Series D+

Series D and beyond represents the latest stages of private company funding. These companies are typically worth a billion dollars or close to it, with hundreds of millions in revenue and thousands of employees. They may be delaying IPO for strategic reasons or continuing to raise private capital to fund aggressive expansion.

Companies16

Total Funding$10.5B

Avg Value$4.3B

Markets13

Criteria

Multiple institutional funding rounds completed
Typically $100M+ raised in this round
Revenue of $100M+ ARR
Team of 500-5000+ people
Company value of $1B or more, often several billion

Implications for Investors

Very high company value, lower return potential for new investors
IPO or major exit imminent
Secondary market likely active
Company is a known brand

Market Distribution

Hardware2
Investment Platforms2
Robotics2
Aerospace1
AI / ML1
Blockchain / Crypto1
Cleantech1
Developer Tools1
Finance1
Insurance1

Value Distribution

$100M-$500M1
$500M-$1B3
$1B-$10B9
$10B+2

Frequently Asked Questions

Why do companies raise Series D+ instead of going public?

Reasons include: wanting to grow more before public scrutiny, unfavorable public market conditions, desire to maintain control, or strategic acquisitions requiring more capital.

What is the average time from Series D to IPO?

Typically 1-3 years, though some companies (like SpaceX, Stripe) remain private for much longer, raising multiple late-stage rounds.

How liquid are Series D+ investments?

Secondary markets (Forge, EquityZen, Nasdaq Private Market) are most active for late-stage companies. Shares may trade at a discount or premium to the last round price.