Executive summary
We pulled all fourteen Stripe Form D filings visible on SEC EDGAR (CIK 0001691342) and parsed the dollar amount disclosed in each filing's primary_doc.xml. Counting only the original Form D filings and excluding the single D/A amendment, the sum is $8,858,697,606.
Three findings stand out:
- The 2023 mega-round was $6.13B, not $6.5B. Press coverage of the so-called "Series I at $50B valuation" converged on $6.5B; the March 2023 Form D discloses $6,131,843,800 in total amount sold as of filing date. A May 2023 amendment (Form D/A) restates the offering at $6,869,866,984 — closer to the reported $6.5B once you account for additional closings. The press number is approximately right; the granularity our data adds is when each tranche actually closed.
- Stripe entered the silent era in April 2024. The most recent Form D on file is from April 12, 2024 (a relatively small $694M close from March 2024). No new Form D filings have appeared in the twenty-three months since. This is the same tender-offer-era pattern visible in SpaceX's post-August 2022 EDGAR history.
- The 2016-2021 Stripe pattern was incremental, not lumpy. Unlike SpaceX (which clustered Form Ds around discrete venture rounds) or Databricks (which stacked $4-8B rounds in 2024-2025), Stripe's first eight years of Form D activity show twelve filings spread roughly evenly across that window, suggesting more continuous secondary and primary issuance rather than the headline-Series pattern.
Methodology
Same pipeline as our SpaceX and Databricks reconstructions, generalized to accept any CIK. For each accession number we fetch primary_doc.xml from EDGAR and parse the <totalAmountSold> field. Each row in the table below links back to the underlying XML document so every number is independently verifiable.
Amendments (Form D/A) are excluded from the headline sum to avoid double-counting prior closings reasserted in amendment filings. We document but don't aggregate them separately.
Phase-by-phase trajectory
Phase 1 (2016-2018) — Steady ramp, $451M
Stripe's first Form D on file was filed November 2016, disclosing $141M sold. Five more Form Ds across 2016-2018 disclose between $5M and $245M each — the period where Stripe scaled from card-issuing-API into the broader platform business. By March 2018 the cumulative Form D disclosure had reached $452M.
Phase 2 (2019-2021) — Major rounds, $1.58B
Three Form Ds in 2019 ($100M January, $2M August, $250M October) plus a major $631M January 2020 close (Series G, $36B valuation) followed by the $598M March 2021 Form D (Series H, $95B valuation). End-of-2021 cumulative: $3.03B.
Phase 3 (2023) — The $6.13B mega-round
After a quiet 2022, Stripe returned with the March 2023 Form D disclosing $6,131,843,800 in total amount sold — the largest single Form D in the company's history. A May 2023 amendment increased the restated offering size to $6.87B as additional tranches closed. This is the round press uniformly described as "$6.5B at $50B valuation".
Phase 4 (2024) — Final visible filing, $694M
A single April 2024 Form D discloses $694M in closings that began March 2024. This is the last Form D Stripe has filed. Cumulative final: $8.86B.
Phase 5 (2024-present) — Silent
No Form D filings in the twenty-three months since April 2024. Stripe's ongoing capital activity — including the well-publicized tender offers that have come to dominate its secondary-market headlines — is structured outside of Reg D and thus invisible to this dataset.
Comparison: SpaceX, Stripe, Databricks
Putting the three biggest late-stage privates we've reconstructed side by side reveals three radically different disclosure strategies:
- SpaceX: $7.75B disclosed across 16 filings 2009-2022. Silent for ~4 years since. Capital activity has moved entirely to tender offers and other off-Form-D structures.
- Stripe: $8.86B disclosed across 14 filings 2016-2024. Silent for ~2 years since. Same pattern as SpaceX, just with the inflection point two years later.
- Databricks: $20.5B disclosed across 18 filings 2013-2025. Filingmore aggressively in 2024-2025 than ever before in company history. Opposite disclosure strategy of SpaceX and Stripe.
The pattern that emerges is not company size — all three companies sit in a similar $50-100B valuation band as of late 2025. The pattern is preference for Reg D vs preference for tender offers as primary capital-formation vehicle. SpaceX and Stripe chose tender offers; Databricks doubled down on Reg D. Both are public information and both are legal — but only the Form D path produces a paper trail that retail investors and analysts can parse.
For an investor trying to estimate the total capital flowing through a private company from EDGAR data: Stripe's 2024-onward silence means our $8.86B figure undercounts actual capital activity post-April-2024 by some unknown amount that is currently moving via tender. The same is true of SpaceX post-2022. Databricks is the rare case where Form D-based reconstruction tracks closely with the company's actual primary capital formation.
Every Stripe Form D, inline
Every filing date below links directly to the SEC EDGAR primary document. The Form D/A amendment is shown but not double-counted in the headline total.
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Citation & reuse
This dataset is freely reusable. If you cite the $8.86B figure or any subset of the per-filing breakdown, a backlink to spcxion.com/research/stripe-form-d is appreciated. Every number is independently verifiable via the EDGAR XML links above.
Last updated 2026-05-28. Companion to the SpaceX Form D reconstruction and the Databricks reconstruction. See all tracked companies in the broader pre-IPO directory.