Private Venture Money Raised in Montana, Trailing Four Quarters (SEC Form D)

## What this measures

The money U.S. private operating companies based in Montana report raising in Rule 506 equity offerings over the four quarters to the date shown, from their Form D notices, in millions of U.S. dollars.

## Why it matters

A state-by-state map of where startups raise money, smoothed over a year so single large rounds do not dominate a quarter.

## How it is made

Every company that sells securities under Rule 506 files Form D with the SEC; Palanor loads every notice in the SEC's quarterly data sets. Each filing reports the total sold so far, so the money a filing adds is its total minus the previous filing's. Venture-like offerings are equity sold under Rule 506 by a U.S. private operating company, with funds, deal vehicles, banks, real estate, oil and gas and existing SEC reporting companies left out, and every filing that adds $1 billion or more checked by hand (src/lib/form-d/venture.ts). The state is the company's principal place of business on the filing; this is the same rule as capital.form_d.venture_amount_sold.<state>, summed over four quarters.

## How to read it

The series starts in Q4 2010 at $5.2 million. The latest reading, for Q3 2026, is $38.8 million. The high is $213 million (Q2 2022) and the low $5.2 million (Q4 2010). Not adjusted for inflation.

## What it does not say

Form D is a notice of an exemption, not an announced funding round; late and missing filings, and companies that raise without Rule 506, are not counted. Many companies are incorporated in Delaware but are placed here by their principal place of business.

## Source

Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).