SEC Fundraising Activity ( May 1 – 31, 2026 )

Startups	Crowdfunded	IPOs	Venture Funds
515	66	45	120

Startup Funding

May 2026 brought a very busy private-offerings month, with 515 startup and growth-company raises across a wide mix of sectors. The activity was led by other technology names, alongside a strong showing in health care and biotech, energy, manufacturing, and a meaningful wave of real estate / REITs / finance financings. In other words, capital continues to flow toward software and AI, but investors are also clearly backing hard-tech, medtech, energy transition, and asset-backed operating businesses.

A few companies stand out for the scale of their raises and the strategic problems they’re tackling. On the tech side, Positron AI, Inc., Blitzy, Inc., HavocAI Inc., Glaze AI, Inc., and Nova AI Software Inc. reflect the continued rush into AI infrastructure, automation, and applied intelligence. Hardware-adjacent innovation also showed up in Cowboy Space Corp, Venus Aerospace Corp., Lunar Outpost Inc, and SCOUT Space Inc., underscoring investor appetite for frontier systems in aerospace and space robotics.

Health care and biotech remained a major funding lane, with raises for Syncromune, Inc., Magnus Medical, Inc., ByHeart, Inc., Axoft, Inc., Allyx Therapeutics, Inc., and Pillar Therapeutics, Inc.. These companies are notable not just for capital raised, but for addressing high-impact challenges in therapeutics, diagnostics, maternal/infant health, and medical devices—areas where technical differentiation can translate into meaningful clinical outcomes.

Energy-transition and industrial innovation also featured prominently. Blue Energy Global Inc., Utility Global, Inc., American Terawatt, Inc., Terraflow Energy, Inc., and Teichos Energy, LLC suggest investors are still underwriting novel approaches to power, decarbonization, and industrial efficiency. Meanwhile, manufacturing and supply-chain focused raises like Send Cut Send, Inc., Advanced Manufacturing Co of America, Inc., and Intramotev Inc. point to continued support for companies modernizing physical production and logistics.

The breadth of the month is also striking: from software builders such as Stord, Inc., Socket, Inc., Kepler Software, Inc., and Lyzr, Inc. to more specialized bets like Quantum Solutions, Inc. and Data Management & Compliance, Inc. DBA Warchest. Overall, May’s filings show investors leaning into both scale and specificity: big checks for category-defining technology, and steady capital for the operational businesses quietly powering the next wave of innovation.

Top Companies

Acacia Property Corp 2025, San Mateo, CA
Acacia Capital is a real estate investment firm specializing in multifamily apartment properties and residential land investments.
Offering Amount: $700M, Sold: $344.33M, Investors: 53

Labels Buyer, LLC, Atlanta, GA
Labels Buyer, LLC is a Delaware limited liability company associated with Multi-Color Corporation (MCC), a global label solutions company.
Offering Amount: $558.16M, Sold: $558.16M, Investors: 521

Stord, Inc., Atlanta, GA
Stord, Inc. provides omnichannel fulfillment, warehousing, transportation, and integrated software for direct-to-consumer and B2B brands.
Offering Amount: $300M, Sold: $61.75M, Investors: 10

Positron AI, Inc., Reno, NV
Positron AI, Inc. is an artificial intelligence hardware and software company based in Reno, Nevada.
Offering Amount: $233.89M, Sold: $233.89M, Investors: 55

Blitzy, Inc., Cambridge, MA
Blitzy, Inc. is a Cambridge, MA-based software company focused on AI-enabled product development and automation.
Offering Amount: $190M, Sold: $188.8M, Investors: 38

Crowdfunding Offerings

May’s crowdfunding filings featured 66 companies, with the clearest concentration in food and beverage, hospitality/consumer brands, real estate/investment vehicles, sports/entertainment, and a smaller but notable set of tech- and mobility-focused ventures. While many issuers were neighborhood eateries, specialty retail concepts, or franchise-style businesses, a handful stood out for tackling more ambitious problems or bringing real technological innovation to market.

Among the most notable were Adaptive Infrastructure, Inc., which suggests a play in resilient systems and infrastructure modernization, and Anodos Labs Inc., a company name that signals deep-tech ambition. Riemann Computing Inc. also stands out in the computing space, as does UgenticAI, Inc., which is clearly leaning into the AI wave with a very early-stage, high-upside profile. In mobility and aerospace, Alef Aeronautics Inc. was one of the most eye-catching issuers in the month, reflecting continued investor appetite for advanced transportation concepts. Aircar Aviation, Inc. similarly sits in the next-generation aviation bucket.

A second group of issuers appears to target pressing operational or industrial needs. Kinexx Modular Construction, LLC points to innovation in building methods and potentially faster, more efficient housing or commercial development. Aquipor Technologies, Inc. is another technology-forward name worth watching, especially in a market that continues to reward practical climate, water, or industrial efficiency solutions. Gridwater Inc also stands out for its likely focus on water-related infrastructure or utility innovation, a theme that remains highly relevant as communities grapple with resource resilience.

Outside of pure tech, several issuers reflect the continued democratization of niche consumer and media brands. Legion M Entertainment, Inc. remains one of the more recognizable crowdfunding-native entertainment stories, and Skybound Holdings LLC underscores how creator-led media and fandom-driven businesses continue to use securities crowdfunding as a capital-raising tool. In sports and lifestyle, American Rebel Licensing NIL I, Inc. and Flow Society Authentic Gear Inc. highlight the ongoing intersection of branding, licensing, and athlete-driven commerce.

Overall, May’s crowdfunding cohort shows the same split we’ve seen in recent months: a large base of community-oriented food, beverage, and hospitality issuers, paired with a smaller set of companies pushing into AI, computing, aviation, modular construction, and infrastructure technology. The latter group is where the most transformative upside may lie.

Top Companies

Adaptive Infrastructure, Inc., Germantown, MD
Adaptive Infrastructure Inc. is a clean energy development company focused on building resilient infrastructure that supports the transition to a low-carbon grid.
Offering Amount: $700,000

Mustard Seed Realty Funds LLC, Lima,, OH
Mustard Seed Realty Funds LLC is a Delaware limited liability company focused on acquiring, renovating, and managing multifamily and apartment properties.
Offering Amount: $200,000

Avalon Adventure Park, Inc., Mills River, NC
Avalon Adventure Park, Inc. develops and operates an indoor shared-reality virtual reality adventure venue in Western North Carolina.
Offering Amount: $175,000

TheFirehouseDetroit, LLC, Detroit, MI
The Firehouse Detroit LLC operates a residential co-living property in Detroit, Michigan, with private sleeping beds and shared common amenities.
Offering Amount: $100,000

5 Generation Bakers, LLC, Mckees Rocks, PA
5 Generation Bakers, LLC is a specialty bakery that bakes, sells, and distributes gourmet cinnamon swirl breads and other quality baked goods.
Offering Amount: $100,000

IPOs

May 2026 IPO Activity

May 2026 was a busy month for IPO filings, with 45 companies appearing in the SEC pipeline. The month was especially active in SPAC / blank-check formations, biotechnology and life sciences, software / technology, financial services, and energy / natural resources. We also saw a handful of offerings tied to space, advanced manufacturing, and alternative energy / infrastructure themes.

What stood out this month

A large share of the month’s activity came from special purpose acquisition companies (SPACs) and other acquisition vehicles, including filings from companies such as Rose Hill Acquisition Corporation, Snow Rothschild Acquisition Corp., Futurewave Acquisition Corp, BTECH Corp, Keystone Acquisition Corp., Jones Ventures INTL Acquisition1 Corp, and Crestone Strategic Capital Acquisition Corp. These listings continue to show investor appetite for blank-check structures, particularly those targeting future combinations in sectors ranging from technology to emerging markets.

On the operating-company side, biotech and health innovation was a major theme. Parabilis Medicines, Inc. stood out with a sizable Nasdaq-bound offering focused on medicines development, while First Tracks Biotherapeutics, Inc. added to the month’s clinical-stage biotech activity through its spin-off distribution. Kardigan, Inc. also drew attention as a growth-stage healthcare company pursuing a public listing.

In technology and innovation, Space Exploration Technologies Corp was the headline-grabber by sheer scale, representing one of the largest offerings in the group and underscoring continued interest in space and aerospace infrastructure. Neutron Holdings, Inc. also stood out as a consumer-tech and mobility play, while Quantinuum Inc. points to continued market attention on quantum and next-generation computing, even though the filing text provided was limited.

The month also featured a strong showing from energy and resource-related issuers, including Sunshine Silver Mining & Refining Co, WhiteHawk Minerals Corp., and VPP GAS, Inc.. These offerings reflect ongoing investor interest in metals, royalties, and natural gas exposure, especially where companies are tied to AI-driven electricity demand, LNG exports, or broader industrial supply chains.

Finally, financial services and specialty finance remained visible through names like First Carolina Financial Services, Inc., Forbright, Inc., Entrata, Inc., and Yorkville International Capital Corp.. Several of these offerings reflect the market’s continued openness to both traditional financial platforms and cross-border or niche capital strategies.

Overall takeaways

• 45 IPO-related filings in May 2026
• SPACs/blank-check companies were the most prominent structural theme
• Biotech, technology, and energy were the most notable operating sectors
• The most attention-grabbing names included Space Exploration Technologies Corp, Parabilis Medicines, Inc., Kardigan, Inc., and Neutron Holdings, Inc.

If you want, I can also turn this into a more polished newsletter-style narrative or a table by sector and offering size.

Top IPOs

Sunshine Silver Mining & Refining Co, Kellogg, ID
Sunshine Silver Mining & Refining Co is the owner and developer of the permitted Sunshine Mine and the Sunshine Silver/Copper Refinery, along with the associated Sunshine Tailings Storage Facility and historical antimony refinery grounds.
Offering: Common stock offering by Sunshine Silver Mining & Refining Company of 20,000,000 shares in a firm commitment underwritten public offering, with an option for underwriters to purchase up to 3,000,000 additional shares. The company had no prior public market for its common stock and expected to list on the NYSE.

Kang Meida International Inc., Laguna Beach, CA
Source Agriculture Corp. is dedicated to advancing agricultural technology and sustainability.
Offering: Rose Hill Acquisition Corporation is conducting an initial public offering of 12,500,000 units at $10.00 per unit, raising $125 million. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. The warrants allow holders to purchase Class A shares at $11.50 per share after certain conditions are met. The company is a blank check company formed to complete a business combination and has not yet selected a target. The offering includes an over-allotment option for 1,875,000 additional units. The sponsor and affiliated parties are purchasing warrants in a concurrent private placement. The units will be listed on Nasdaq under the symbol "ROSEU," with separate trading of shares and warrants expected later. Investors have redemption rights upon the completion of the initial business combination or if no combination occurs within 15 months.

Space Exploration Technologies Corp, Starbase, TX
Space Exploration Technologies Corp, also known as SpaceX, develops and manufactures launch vehicles and spacecraft and operates a satellite communications business.
Offering: Initial public offering of 555,555,555 shares of Class A common stock of Space Exploration Technologies Corp.

Greenlite Holdings, Inc., Oklahoma City, OK
Greenlite Holdings, Inc. is a multifamily real estate company focused on the acquisition, development, repositioning, and management of apartment communities.
Offering: Tier 2 Offering, Securities Offered 37500000, Offering Amount 75000000.00

VPP GAS, Inc., Lighthouse Point, FL
VPP GAS, Inc. acquires discounted volumetric production payment interests in natural gas assets and structures them into standardized, financeable cash flow streams.
Offering: Tier 2 Offering, Securities Offered 19999999, Offering Amount 19999999.00

Venture Funds

Cancer Focus Fund II, LP, Shreveport, LA
Cancer Focus Fund II, LP is a private investment fund focused on opportunities in the cancer-related healthcare and life sciences market.
Offering Amount: $250M, Sold: $22.56M, Investors: 5

Tamarack Global Opportunities III, LP, Greenwich, CT
Tamarack Global Opportunities III, LP is a private investment partnership based in Greenwich, Connecticut.
Offering Amount: $250M, Sold: $80.65M, Investors: 82

Era Compute Investment Fund LP, New York, NY
Offering Amount: $250M

Gore Range Capital Fund III LLC, Southlake, TX
Gore Range Capital Fund III LLC is a private capital fund organized as a limited liability company in Southlake, Texas.
Offering Amount: $250M, Sold: $70M, Investors: 1

Juxtapose Ventures III, L.P., New York, NY
Juxtapose Ventures III, L.P. is a New York-based venture capital investment partnership focused on backing technology-enabled companies.
Sold: $239.71M, Investors: 44