SEC Fundraising Activity ( Oct 1 – 31, 2026 )

Startups	Crowdfunded	IPOs	Venture Funds
582	52	37	137

Startup Funding

October 2026 startup activity

October was an exceptionally active month, with 582 companies reporting private offering activity. The market was led by technology, particularly AI, cloud infrastructure, cybersecurity and specialized software. Real estate vehicles also represented a substantial share of filings, while biotechnology and health care, manufacturing, energy, and financial services rounded out the most common verticals.

The largest reported offering came from Ramp Business Corp, which disclosed $1.85 billion from 40 investors. AI infrastructure was another major theme: Modal Labs, Inc. reported $800 million, while Athanor Compute, Inc., General Compute Inc., CScale, Inc., and AheadComputing, Inc. reflected continued investor appetite for advanced computing capacity.

Several filings stood out for their potential technological or societal impact:

• Xona Space Systems Inc. raised $253.5 million, highlighting continued private-market investment in space-based infrastructure and next-generation navigation.
• Onebrief, Inc. reported nearly $250 million. Its defense-oriented software focus underscores the growing importance of digital tools for complex operational planning.
• M2X Energy Inc. raised $238.8 million in the energy-conservation category, pointing to strong demand for technologies aimed at improving energy efficiency and reducing emissions.
• Hertha Metals, Inc. secured $133.6 million in manufacturing, standing out among companies working on advanced materials and industrial decarbonization.
• BigHat Biosciences, Inc. reported approximately $80 million, while Estuary Biotherapeutics, Inc. raised $103.7 million. Their filings illustrate continued funding for biotechnology platforms designed to accelerate drug discovery and therapeutic development.
• Intramotev Inc. raised $20 million in manufacturing, reflecting investor interest in autonomous and electrified freight systems.
• Fathom Water Corp reported nearly $5.4 million, drawing attention to water-focused technology at a time when infrastructure resilience and resource management are becoming increasingly urgent.
• Agriculture Scout AI, Inc. raised $1.5 million, representing the continued application of artificial intelligence to agricultural monitoring and farm productivity.
• Flexxbotics, Inc. reported nearly $1.8 million for technology supporting more connected and automated manufacturing operations.
• Circularity Fuels, Inc. and Enteligent Inc. added to October’s energy-transition activity with offerings of approximately $10.2 million and $10 million, respectively.

Health-care innovation was also well represented. Angle Health, Inc. reported $600 million, making it one of the month’s largest offerings, while Land Therapeutics Inc., Click Therapeutics, Inc., Curadel Surgical Innovations, Inc., and Allyx Therapeutics, Inc. represented activity across therapeutics, digital care, and surgical innovation.

Overall, October’s filings suggest that private capital continues to favor companies operating at the intersection of AI and infrastructure, health-care modernization, space technology, industrial automation, and energy efficiency—while real estate offerings provide a substantial counterweight to the more technology-driven activity.

Top Companies

Ramp Business Corp, New York, NY
Ramp Business Corporation is a financial operations software company that provides a spend management platform for businesses.
Offering Amount: $1.85B, Sold: $1.59B, Investors: 40

Modal Labs, Inc., New York, NY
Modal Labs, Inc. provides a serverless compute platform for AI and data teams, enabling users to run CPU, GPU, and data-intensive workloads at scale.
Offering Amount: $800M, Sold: $601.89M, Investors: 18

Edgewood Properties, LLLP, Fargo, ND
Edgewood Properties, LLLP is the operating partnership affiliated with Edgewood REIT that owns and manages commercial and senior housing real estate assets.
Sold: $781.61M, Investors: 537

Angle Health, Inc., San Francisco, CA
Angle Health, Inc. is a San Francisco-based health insurance and employee benefits company.
Offering Amount: $600M, Sold: $591.52M, Investors: 10

McDermott International, Ltd, Houston, TX
McDermott International Ltd is a leading provider of integrated engineering and construction solutions to the energy industry.
Offering Amount: $500M, Sold: $500M, Investors: 58

Crowdfunding Offerings

Crowdfunding

October’s crowdfunding filings included 52 companies, with activity spanning several recurring verticals: biotechnology and healthcare, clean energy and critical materials, real estate and construction, food and beverage, entertainment, mobility, consumer products, and technology-enabled services. Offering targets ranged from approximately $10,000 to $500,000, led by Ripe! LLC, Moon Five Technologies, and Urban Reblok'd Inc..

Several issuers stand out for the potential importance or technical ambition of the problems they are addressing:

• Biotechnology and healthcare: EpiBone, Inc. is associated with tissue-engineering approaches, while Cytonus Therapeutics, Inc., Arbela Laboratories, Inc., Health Care Originals, Inc., Fisher Wallace Laboratories, Inc., and KronosMD, Inc. represent continued crowdfunding interest in medical devices, therapeutics, and health-focused innovation.
• Robotics and safety: Firefighter Robotics Co targets one of the clearest high-impact applications for robotics: helping emergency personnel operate in dangerous environments. Avawatz Company, Inc, Target Arm Inc., and Shieldwise, Inc. also point to investor interest in automation, security, and protective technologies.
• Energy, materials, and sustainability: Faradyne Power Systems Corp., HalevaiPower Corp, and Tatleaux Browns Mills Landfill Solar, LLC reflect efforts around power generation and renewable energy infrastructure. Montana Critical Metals Inc is notable for its connection to domestic critical-mineral supply, an increasingly important strategic and industrial issue.
• Advanced construction and mobility: Azure Printed Homes, Inc. is notable for applying 3D-printing concepts to housing, while Olympian Motors, Inc. represents continued experimentation in next-generation vehicle design and mobility.
• Consumer and digital platforms: NanoNest Corp, Syllaby, Inc, Venduni Inc, SalesFaucet, Inc., and Genius Spark LLC show the breadth of smaller technology and platform-oriented ventures in the crowdfunding market.

The remaining filings covered a notably broad mix of real estate, hospitality, food, beverage, media, and lifestyle businesses, including 800 Adams Four SC LLC, Albert Townsend Movie, LLC, FOSH Live, Inc., Hollywood Hills, LLC, Call4USA, LLC, Chaco Flaco Drinks LLC, Pad Vegas, Bennu Properties LLC, Summer Jam LLC, Buglisi Records Group, Inc., Ronald Isley Liquid Gold LLC, First Jet Airways Inc., Perkins Crossing LLC, Tarpestry Co. LLC, Reforged Gaming Lounge LLC, Big D Energy Drink LLC, FERRA Kitchen, Inc., 151 Coffee, LLC, Epicurean Trader Inc., Formae, Inc, Coffee Class Corp, ERC Communities 1, Inc., and GolfSuites 1, Inc..

Other October issuers included Kindora PBC, Livestock Laboratories & Biosciences Inc., Faraday Labs Inc, SalesFaucet, Inc., Rad Technologies Inc, and Cor5 Inc.. Together, the filings illustrate how crowdfunding continues to serve both conventional small-business financing and early-stage capital formation for companies pursuing ambitious advances in healthcare, robotics, energy, construction, and mobility.

Top Companies

Ripe! LLC, Los Angeles, CA
RIPE! is a sapphic feature film set in rural Spain, centered on a romance between a visiting American and a local soccer player.
Offering Amount: $500,000

Moon Five Technologies, Berkeley, CA
Moon Five Technologies Inc. develops and deploys electric-vehicle charging systems for renters and multifamily properties.
Offering Amount: $415,000

Urban Reblok'd Inc., Roanoke, VA
Urban Reblok'd, Inc. operates a plastic waste recycling and manufacturing business focused on diverting hard-to-recycle plastics from landfills.
Offering Amount: $400,000

800 Adams Four SC LLC, Chicago, IL
Chicago TREND is a social enterprise formed in 2016 to catalyze and accelerate strategic commercial development in urban neighborhoods, with a focus on low- and moderate-income communities.
Offering Amount: $100,000

Genius Spark LLC, Glen Rose, TX
The Genius Spark LLC provides a software platform and coaching method that converts personality and strengths assessments into practical guidance for managers and teams.
Offering Amount: $100,000

IPOs

October 2026 IPO Activity

October’s filing activity included 37 companies, although the total includes a mix of traditional IPOs, SPAC offerings, direct listings, resale registrations, debt offerings, ETFs, and companies whose submitted excerpts did not include offering terms. As a result, the number of potential operating-company IPOs is meaningfully lower than the headline filing count.

Key themes

• Biotechnology and medical technology: Healthcare remained one of the strongest verticals. Lycia Therapeutics, Inc. is seeking to raise approximately $235.2 million to $264.6 million for its IPO, while Bambusa Therapeutics, Inc. is offering 9.375 million shares. Aspen Neuroscience, Inc. and Centinel Spine Holdco, Inc. also filed in the life sciences and medical technology space. Centinel Spine’s focus on total disc replacement through its prodisc platform is particularly notable in addressing mobility and spinal health needs.

• Artificial intelligence, robotics, and advanced technology: Anthropic, PBC stands out as a major artificial intelligence company among the month’s filings, despite the supplied excerpt not including offering terms. FireFly Robotics, Inc. registered the resale of shares in connection with a planned Nasdaq direct listing, highlighting continued investor interest in autonomous and robotic systems. Exascale Labs Holdings Inc. also filed, although no offering details were provided.

• Energy, uranium, and resource finance: Phoenix Capital Group Holdings I, LLC and Phoenix Capital Group Holdings, LLC are associated with a proposed $500 million continuous offering of Phoenix Access Notes. Related filings by Firebird Marketing, LLC, Firebird Services, LLC, and Phoenix Operating, LLC appear connected to the same financing structure rather than representing separate conventional IPOs. Uranium Royalty Corp. filed a large resale registration covering up to 226.7 million shares.

• SPAC activity: Eight filings were clearly associated with blank-check or acquisition vehicles, reflecting continued use of SPAC structures for accessing public markets. These included New Iceland Arctic Acquisition Corp., POP Global Acquisition Ltd., Arca Nova Acquisition Corp, Tang Capital Acquisition Corp., Apex Treasury Corp II, EuroSPAC Acquisition Corp., Redwoods Acquisition Corp II, and UCSB Acquisition Corp.. New Iceland Arctic is distinctive for its stated focus on high-growth companies in Iceland and the broader Arctic region.

• Small-cap and self-underwritten offerings: Several companies proposed relatively small, best-efforts offerings, including Cashlin, Talyxor Corporation, and Aupenheim Holdings Inc.. [Cashlin] is offering up to $1 million, [Talyxor Corporation] $300,000, and [Aupenheim Holdings Inc.] $1.6 million. Other filings with limited disclosed terms included Nocopi Technologies INC, Simwon America Corp., Georgia Banking Company, Inc., Patriot Mobile Inc., Rezera Inc., KAT Construction Services, Inc., and Tattvance Corporation.

Other notable filings

The month also included Winklevoss Zcash ETF, a proposed exchange-traded product designed to provide direct exposure to Zcash, as well as resale or financing-related filings from Evernorth Holdings Inc., Cahero Nytra Holding LLC, Cahero Korva Holding LLC, and ZQ Platforms Inc.. LIS Technologies Inc, which is developing technology in the energy and industrial technology landscape, proposed an IPO of approximately $15.5 million to $21.7 million.

Overall, October’s activity was characterized less by a large wave of finalized traditional IPOs and more by a broad range of capital-market structures. The most consequential filings were concentrated in AI, robotics, biotechnology, medical devices, and specialized energy technologies, while SPACs and resale registrations accounted for a substantial portion of the month’s total.

Top IPOs

Lycia Therapeutics, Inc., South San Francisco, CA
Lycia Therapeutics, Inc. is a clinical-stage biotechnology company developing novel therapeutics designed to degrade disease-causing extracellular proteins.
Offering: Lycia Therapeutics, Inc. is offering 14,700,000 shares of common stock in its initial public offering, with an expected IPO price of $16.00 to $18.00 per share. The underwriters have a 30-day option to purchase up to an additional 2,205,000 shares.

Anthropic, PBC, San Francisco, CA
Anthropic, PBC develops artificial intelligence systems focused on safety, reliability, and broad commercial use.

FireFly Robotics, Inc., Salt Lake City, UT
FireFly Robotics, Inc. develops, manufactures, and commercializes autonomous and semi-autonomous robotic systems for golf courses, sports fields, turf farms, and other turf-management applications.
Offering: Registration of the resale of up to 27,118,149 shares of Firefly Robotics, Inc. common stock by existing stockholders in connection with a direct listing on The Nasdaq Global Market. The resale is not underwritten, and the company will not receive proceeds from sales by the registered stockholders.

Phoenix Capital Group Holdings I, LLC, Irvine, CA
Phoenix Capital Group Holdings I, LLC operates in the oil and gas industry through direct drilling operations, royalty-asset acquisitions, and non-operated working-interest acquisitions.
Offering: Public continuous offering by Phoenix Energy One, LLC of up to $500,000,000 aggregate principal amount of Phoenix Access Notes, consisting of senior subordinated junior lien notes with two-, three-, five-, seven-, and eleven-year maturities, cash or compound interest payment options, interest rates ranging from 7.5% to 11.0%, and subsidiary guarantees.

LIS Technologies Inc, New York, NY
LIS Technologies Inc is an early-stage uranium enrichment company developing patented and proprietary laser-based technologies for producing enriched uranium.
Offering: Initial public offering of 3,100,000 shares of LIS Technologies Inc. common stock on a firm commitment basis, with an anticipated offering price of $5.00 to $7.00 per share and an assumed price of $6.00 per share.

Venture Funds

Bridger Holdings, LP, Palo Alto, CA
Bridger Holdings, LP is a Palo Alto–based private investment firm that provides venture and growth capital and portfolio management services to technology companies.
Sold: $447.1M, Investors: 28

7wire Ventures Fund III, L.P., Chicago, IL
7wire Ventures Fund III, L.P. is a Chicago-based healthcare venture capital fund associated with 7wireVentures.
Offering Amount: $150M, Sold: $111.02M, Investors: 52

7wire Ventures Fund III-A, L.P., Chicago, IL
7wire Ventures Fund III-A, L.P. is a Chicago-based venture capital fund affiliated with 7wireVentures.
Offering Amount: $150M, Sold: $2.63M, Investors: 4

Fin Capital Flagship III - SBIC, LP, San Francisco, CA
Fin Capital Flagship III - SBIC, LP is a San Francisco-based venture capital investment fund managed by Fin Capital.
Offering Amount: $150M, Sold: $79.99M, Investors: 18

Bewater Growth Fund II, LP, Winnetka, IL
Bewater Growth Fund II, LP is a Delaware-organized venture capital fund headquartered in Winnetka, Illinois.
Offering Amount: $150M