-chain resilience.

• UbiQD, Inc. brought in $15M to further commercialize quantum dot technologies, reflecting continued interest in materials science breakthroughs with applications spanning clean energy, displays, and agriculture.

Broader Takeaways

Across the spectrum, February’s filings show investors favoring:

• Capital-efficient AI companies with differentiated technical moats
• Life sciences firms progressing toward clinical and regulatory milestones
• Hard-tech and manufacturing innovators solving infrastructure-scale problems

Overall, February 2026 reflects a market that remains selective but willing to commit significant capital to companies pushing forward transformational technologies and mission-critical solutions.

Top Companies

ROM Technologies, Inc., Brookfield, CT
ROM Technologies, Inc. is at the forefront of advanced orthopedic rehabilitation technology.
Sold: $448.06M, Investors: 3556

Epicor, Inc., Austin, TX
Epicor Software Corporation is a global leader in providing industry-specific software solutions and services.
Sold: $203.58M, Investors: 123

Overland Ai INC., Seattle, WA
Overland AI is transforming land operations by delivering advanced and dependable ground autonomy solutions to the U.S. Military and Partner Nations.
Offering Amount: $80M, Sold: $80M, Investors: 22

Altesa BioSciences, Inc., College Park, GA
Altesa BioSciences, Inc. is a clinical-stage pharmaceutical company dedicated to developing new treatments for high-consequence viral infections, primarily focusing on respiratory infections in people living with chronic obstructive pulmonary disease (COPD).
Offering Amount: $75M, Sold: $75M, Investors: 17

IPC Alternative Real Estate Operating Partnership, LP, Oak Brook, IL
IPC Alternative Real Estate Operating Partnership, LP is a Delaware limited partnership affiliated with IPC Alternative Real Estate Income Trust, Inc.
Offering Amount: $70.77M

Crowdfunding Offerings

Crowdfunding Filings — February 2026 Snapshot

In February 2026, 68 companies filed crowdfunding offerings with the SEC, reflecting a broad cross‑section of early‑stage activity across the U.S. The most common business verticals this month were food & beverage, local consumer services and restaurants, real estate and energy, and a growing cluster of technology, digital media, and health‑focused ventures. While many raises were modest in size—often $25,000 to $50,000—several offerings stood out for their ambition, innovation, or the significance of the problems they aim to address.

Notable and Standout Filers

• Primus Capital Holdings LLC led the month by a wide margin with a $4.74 million offering at a $1,000 share price. Large raises like this remain rare in crowdfunding and signal a more institutional‑scale capital strategy entering the retail investment arena.

• VDX 351 W37 Owner LLC highlights continued investor appetite for real estate‑backed offerings, particularly in core markets like New York City, even amid higher interest rate sensitivity.

• Carbon Country LLC and Green Energy Estate Fund, LLC point to sustained momentum in climate, carbon, and clean‑energy‑aligned investments, as retail investors increasingly seek exposure to sustainability‑driven assets.

• Pluto7 Consulting Inc. stands out on the technology front, reflecting the continued democratization of data, AI, and advanced analytics expertise through smaller, accessible crowdfunding rounds.

• Rentberry Inc. remains a recognizable name in proptech, continuing to leverage crowdfunding as part of its capital strategy to modernize rental marketplaces and tenant‑landlord interactions.

• Web3 Enabler, Inc. and DNA Chat Corp illustrate how emerging digital platforms—from blockchain infrastructure to novel communication concepts—are still turning to retail investors despite a more cautious tech funding environment.

• In healthcare and life sciences, Pirouette Pharma Inc., KAHF Biotech, Inc., Enterprise Diagnostics, Inc., and Mylo Medical Supplies LLC underscore how crowdfunding continues to play a role in early validation and community‑backed funding for medical and biotech innovation.

• National Energy Improvement Fund, LLC and Pytheas Energy Inc further reinforce investor interest in energy efficiency and alternative energy solutions, even at relatively small raise levels.

A Broad Base of Community‑Driven Businesses

Beyond these highlights, February’s filings were dominated by restaurants, packaged foods, beverage brands, distilleries, and local consumer concepts, including companies like Chay Spirits, LLC, Vegan Sunday Supper, Inc., Catalyst Hot Dogs, LLC, and On Your Six Distillery, Inc.. These offerings highlight crowdfunding’s enduring role as a community‑centric financing tool for consumer brands that benefit from local loyalty and direct customer engagement.

Overall, February 2026 reflects a healthy mix of ambitious large raises, mission‑driven energy and health companies, and grassroots consumer businesses, reinforcing crowdfunding’s position as both an innovation catalyst and a neighborhood‑level capital engine.

Top Companies

Primus Capital Holdings LLC, Atlanta, GA
Primus Capital Holdings is a real estate investment organization focused on building wealth through property investing.
Offering Amount: $4.74M

Morning Line Racing LLC Series Fund 1, Oakbrook Terrace, IL
Morning Line is a trading platform that allows users to buy and sell fractional shares of high-performance sports assets.
Offering Amount: $550,000

Carbon Country LLC, Potomac, MD
Carbon Country is transforming farming by integrating agrivoltaics, carbon removal, and renewable energy to help small farms convert pastureland into sustainable, income-generating assets.
Offering Amount: $350,000

Green Bridge Corp, Raleigh, NC
Green Bridge is a clean energy company headquartered in Raleigh, North Carolina, focused on scaling the commercial and industrial (C&I) middle market in the United States.
Offering Amount: $300,000

Flix Media Multi-Channel Drop LLC, Sheridan, WY
The Issuer is a Wyoming limited liability company formed to facilitate a structured revenue-sharing arrangement tied to a YouTube content channel.
Offering Amount: $250,000

IPOs

February 2026 IPO Activity Overview

February was an exceptionally active month for U.S. capital markets, with 28 companies filing for IPOs. The mix of filings highlights a market that is simultaneously embracing financial innovation, biotechnology breakthroughs, and a continued reliance on SPAC structures as vehicles for future dealmaking.

Dominant Themes and Industry Verticals

• SPACs and Blank Check Companies once again represented the largest share of activity. Well over half of the filings came from acquisition vehicles such as Metals Acquisition Corp. II, MOZAYYX Acquisition Corp., Kensington Capital Acquisition Corp. VI, and TRG Latin America Acquisitions Corp.. These SPACs collectively targeted sectors ranging from natural resources and automotive to energy storage and emerging markets, underscoring sustained sponsor confidence despite a more selective post-merger environment.

• Biotechnology and Life Sciences stood out as the most innovation-driven vertical. Multiple clinical-stage companies advanced toward public markets, reflecting continued investor appetite for differentiated therapeutic platforms.

• Digital Assets and Alternative Investment Products were another notable trend, with several crypto- and commodity-linked trusts seeking exchange listings to provide regulated exposure to non-traditional assets.

Notable and Innovative Filings

Several companies stood out this month for the ambition or novelty of the problems they are tackling:

• Generate Biomedicines, Inc. represents one of the most technologically advanced filings. The company combines artificial intelligence with high-throughput bioengineering to design protein-based therapeutics, with a Phase 3 asthma drug and a broad pipeline in oncology and immunology. Its “generative biology” platform exemplifies the convergence of AI and drug discovery.

• Salspera, Inc. is pushing the frontier of cancer treatment through live biopharmaceuticals. Its orally administered, genetically engineered Salmonella-based therapy for solid tumors has already progressed through Phase 2 trials and earned FDA Orphan Drug and Fast Track designations—an unconventional but potentially transformative approach in oncology.

• Bioventrix, Inc. adds to the medtech narrative, preparing for a Nasdaq listing with technologies aimed at improving outcomes in structural heart disease, an area of growing clinical and commercial importance.

• On the financial innovation side, Grayscale Aave Trust (AAVE), Bitwise Uniswap ETF Trust, and HSBC Physical Gold Trust illustrate how asset managers are increasingly using ETF and trust structures—sometimes with tokenization features—to give public-market investors exposure to cryptocurrencies, DeFi protocols, and commodities within a regulated framework.

Overall Takeaway

February 2026’s IPO filings reflect a bifurcated market: capital formation vehicles (SPACs) continue to dominate by volume, while biotech and digital-asset-linked issuers drive much of the month’s intellectual and technological momentum. Together, these filings suggest that while investors remain cautious, they are still willing to back companies and structures that promise either long-term innovation or flexible paths to future growth.

Top IPOs

Grayscale Aave Trust (AAVE), Stamford, CT
Grayscale Aave Trust (AAVE) is a Delaware statutory trust formed to provide investors with exposure to AAVE, the governance token of the Aave Protocol.
Offering: Grayscale Aave Trust (AAVE) is a Delaware statutory trust that will operate as a passive exchange-traded fund seeking to reflect the value of AAVE, the governance token of the Aave Protocol, less expenses and liabilities. The Trust will issue and redeem shares on an ongoing basis in blocks of 10,000 shares through authorized participants and intends to list its shares on NYSE Arca under the symbol “GAVE.” The Trust does not use leverage or derivatives and is designed to provide investors with indirect exposure to the price of AAVE.

Pharmaceutical Resource Technology, Inc., Singapore, U0, Singapore
Pharmaceutical Resource Technology, Inc. is a Wyoming-incorporated company whose primary operations are conducted outside the United States, principally in Singapore.
Offering: The company has filed a registration statement with the SEC for a public offering of its securities. The offering price will be arbitrarily determined by the company and bears no relationship to assets, earnings, or other valuation criteria. The registration statement is subject to completion and effectiveness, and no securities may be sold until it becomes effective. There is no minimum purchase requirement for the offering to proceed.

Salspera, Inc., Cambridge, MA
Salspera, Inc. is a late-stage biopharmaceutical company focused on the development and commercialization of a new class of immunotherapeutics for the treatment of solid tumors.
Offering: Salspera, Inc. is a clinical-stage biotechnology company focused on developing and commercializing a new class of immunotherapeutics known as live biopharmaceuticals for the treatment of solid tumors. Its lead product candidate, Saltikva (Salmonella-IL2), is an orally administered, genetically engineered attenuated Salmonella strain designed to express interleukin-2 within the tumor microenvironment. Saltikva has completed Phase 1 and Phase 2 clinical trials in metastatic pancreatic cancer and is preparing to enter pivotal Phase 3 trials. The program has received Orphan Drug and Fast Track designations from the FDA. This prospectus follows a 54-for-1 stock split effected on February 17, 2026.

Pono Capital Four, Inc., Honolulu, HI
Pono Capital Four, Inc. is a newly organized blank check company incorporated in the Cayman Islands as a SPAC for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
Offering: The provided filing text describes certain details related to the public offering of units, Class A ordinary shares, or Share Rights. It specifies underwriter (D. Boral Capital) and outlines estimated offering expenses, but does not provide complete information about the number of shares, share price, total offering amount, or commencement date. There is also reference to delivering a prospectus for a period after the date of the prospectus.

Quantum Leap Acquisition Corp, Grand Cayman, undefined, Cayman Islands
Quantum Leap Acquisition Corp is a blank check company incorporated as a Cayman Islands exempted company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination.
Offering: The filing describes a public offering of units, Class A ordinary shares, or warrants with A.G.P. acting as sole book-running manager. The excerpt focuses on dealer prospectus delivery requirements and estimated expenses of issuance, but does not provide details on the size, pricing, or timing of the offering.

Venture Funds

TQ Ventures III Growth LP, New York, NY
Offering Amount: $346.21M, Sold: $272.6M, Investors: 121

Tanglin Venture Fund III Limited Partnership, Singapore, U0, Singapore
Offering Amount: $200M, Sold: $30.5M, Investors: 8

Radiate Capital Fund, L.P., Philadelphia, PA
Radiate Capital Fund, L.P. is a private investment fund organized as a limited partnership based in Philadelphia, Pennsylvania.
Offering Amount: $150M, Sold: $11.76M, Investors: 23

TQ Ventures III Early LP, New York, NY
Offering Amount: $115.4M, Sold: $90.87M, Investors: 121

Blue Water Special Opportunities, LP, Larkspur, CA
Sold: $4.54M, Investors: 8