The press values them at $1.15T.
EDGAR has verified $0.
For 14 late-stage private and recently-listed companies, we put the press-reported valuation side by side with the EDGAR-verified Form D total. The gap between them isn't fraud — most late-stage privates use tender offers that don't require Form D notice filings, so a huge fraction of their capital activity is structurally invisible to standard SEC parsing. The point of this page is to make the gap visible.
What the gap means and doesn't mean. The gap is not evidence of dishonesty by anyone — by the companies, the press, or the SEC. It's a structural feature of how late-stage private capital actually moves. Form D notices are triggered by primary issuance of new securities under Reg D. Tender offers (the dominant late-stage-private mechanism since roughly 2016 onward) are secondary transactions and typically don't trigger a Form D filing. So the EDGAR number captures a real but incomplete picture of capital activity.
Press valuations are sourced from the named press outlet on the date shown. We don't verify them — we surface them as reported. If a company contradicts the press number, the press number is the press's problem; we're just showing what got published.
EDGAR-verified Form D totals are pulled live from SEC EDGAR via /api/edgar/aggregate at render time, so the numbers here are always current. Our SPV research piece explains the OpenAI and Anthropic zero-direct-filing cases in detail.
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