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.