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The Biggest Private Raises, and AI’s Share of Them
Money in U.S. venture-like raises of a hundred million dollars or more in the quarter, $ billions (top), and AI companies’ share of that money over the trailing four quarters, % (bottom), SEC Form D
Palanor calculation from SEC Form D filings (public domain). Form D is a notice a company files when it sells securities under Rule 506, not an announced funding round: companies that raise without one, or file late or never, are missing. Venture-like offerings: equity sold under Rule 506 by U.S. private operating companies; funds, deal vehicles, public companies, banks, real estate and oil and gas are left out. AI companies are Palanor’s own classification, each checked against the company’s website or reporting. The largest AI labs raise mostly without a Form D of their own, so the biggest rounds of all are often missing.
The money in the largest private rounds filed with the SEC each quarter, and how much of it went to AI companies. Each panel has its own scale.
What this chart reads
- Private Venture Mega-Raise Money ($100M+): U.S. (SEC Form D)as “$100M+ raises”latest 2026-07-01
- AI Companies' Share of Private Venture Mega-Raise Money ($100M+, SEC Form D, trailing four quarters)as “AI share”latest 2026-07-01
Sources
Private Venture Mega-Raise Money ($100M+): U.S. (SEC Form D). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).
AI Companies' Share of Private Venture Mega-Raise Money ($100M+, SEC Form D, trailing four quarters). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain). The AI classification is Palanor's.
Charts are drawn from Palanor's signal library and recomputed from source data on every view. Transformations (changes, indexing, year-on-year rates) are Palanor's.