Form D Explorer data coverage and research methodology

Form D Explorer organizes public SEC disclosures for research. It is an independent service, not the SEC, and a filing is not an endorsement of an investment. This page explains what our displays measure and where the data needs further verification.

Sources and update process

Our Form D ingestion jobs read EDGAR filing indexes, retrieve filing XML, and store extracted records in the application database. The website reads that database; a page request does not download the SEC filing again. The SEC describes its indexes, public access, and correction process here.

A scheduled import is not a guarantee of instant or complete coverage. Backfills, upstream availability and parsing failures can affect which records are present. A profile's earliest and latest filing dates describe the records currently available here. They do not establish the issuer's first-ever offering or prove that every intervening filing is present. Verify completeness in EDGAR when it matters to your research.

What counts as an issuer or filing

We identify Form D issuers by CIK and filings by accession number. Distinct-issuer counts count CIKs, not brands, fund families or economic ownership groups. Filing counts include original notices and amendments. Original notices are not labeled as completed funding rounds. Form-type counts depend on extracted classifications; some historical records may require correction. Verify a record's submission type against EDGAR before using amendment counts in an analysis.

An issuer profile can link to Form C and Regulation A records stored against the same issuer. Suggested Form ADV relationships and similar issuer names are approximate matches requiring independent verification. Name similarity does not establish identity or control.

Geographic and industry classification

State pages use the issuer's stored business address. Issuer attributes can change when later records are imported, so this is not a historical-location dataset. State does not mean the place of incorporation, investor residence or use of proceeds.

Industry pages use the classification on each Form D record. Directory counts include only records with a nonblank issuer name and a recognized directory category. The underlying detail pages may expose additional records. Directory summaries and sitemap XML are cached for 15 minutes each; discovery of a newly populated directory through the sitemap can take roughly 30 minutes when those caches overlap.

Amounts and missing data

We display extracted offering amounts separately from reported amounts sold. We do not sum amendments into a capital-raised total. An issuer's latest snapshot describes one filing, not all offerings combined. See the worked amount example.

A dash means a numeric value is unavailable in our database. It can reflect an indefinite or absent source value, or an extraction limitation; do not infer which without opening the source. A reported zero remains zero. Extracted dollar values use whole-dollar storage, so the original document controls when exact precision or explanatory notes matter.

Reproduce and check a finding

Record the accession number, CIK, filing date, form type, source link and date reviewed. Read amendments and explanatory text before comparing amounts. Our issuer-history workflow explains how to keep a research log.

If you find a mismatch, send the accession number, affected field and SEC source link to our data contact. Please do not send confidential investor details. We cannot infer valuation, returns, financial performance or current investment availability from the presence of a filing.

Browse states, industries, or recent filings to explore the available records. The original SEC Form D and instructions remain the source for field definitions.