Economic Intelligence Brief No. 17 — Data as of July 10, 2026

The Exit File: Sales, Mergers & Public Listings of U.S. Regulation Crowdfunding Companies

Crowdfunded companies are exiting — $6.1B in sales, mergers and public listings in just fourteen months.

$6.1B — verified Reg CF liquidity-event value, May 2025–June 2026

Summary

Ten years in, Regulation Crowdfunding has crossed from promising to producing institutional-scale exits. Between May 2025 and June 2026, crowdfunding-born companies generated roughly $6.1 billion in verified liquidity-event value: a $177 million cash acquisition by NYSE-listed Zimmer Biomet (up to $747 million with milestone payments), a $1.6 billion NYSE listing, a $3.5 billion SPAC combination approved by shareholders, and two Nasdaq direct listings. This brief verifies the exit record against SEC filings, tracks outcomes honestly — including wind-downs and post-IPO losses — and shows why every commercial database is either blind to this market or mislabeling it.

Key findings

• Seven of the ten most significant verified Reg CF exits closed between May 2025 and June 2026 — the 2016–2019 vintages are just entering the 7–10 year window where venture outcomes concentrate.
• Monogram Technologies, seeded by retail crowdfunding investors in 2019, was acquired by Zimmer Biomet for $4.04 per share in cash plus contingent value rights of up to $12.37 per share — approximately $177 million upfront and up to $747 million in total consideration.
• BOXABL's shareholder-approved SPAC merger at a $3.5 billion deemed valuation converts more than 50,000 crowdfunding investors into Nasdaq shareholders — the largest crowd-to-public conversion on record, which Crunchbase labels simply "Acquired."
• Crowd-to-public is the signature Reg CF exit path: Angel Studios (NYSE at $1.6B), Aptera and Turn Therapeutics (Nasdaq direct listings), and others converted tens of thousands of retail shareholders into public-market investors.
• The record is reported honestly: roughly 2% of funded Reg CF companies have reached a liquidity event to date, and failures such as NowRx's wind-down are tracked at equal resolution — because base rates are the product.

Frequently asked questions

How much Reg CF exit value closed in the last fourteen months?

Roughly $6.1 billion in verified liquidity-event value between May 2025 and June 2026, spanning a NYSE-listed acquirer's cash-plus-CVR takeover, a $1.6B NYSE listing, a $3.5B SPAC combination approved by shareholders, and two Nasdaq direct listings.

What share of funded Reg CF companies have reached a liquidity event?

Roughly 2% to date. The Exit File tracks both exits and failures — including wind-downs like NowRx — at equal resolution, because base rates are the product.

Why don't commercial databases show this?

Every commercial database is either blind to the Reg CF market or mislabeling it. BOXABL's $3.5B SPAC combination, for example, is filed on Crunchbase simply as "Acquired." The Exit File verifies each event directly against SEC filings.

Audience

Investors & Data Buyers

About this brief

Published by CCLEAR.ai. Anchored to public SEC EDGAR filings and hand-verified against a locked data snapshot. CCLEAR is a data publisher, not an investment adviser; figures describe market activity, not investment outcomes or advice.

The Exit File: Sales, Mergers & Public Listings of U.S. Regulation Crowdfunding Companies · CCLEAR Research Library · License the data · Commission research

More briefs in the CCLEAR Research Library

• Democratized Capital — Women & Minority Founders in Reg CF — How crowdfunding distributes capital to women- and minority-led companies.
• Funding America's Industrial Base — Crowdfunding capital flowing to U.S. manufacturing, energy, and clean tech.
• The Main Street Barometer — Retail investor sentiment and participation, tracked over a decade.
• A Market Comes of Age — A decade of valuation and capital-structure trends.
• What's Your Company Worth? — Valuation benchmarks by company age and revenue stage.
• Innovation Geography — How startup capital is decentralizing across the country.
• Built to Last — Survival rates of crowdfunded companies vs. national baselines.
• The $42.5 Billion Engine — The economic output generated by Reg CF companies.
• The First Two Weeks — How a campaign's first 14 days predict its final raise.
• The CrowdFinance Index — A daily, rules-based index of the crowdfunding market.
• The Crowdfunding Genome — America's top-30 startup-crowdfunding ecosystems, ranked.
• After the Raise — What happens to companies after they crowdfund.
• The Language of the Raise — NLP on 6,800 pitches — the words that move money.
• What Capital Costs — The cost and structure of crowdfunding capital by instrument.
• Regulation Crowdfunding by Congressional District: A Report Card — A rolling, district-by-district scorecard of Reg CF activity across all 435 U.S. House districts.
• Marked Up — How valuations grow when companies crowdfund again, and the paper markup that creates.
• The Intersection Penalty — Why Two Founder-Identity Advantages in Reg CF Do Not Combine — Two founder-identity advantages that are each real on their own do not add up.