For advisers, journalists and issuers
The exempt market, counted from primary sources.
This is the United States exempt offering market, counted from SEC primary sources. Every figure states the basis that produced it, because in this market the basis is the argument.
Counts
Reg D offerings, 2024
32,723
Of which 16,379 are pooled investment funds, 50.1 percent of the count.
Reg CF offerings, 2024
1,441
New Form C filings. Amendments, progress updates and annual reports are not new offerings.
Reg A issuers filing an offering statement, 2024
257
Distinct issuers. The same year carried 800 Form 1-A filings including amendments, which is a different series. The SEC separately publishes newly qualified offerings, a figure this pipeline does not reproduce and therefore cites rather than derives.
The SEC publishes two Regulation D series. Offerings counts new Form D filings and excludes amendments. Filings counts both. They differ by roughly twenty thousand a year and are never mixed. The Regulation D counts above are reconciled against the SEC series below. The Regulation CF and Regulation A counts are our own tallies of the filing record, shown because they are useful and labelled because they are not the same series the SEC headlines.
The correction that matters most
Regulation D is the ocean. Most of it is fund managers raising from institutions, not Main Street companies.
Pooled funds, share of Reg D offerings 2024
50.1 percent
Item 4 on Form D carries a pooled investment fund flag. Half the offerings claim it.
Pooled funds, share of Reg D dollars 2024
85.1 percent
On the amendment-chain basis below. Pooled funds are about half the offerings and most of the dollars.
Operating companies only, 2024 and 2025
2024
- 506(b), amount sold
- $151 billion
- 506(b), offerings
- 13,760
- 506(c), amount sold
- $12 billion
- 506(c), offerings
- 2,227
2025
- 506(b), amount sold
- $183 billion
- 506(b), offerings
- 13,518
- 506(c), amount sold
- $21 billion
- 506(c), offerings
- 2,218
Amount sold on Form D is a lower bound. No closing amendment is required for an increase under ten percent, and many issuers never file a final amendment.
Regulation D dollars, and why we publish counts
Form D amendments restate the cumulative amount sold, so summing filings counts the same capital repeatedly. Collapsing each offering to the largest figure in its amendment chain is the defensible correction. It does not reproduce the SEC published total, so the SEC total is cited here and never re-derived.
new filings as first reported
$495 billion
Amount sold as stated on each new Form D at the moment of filing. Understates badly: most offerings report zero or a partial figure on the initial filing and never amend.
offerings initiated chain max
$1.48 trillion
Offerings whose initial Form D was filed in the year, each collapsed to the largest amount sold reported anywhere in its amendment chain. The most defensible measure of capital sold in that year's cohort.
offerings initiated offering amount
$1.61 trillion
The amount sought, not the amount sold. An upper bound on intent.
increment reported during year
$3.08 trillion
New dollars reported during the year across all offerings, including those initiated earlier. Counts capital, not cohorts.
all offerings active chain max
$10.84 trillion
Every offering that filed anything during the year, at its cumulative total. Double counts multi-year offerings and is shown only to mark the ceiling.
The SEC publishes $2.10 trillion for 2024. No basis above reproduces it. That figure is cited to the SEC here and never re-derived. The counts carry the headline, because the counts reconcile.
Regulation CF, on both bases at once
Regulation CF dollar figures depend entirely on definition. The SEC reads proceeds off Form C-U progress updates and calls its own total a lower bound. KingsCrowd and Crowdfund Capital Advisors count investor commitments at investment date and report more. Both are correct for what they measure. Every figure here states which basis it uses.
SEC DERA, proceeds reported on Form C-U
$179 million
DERA flags this as a lower bound; C-U filing practice is uneven and lagged.
KingsCrowd 2024 Annual Report, investor commitments
$344 million
Counted at investment date. Secondary source.
Crowdfund Capital Advisors, investor commitments
$375 million
Counted at investment date. Secondary source.
Our own reading of Form C-U, by year
Offerings that first reported proceeds in this year, each counted once at its highest reported figure. Rows are additive across years. This is our own reading of Form C-U and it runs above the SEC's published figure on the same nominal basis, so the SEC figure is shown beside it and neither is presented as the other.
Progress updates report proceeds in free text. Updates with no parseable figure are the reason this total is a lower bound, the same reason DERA gives for its own. Coverage across all years is 92.4 percent.
Who the portals are, by offering count
Counted by offerings rather than dollars, the picture inverts. A community lending portal writing small notes runs more offerings than a platform raising larger equity rounds. Count and capital answer different questions.
The registered intermediary list is published in full on the methodology page, cross referenced to the intermediary named on each Form C.
Reconciliation
Every figure with a published SEC counterpart is checked against it before it reaches this page. Where two ways of counting disagree, both are shown, and the check that governs a figure is named beside it. Two checks below are marked soft: the SEC does not publish the rule it applies, so those figures are cited to the SEC rather than derived here, and the spread between readings is shown instead.
Regulation D offerings, 2024
within tolerance
- Published
- 32,554
- Observed
- 32,723
- Delta
- +0.52%
- Tolerance
- 2.0%
dera. new Form D filings (SUBMISSIONTYPE == 'D'), calendar year of FILING_DATE. Published figure from SEC statistics workbook, Regulation D Offerings.
Other observers: edgar_index 33,242 (+2.11%)
Regulation D filings, 2024 (broader series)
within tolerance
- Published
- 54,510
- Observed
- 54,740
- Delta
- +0.42%
- Tolerance
- 2.0%
dera. all Form D submissions including amendments (D and D/A). Published figure from SEC statistics workbook, Regulation D Offerings.
Other observers: edgar_index 55,737 (+2.25%)
Regulation D offerings, 2025
within tolerance
- Published
- 34,553
- Observed
- 34,717
- Delta
- +0.47%
- Tolerance
- 2.0%
dera. new Form D filings (SUBMISSIONTYPE == 'D'), calendar year of FILING_DATE. Published figure from SEC statistics workbook, Regulation D Offerings.
Other observers: edgar_index 35,142 (+1.71%)
Regulation D filings, 2025 (broader series)
within tolerance
- Published
- 56,254
- Observed
- 56,519
- Delta
- +0.47%
- Tolerance
- 2.0%
dera. all Form D submissions including amendments (D and D/A). Published figure from SEC statistics workbook, Regulation D Offerings.
Other observers: edgar_index 57,319 (+1.89%)
Regulation CF offerings reporting proceeds, 2024
within tolerance
- Published
- 552
- Observed
- 578
- Delta
- +4.71%
- Tolerance
- 5.0%
per_offering. offerings with a Form C-U carrying a readable proceeds figure, deduplicated per offering. Published figure from SEC statistics workbook, Regulation Crowdfunding Offerings.
Other observers: per_issuer 547 (-0.91%)
Regulation CF offerings reporting proceeds, 2023
within tolerance
- Published
- 737
- Observed
- 731
- Delta
- -0.81%
- Tolerance
- 5.0%
per_offering. offerings with a Form C-U carrying a readable proceeds figure, deduplicated per offering. Published figure from SEC statistics workbook, Regulation Crowdfunding Offerings.
Other observers: per_issuer 700 (-5.02%)
Regulation A newly qualified offerings, 2024
outside tolerance
- Published
- 102
- Observed
- 69
- Delta
- -32.35%
- Tolerance
- 5.0%
first_qualification_per_issuer. QUALIF notices on EDGAR, calendar year of filing date. Published figure from SEC statistics workbook, Regulation A Offerings. The published anchor is stated as an approximation, so this check informs rather than blocks a release.
Other observers: all_qualif_notices 221 (+116.67%), distinct_issuers 148 (+45.10%)
Regulation CF offerings, cumulative 2016 to 2024
outside tolerance
- Published
- 8,492
- Observed
- 7,561
- Delta
- -10.96%
- Tolerance
- 5.0%
net_of_withdrawn. initial Form C offerings, 2016 through 2024, excluding withdrawn. Published figure from SEC DERA, Analysis of Crowdfunding under the JOBS Act, May 2025. The published anchor is stated as an approximation, so this check informs rather than blocks a release.
Other observers: calendar_year_end 9,482 (+11.66%), through_june_2024 8,754 (+3.08%)
Run run_20260722T063720Z_a02cd6. Generated 2026-07-22.
Scope of these counts
1. Federal exemptions only. These counts cover Regulation D, Regulation CF, and Regulation A, filed with the SEC. State-level intrastate crowdfunding exemptions are out of scope for version 0.2; an offering conducted purely under a state intrastate rule does not file with the SEC and therefore does not appear here.
2. Regulation D history begins at the first quarter of 2019. The Form D ingest floor is set there for version 0.2, so amounts before 2019 publish as zero and an issuer's prior-raise record is truncated at 2019 rather than reaching further back. Extending the floor to 2015 is deferred, not declined; where the traction record matters, this truncation is the reason an early raise may be missing.