---
title: "Hiive's HII Series Closed $17.4M in Five New SPVs in Nine Days, Led by a $6.5M Apptronik Vehicle"
url: https://altstreet.investments/news/hiive-hii-five-new-form-d-entities-september-2026-2026-09-03
kind: news-article
updated: 2026-09-04
description: "Five Hiive HII SPVs filed Form D Aug 26 to Sep 3, 2026, each fully sold: $17.4M from 239 investors into Apptronik, Starcloud, Positron AI, Harbinger and Tenstorrent."
publisher: AltStreet (https://altstreet.investments)
license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted.
---

# Hiive's HII Series Closed $17.4M in Five New SPVs in Nine Days, Led by a $6.5M Apptronik Vehicle

Five single-company vehicles in Hiive's institutional HII series filed Form D between August 26 and September 3, each reporting itself fully sold: $17.4 million from 239 investors at $50,000 and $75,000 minimums, into Apptronik, Starcloud, Positron AI, Harbinger and a fifth Tenstorrent fund. Three of the five companies priced a round this year; Starcloud's $2.3 billion extension was announced ten days before its vehicle closed.

Published September 4, 2026. Platform: Clarity (https://altstreet.investments/platforms/reviews/hiive).

Hiive's institutional fund series closed five single-company vehicles in nine days, and the filings say how much: $17.4 million from 239 investors. Form D notices filed with the SEC between August 26 and September 3, 2026 for HII Apptronik-02, HII Starcloud-03, HII Positron-02, HII Harbinger-01 and HII Tenstorrent-05 each report a total offering amount equal to the amount sold, with nothing remaining. These are not vehicles opened in the hope of demand. They were filled, then filed, which is what Rule 503's fifteen-day window after a first sale allows.

The largest was Apptronik-02, at $6,499,030 from 99 investors (accession 0002151783-26-000001, signed August 25). Starcloud-03 took $5,000,012 from 50 investors under the qualified-purchaser exemption (accession 0002152451-26-000001, signed August 28), ten days after the company announced a $250 million extension at a $2.3 billion valuation. Positron-02 sold $2,999,944 to 47 investors at a $75,000 minimum (accession 0002152449-26-000001), Harbinger-01, the first HII vehicle for the electric-truck maker, $1,700,000 to 19 (accession 0002152061-26-000001), and Tenstorrent-05, the fifth vehicle pointed at Jim Keller's AI-chip company, $1,169,448 to 24 (accession 0002153606-26-000001). A sixth Tenstorrent vehicle followed on September 4.

AltStreet's sponsor watch flagged each filing on the day it appeared in EDGAR's index and matched it to Hiive's HII naming pattern; the amounts and investor counts above were read from the filings themselves.

## What the filings show

Each filer is a series of a company-specific Delaware LLC, the structure AltStreet's Hiive review documents for the platform's SPVs: investors receive membership interests in a vehicle that holds one position in one private company, with Sydecar as administrator. Christopher DeLap is the executive officer named on all five. The offering amounts are round or nearly so, and the sold amounts match them to the dollar, which reads as vehicles sized to a block of shares and closed in full.

The average reported investment across the five is about $72,700. Tenstorrent-05's average of roughly $48,700 sits below its stated $50,000 minimum; Form D's minimum is the amount accepted from any outside investor and is routinely waived, so this is a note on how the field works rather than a finding.

- HII Apptronik-02, a Series of HII Apptronik-A, LLC: $6,499,030 sold, 99 investors, $50,000 minimum, 506(b) and 3(c)(1), filed 2026-08-26
- HII Starcloud-03, a Series of HII Starcloud LLC: $5,000,012 sold, 50 investors, $50,000 minimum, 506(b) and 3(c)(7), filed 2026-08-31
- HII Positron-02, a Series of HII Positron AI-A LLC: $2,999,944 sold, 47 investors, $75,000 minimum, 506(b) and 3(c)(1), filed 2026-09-01
- HII Harbinger-01, a Series of HII Harbinger LLC: $1,700,000 sold, 19 investors, $50,000 minimum, 506(b) and 3(c)(1), filed 2026-08-26
- HII Tenstorrent-05, a Series of HII Tenstorrent LLC: $1,169,448 sold, 24 investors, $50,000 minimum, 3(c) and 3(c)(1), filed 2026-09-03
- Combined: $17,368,434 from 239 investors; every vehicle reports 'Other Investment Fund', pooled, New York, formed within the last five years, sales commissions of $0, and declines to disclose issuer size


## Background

Hiive is a FINRA-registered broker-dealer running a live order book for pre-IPO shares, with two paths to a position: a direct transfer subject to company approval and right of first refusal, or a Hiive Funds SPV. AltStreet's review of the platform found that most of those SPVs charge no recurring management fee or carried interest, with buyer commissions of up to 4.85% per Hiive's June 1, 2026 Form CRS, a $25,000 standard minimum on the retail-branded funds, and a separate institutional-branded HII series whose vehicles carry $50,000 minimums and, on the filings' own check sizes, look much like the retail family. AltStreet's EDGAR census through July 2026 counted 63 HII vehicles reporting $383.2 million in sales against 39 retail-branded funds reporting $134.2 million.

The five companies in this batch have all been priced recently, and three of them this year. Apptronik, the Austin humanoid-robotics company, raised about $520 million in February 2026 at a valuation above $5.5 billion, Bloomberg reported. Positron AI, which builds inference hardware, announced an oversubscribed $230 million Series B on February 4, 2026 at a post-money valuation above $1 billion, co-led by ARENA Private Wealth, Jump Trading and Unless with Qatar Investment Authority and Arm participating, per the company's release. Starcloud, which is building data centers in orbit, raised a $170 million Series A at a $1.1 billion valuation in March 2026 and on August 21 announced a $250 million extension at $2.3 billion led by Manhattan West Ventures with Nvidia and Cisco participating, per TechCrunch and GeekWire. Harbinger, the electric-truck maker, closed a $160 million Series C in November 2025 co-led by FedEx, Capricorn's Technology Impact Fund and THOR Industries, bringing its total raised to $358 million alongside an initial FedEx order for 53 trucks, per the company's release. Tenstorrent, the AI-chip and RISC-V company led by Jim Keller, said in December 2024 it had raised a $693 million Series D; on June 15, 2026 Reuters, citing The Information, reported that Qualcomm was in talks to acquire it at a valuation between $8 billion and $10 billion, with the talks not concluded and the price subject to change.


## The pattern in AltStreet's data

EDGAR's full-text index lists 101 initial Form D filings by 'Series of HII' vehicles since the first, HII Cerebras Series I on August 19, 2025, across 33 underlying companies. The cadence built through 2026: nine new vehicles in March, seven in April, seventeen in May, twelve in June, twenty-three in July, ten in August, and four in the first four days of September. The nine-day burst covered here is therefore not the sponsor's fastest stretch; July averaged a new vehicle every one and a third days. What distinguishes late August is composition and closure: five names, four with a 2026 or late-2025 priced round, every vehicle full at filing.

The series numbers are a running count of demand by company. Tenstorrent reached its sixth vehicle on September 4, Polymarket and Kalshi have five each, Perplexity, Shield AI and Lambda four, Starcloud and Lightmatter three, Apptronik and Positron two, and Harbinger, Suno, Crusoe, Hark, Varda, Replit, OpenEvidence, Precision Neuroscience and HavocAI one. Within the year the names skew toward AI infrastructure and robotics, with prediction markets the other cluster.

Two juxtapositions are worth stating as sequence, not cause. Starcloud-03 was signed on August 28 and closed at $5.0 million, seven days after the company's $2.3 billion extension was announced, so its fifty qualified purchasers bought with a fresh primary mark in hand. Tenstorrent's fifth and sixth vehicles closed while the Qualcomm talks Reuters reported in June remain, as far as the public record shows, unresolved. The filings say nothing about the price paid in either vehicle.


## Why it matters

For anyone reading pre-IPO secondary demand off the public record, a filled HII vehicle is a better instrument than a listing or a press release: it is a dated, sized, counted transaction in one company, filed under penalty of law within fifteen days of the first sale. Read that way, the batch says that in late August accredited buyers put $17.4 million into five names at an average of about $73,000 each, that Apptronik drew the most capital and the most investors, that Starcloud's buyers were qualified purchasers in a larger vehicle, and that appetite for Tenstorrent exposure has now supported six vehicles in three months.

What the structure costs is the other half of the picture. AltStreet's review found no recurring management fee or carry on most Hiive SPVs, so the fee drag is front-loaded in the brokerage commission, up to 4.85% for buyers, and in any distribution expenses, and the investor holds a membership interest in a vehicle rather than the shares, with a K-1 each year and no exit until the company provides one. A vehicle numbered 05 or 06 also tells a buyer that the same company's shares have been bought at least four or five times before through the same door, which is information about liquidity, not about price.

None of that is a view on any of the five companies. Filled vehicles measure the buyers' demand at the moment of closing; they do not establish the price per share, the share class or the discount or premium to the last primary round, and the filings do not disclose them.


## What the filings do not show

Form D reports the amount sold, the investor count and the minimum; it does not report the price per share, the number of shares, the share class, whether the vehicle bought directly or through a second SPV layer, or the discount or premium to the underlying company's last priced round. The amounts are point-in-time as of filing and can be amended. Investor counts include every subscriber and say nothing about concentration.

The sponsor history is drawn from EDGAR full-text search for the phrase 'Series of HII' on Form D; a vehicle named differently, or any filing the index has not yet caught up with, would be missed, and one Tenstorrent vehicle numbered 03 does not appear in the search results. AltStreet's review census through July 2026 was built from the quarterly master indexes on a different basis and is cited as such. The two are consistent in direction, not reconciled vehicle by vehicle.

The company financings are reported figures from the named outlets and company releases; AltStreet has not verified the valuations independently, and the Qualcomm talks are a report of talks, not of a transaction. No filing states why these five vehicles were formed in this sequence, and no cause, whether investor demand, seller supply after a priced round, or anything else, is asserted here.


## Key facts

- Five new Form D filers in Hiive's HII series, each 'a Series of' its own Delaware LLC, filed between August 26 and September 3, 2026, and each reported total offering amount equal to total amount sold with nothing remaining: closed raises, not announced intentions.
- HII Apptronik-02 (CIK 2151783, accession 0002151783-26-000001, signed August 25) sold $6,499,030 to 99 investors; HII Starcloud-03 (CIK 2152451, accession 0002152451-26-000001, signed August 28) sold $5,000,012 to 50 investors under 3(c)(7); HII Positron-02 (CIK 2152449, accession 0002152449-26-000001, signed August 31) sold $2,999,944 to 47 investors at a $75,000 minimum; HII Harbinger-01 (CIK 2152061, accession 0002152061-26-000001, signed August 26) sold $1,700,000 to 19 investors; HII Tenstorrent-05 (CIK 2153606, accession 0002153606-26-000001, signed September 3) sold $1,169,448 to 24 investors.
- Combined: $17,368,434 from 239 investors, an average of about $72,700 per investor; four vehicles state a $50,000 minimum and Positron-02 states $75,000; all five claim Rule 506(b) and Investment Company Act 3(c)(1), except Starcloud-03, which claims 3(c)(7), qualified purchasers only.
- EDGAR full-text search returns 101 initial Form D filings by 'Series of HII' vehicles since the first, HII Cerebras Series I on August 19, 2025, across 33 underlying companies; July 2026 was the busiest month with 23 new vehicles, August had 10, and the first four days of September four, including a sixth Tenstorrent vehicle and a first HavocAI vehicle on September 4.
- The series numbers count vehicles per company: Tenstorrent is at six, Polymarket and Kalshi five each, Perplexity, Shield AI and Lambda four, Starcloud and Lightmatter three, Apptronik and Positron two, Harbinger one.
- AltStreet's Hiive review documents the HII series as the platform's institutional-branded fund family, administered by Sydecar, with no recurring management fee or carried interest on most vehicles and buyer commissions of up to 4.85% per Hiive's June 2026 Form CRS; its EDGAR census counted 63 HII vehicles reporting $383.2 million in sales through July 2026.


## Sources

- HII Apptronik-02, a Series of HII Apptronik-A, LLC - Form D - 2026-08-26: https://www.sec.gov/Archives/edgar/data/2151783/000215178326000001/xslFormDX01/primary_doc.xml
- HII Starcloud-03, a Series of HII Starcloud LLC - Form D - 2026-08-31: https://www.sec.gov/Archives/edgar/data/2152451/000215245126000001/xslFormDX01/primary_doc.xml
- HII Positron-02, a Series of HII Positron AI-A LLC - Form D - 2026-09-01: https://www.sec.gov/Archives/edgar/data/2152449/000215244926000001/xslFormDX01/primary_doc.xml
- HII Harbinger-01, a Series of HII Harbinger LLC - Form D - 2026-08-26: https://www.sec.gov/Archives/edgar/data/2152061/000215206126000001/xslFormDX01/primary_doc.xml
- HII Tenstorrent-05, a Series of HII Tenstorrent LLC - Form D - 2026-09-03: https://www.sec.gov/Archives/edgar/data/2153606/000215360626000001/xslFormDX01/primary_doc.xml
- EDGAR full-text search: Form D filings by 'Series of HII' vehicles (101 since 2025-08-19): https://efts.sec.gov/LATEST/search-index?q=%22Series%20of%20HII%22&forms=D
- Hiive Review: structure, fees, HII census: https://altstreet.investments/platforms/reviews/hiive
- Humanoid Maker Apptronik Triples Valuation to Over $5.5 Billion With New Funding: https://www.bloomberg.com/news/articles/2026-02-11/apptronik-raises-520-million-in-new-funding-to-build-more-humanoids
- Positron AI Raises $230 Million Series B at Over $1 Billion Valuation: https://www.businesswire.com/news/home/20260204250472/en/Positron-AI-Raises-$230-Million-Series-B-at-Over-$1-Billion-Valuation-to-Scale-Energy-Efficient-AI-Inference
- Starcloud raises $250 million for orbital data centers: https://techcrunch.com/2026/08/21/starcloud-raises-200-million-for-orbital-data-centers-as-launch-options-dry-up/
- Starcloud raises $250M to support the creation of data center satellite network in league with Nvidia: https://www.geekwire.com/2026/starcloud-250m-data-center-satellite-network-nvidia/
- Harbinger Raises $160 Million in Series C Funding Co-Led by FedEx, Capricorn and THOR Industries: https://harbingermotors.com/newsroom/harbinger-raises-160-million-series-c-co-led-by-fedex/
- Qualcomm in Talks to Acquire AI Chip Startup Tenstorrent for Up to $10 Billion, Reuters Reports: https://finance.yahoo.com/technology/ai/articles/qualcomm-talks-acquire-ai-chip-230401789.html


## SEC accession numbers

- 0002151783-26-000001
- 0002152451-26-000001
- 0002152449-26-000001
- 0002152061-26-000001
- 0002153606-26-000001

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Source page: https://altstreet.investments/news/hiive-hii-five-new-form-d-entities-september-2026-2026-09-03
Machine index: https://altstreet.investments/llms.txt
AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.