Findings ·

What years of SEC private-fundraising filings show

Every startup raise and venture fund filed on Form D since , cleaned up into single raises, sorted into startups, funds and SPVs, and tagged for AI. Four things stood out. Each links to the page with the live numbers.

1. The biggest AI companies are invisible

the well-known SF AI companies I checked ( of ) never filed a Form D under their own name. don't. You can see investor demand for these companies in the data, but not the companies themselves.

Coverage gap →

2.

AI companies raised of SF startup dollars in to date.

Overview → · AI raises →

3. The "VC fund boom" is partly an SPV boom

"new venture fund" filings in the US are really single-deal SPVs. Counting raw filings overstates new funds by about nationally and in SF and LA.

New funds →

4.

About new VC funds are a manager's first, second or third fund ( in ), and that share has .

New funds → · Fund managers →

Figures are computed from the same data as the linked pages (filings through ) and update with them. AI shares use the current-evidence AI tag; the largest AI issuer is the one with the most dollars in . SPV counts cover vehicles first filed since , up to the last complete quarter, and the low end of each range counts unclear vehicles as funds. Form D misses many raises, so totals are a floor. How each number is made, and how often the classifications are right, is on the Methodology page.