king crowd, recently a data and analytics company for online capital formation. It was published Q1 2026 update highlighting a softer market for investment crowdfunding under Reg CF and Reg A.
Since there is currently no comprehensive data on the Reg D offerings supported by many platforms, these data points, while useful, do not provide a complete perspective. Many platforms support Reg D investment opportunities, both primary offerings and secondary offerings.
Previously CI included in a separate report this focused only on Reg CF. This report aligns with Kingscrowd figures for the smallest securities exemption that enables online capital formation.
According to the report, Reg CF cratered by 29% compared to the first quarter of 2025.
Reg A is down a striking 45% compared to the first quarter of 2025.
The report states:
“Reg CF saw a sharper decline, with capital raising falling from roughly $101.9 million in the first quarter of 2025 to $72.4 million in the first quarter of 2026, a decline of 29%. Reg A+ also declined year over year, falling from roughly $191.3 million to $105.6 million. On the face of it, this looks like a 45% decline.”
Kingscrowd explains that Newsmax completed a major Reg A securities offering in the first quarter of 2025, which was quickly traded on Nasdaq after the money was raised, creating an opportunity for investors to realize a significant gain on the listing. If you take into account Newsmax and its $75 million funding round, the decline is less dramatic. Still, a 9% decline indicates softness in the Reg A supply market.
Some additional perspective provided by the report suggests that the Reg CF market sees less upside and dollar upside, but the average upside increases with the size of the average investor commitment. So maybe fewer offerings but improved issuers.
New offerings under Reg CF also fell 42% in the first quarter of 2026, from 286 in 2025 to 165 in 2026.
When it comes to top platforms, DealMaker was the biggest winner of Reg A offerings, booking $62,720,473 in the first quarter of 2026. StartEngine ranked second by far with $12,280,884. These two platforms were followed by Texture Capital with $10,993,336 and Energea Funds with $10,679,263. It’s worth noting that the amount of texture is largely due to a single increment.
Interestingly, Republic did not raise funds using Reg A during the quarter.
In the Reg CF market, Wefunder maintained its leadership by raising $20,359,264, followed by DealMaker with $18,093,786 and StartEngine with $15,486,929. Interestingly, Honeycomb Credit, once a top 5 platform by Reg CF, has declined, likely due to declining interest in its specialty, online loans.
In total, DealMaker was the big winner, taking the lion’s share of the Reg A-Reg CF market with approximately $80.9 million. This was followed by StartEngine with $27.8 million and Wefunder with $20.4 million.
Kingscrowd describes the Reg A-Reg CF market as still “constructive” and perhaps a “restarting quarter”. Still, it’s hard not to notice the reduced activity under these two securities exemptions. This may have been predicted due to competition for people’s investment options. The rise of prediction markets and the hot AI market have attracted significant attention from venture capital firms.
When it comes to updates from Washington DC regarding online capital formation, much of the oxygen in the Beltway has been sucked up by the delayed crypto market infrastructure legislation, the CLARITY Act. Updates to online capital formation rules could help revive the securities crowdfunding industry, but if this happens it will likely happen in the second half of the year.
