Where US Private Capital Is Raised
Shaded by number of Form D offerings filed, 2017–2026. Darker is more.
138,532offerings filed
$1.14Tcapital sought
51states and DC
CAmost active state
What this shows. Every Form D notice filed with the SEC
between January 2017 and July 2026, counted by the issuer’s home state. Form D is the
notice a company files when it raises privately under Regulation D — so this is a
map of where private fundraising happens, not of where funds are based.
Coverage. 2023 is absent from this dataset and 2024–2026 are thinner
than 2019–2022, so treat the shading as a decade-scale picture rather than a current-year
one. 735 filings by issuers outside the United States are excluded. Capital sought is the
offering amount as filed, which is not the same as capital actually raised.
Every state, ranked
| # | State | Offerings | Capital sought | Average offering | |
|---|---|---|---|---|---|
| 1 | California | CA | 20,942 | $91.9B | $0.0B |
| 2 | Texas | TX | 14,404 | $112.9B | $0.0B |
| 3 | Florida | FL | 9,643 | $34.4B | $0.0B |
| 4 | New York | NY | 6,155 | $83.2B | $0.0B |
| 5 | Georgia | GA | 6,082 | $20.8B | $0.0B |
| 6 | Illinois | IL | 4,825 | $11.8B | $0.0B |
| 7 | Ohio | OH | 4,777 | $6.7B | $0.0B |
| 8 | Colorado | CO | 4,659 | $32.8B | $0.0B |
| 9 | Washington | WA | 4,333 | $13.7B | $0.0B |
| 10 | New Jersey | NJ | 4,122 | $8.9B | $0.0B |
| 11 | Michigan | MI | 4,032 | $10.5B | $0.0B |
| 12 | Pennsylvania | PA | 3,961 | $16.0B | $0.0B |
| 13 | North Carolina | NC | 3,944 | $15.0B | $0.0B |
| 14 | Minnesota | MN | 3,558 | $9.0B | $0.0B |
| 15 | Arizona | AZ | 3,509 | $11.9B | $0.0B |
| 16 | Wisconsin | WI | 2,918 | $5.9B | $0.0B |
| 17 | Indiana | IN | 2,500 | $5.2B | $0.0B |
| 18 | Missouri | MO | 2,434 | $4.7B | $0.0B |
| 19 | Utah | UT | 2,352 | $5.5B | $0.0B |
| 20 | Virginia | VA | 2,253 | $5.5B | $0.0B |
| 21 | Massachusetts | MA | 2,059 | $6.1B | $0.0B |
| 22 | Oregon | OR | 2,048 | $7.1B | $0.0B |
| 23 | South Carolina | SC | 1,714 | $3.5B | $0.0B |
| 24 | Maryland | MD | 1,687 | $4.2B | $0.0B |
| 25 | Tennessee | TN | 1,666 | $3.4B | $0.0B |
| 26 | Oklahoma | OK | 1,500 | $2.9B | $0.0B |
| 27 | Nevada | NV | 1,458 | $8.8B | $0.0B |
| 28 | Connecticut | CT | 1,267 | $4.0B | $0.0B |
| 29 | Kansas | KS | 1,088 | $2.1B | $0.0B |
| 30 | Louisiana | LA | 1,074 | $1.4B | $0.0B |
| 31 | Alabama | AL | 1,063 | $1.7B | $0.0B |
| 32 | Idaho | ID | 993 | $2.1B | $0.0B |
| 33 | Kentucky | KY | 923 | $3.5B | $0.0B |
| 34 | Arkansas | AR | 875 | $31.6B | $0.0B |
| 35 | Iowa | IA | 845 | $1.0B | $0.0B |
| 36 | Mississippi | MS | 766 | $1.6B | $0.0B |
| 37 | Delaware | DE | 701 | $516.6B | $0.7B |
| 38 | Nebraska | NE | 675 | $9.1B | $0.0B |
| 39 | New Mexico | NM | 649 | $0.8B | $0.0B |
| 40 | New Hampshire | NH | 573 | $2.0B | $0.0B |
| 41 | Montana | MT | 483 | $0.6B | $0.0B |
| 42 | Wyoming | WY | 413 | $16.3B | $0.0B |
| 43 | Rhode Island | RI | 361 | $0.7B | $0.0B |
| 44 | Maine | ME | 347 | $0.3B | $0.0B |
| 45 | Alaska | AK | 336 | $0.4B | $0.0B |
| 46 | North Dakota | ND | 319 | $0.7B | $0.0B |
| 47 | West Virginia | WV | 304 | $0.4B | $0.0B |
| 48 | District of Columbia | DC | 298 | $3.1B | $0.0B |
| 49 | South Dakota | SD | 295 | $0.4B | $0.0B |
| 50 | Vermont | VT | 190 | $0.2B | $0.0B |
| 51 | Hawaii | HI | 159 | $1.4B | $0.0B |