Hiive's Second Databricks Vehicle Reports $3.2 Million From 41 Investors, Filed 81 Days After Its First Sale

A Hiive-sponsored vehicle holding Databricks exposure reported $3,224,874 sold to 41 investors in a Form D filed with the SEC on September 18, 2026. HII Databricks-01, a Series of HII Databricks LLC (CIK 2155287, accession 0002155287-26-000001) reports the offering fully subscribed, a $43,600 minimum investment, and sales commissions of $114,395 paid to Hiive Markets Limited. It is the second Hiive vehicle for the name on EDGAR, and the filing arrived 81 days after the first sale it reports.

What the filing shows

The vehicle is a Delaware series LLC formed in 2025 and describes itself as a pooled investment fund of the 'Other Investment Fund' type. It relies on Rule 506(b), so no general solicitation, and on Section 3(c)(7) of the Investment Company Act, the exclusion available to funds whose owners are all qualified purchasers. The total offering amount and the amount sold are the same figure, $3,224,874, with nothing remaining. All 41 investors are reported as accredited; the filing reports no non-accredited investors.

Item 12 names Hiive Markets Limited (CRD 316580) as the sole recipient of sales compensation, in every state, and Item 15 reports $114,395 in sales commissions and no finder's fees. That is 3.5% of the amount sold. The only related person listed is Christopher DeLap, Executive Officer, who signs as Senior Director, Fund Services, at 169 Madison Avenue, Suite 11524, New York. The issuer declines to disclose its net asset value range.

The reported date of first sale is June 29, 2026. Rule 503 of Regulation D requires a Form D within 15 calendar days of the first sale; this one was filed on the 81st day. The earlier Hiive vehicle for the same name, HII Databricks-02, a Series of HII Databricks-A LLC (CIK 2126355), shows the same shape: a first sale of February 26, 2026 and a filing on May 5, 68 days later. That vehicle reported $11,548,139 from 176 investors at a $50,000 minimum under Rule 506(c), with $544,907 in commissions to Hiive Markets, or 4.7%. The numbering does not follow the calendar: the '-02' series opened and filed first, under a different parent LLC.

• —HII Databricks-01: Form D filed September 18, 2026; first sale June 29; $3,224,874 offered and sold; 41 investors; $43,600 minimum; 506(b) and 3(c)(7); $114,395 commissions to Hiive Markets Limited (3.5%)
• —HII Databricks-02: Form D filed May 5, 2026; first sale February 26; $11,548,139 sold; 176 investors; $50,000 minimum; 506(c) and 3(c)(7); $544,907 commissions (4.7%)
• —Average reported check: $78,655 in the -01 vehicle, $65,614 in -02

Background

Databricks does not permit direct share transfers, so secondary access runs through vehicles like this one or through forward contracts, a structure AltStreet's guide to buying Databricks stock pre-IPO walks through in detail. Hiive describes its Hiive Funds as Delaware LLCs, administered by Sydecar, in which investors hold membership interests rather than the underlying shares; the money raised goes to the selling shareholders, not to Databricks. The Form D does not say what the vehicle bought, from whom, or at what price per share.

The minimum is an unusual figure. $43,600 is exactly 200 units of $218. The filing states no unit price and no share count, so that is arithmetic rather than disclosure; for reference, the Hiive price estimate for Databricks cited in AltStreet's May guide was $218.88 per share.

Databricks itself has been raising at a different scale. Two Form Ds filed by Databricks, Inc. on August 27, 2026 report $4,999,997,255 sold of a $5,000,000,000 offering to 136 investors under Rule 506(c), with a first sale of August 12, and a separate $241,204,249 to 101 investors under Rule 506(b) with a first sale of February 21. Those are primary sales by the company; the Hiive vehicles are secondary.

The pattern in AltStreet's data

AltStreet's Form D census counts 109 HII-branded Hiive series on EDGAR as of September 18, 2026, across 83 underlying companies, reporting $636.8 million sold to 7,190 investor slots by latest filing per vehicle. The first HII filing appeared on August 19, 2025. The filing lag on this vehicle is not an outlier: 59 of the 109 initial Form Ds were filed more than 15 days after their reported first sale, 15 of them more than 90 days after, and the longest gap is 199 days (HII Cerebras Series III, first sale November 17, 2025, filed June 4, 2026). The median lag is 21 days. AltStreet's Hiive review documented the same catch-up pattern in the July 2026 batch, when eight of fifteen new vehicles filed beyond the window.

Databricks is one of the busiest names in the SPV market this year. Eleven separate Databricks vehicles filed initial Form Ds in 2026, reporting $144.3 million from 326 investors, and two of the largest arrived in the same fortnight as this one: WCM Partners X, LLC - Series X4, Databricks reported $100,000,000 from a single investor on September 17, and Okeanos Databricks 191 LLC reported $12,153,395 from 43 investors on September 8. Hiive's two vehicles account for about 10% of the dollars in that group and two-thirds of the investors, which is what a retail-sized minimum does to the count. The full Hiive platform data page lists every vehicle AltStreet has linked to the sponsor.

Why it matters

For anyone weighing Databricks access, the filing puts numbers on things the platform pages describe in general terms. The entry point on this vehicle was $43,600, not Hiive's standard $25,000 minimum; the commission was 3.5% on this raise and 4.7% on the sibling, against the 4.85% maximum buyer commission in Hiive's June 2026 Form CRS; and the exclusion relied on limits the vehicle to qualified purchasers, a higher bar than accredited status. The reported average check of $78,655 says the typical buyer put in well above the minimum.

The 81-day filing lag matters for a different reason. A late Form D does not by itself invalidate a Regulation D exemption, and AltStreet draws no conclusion about cause. But it means Hiive's public filing record trails its actual raise activity by a quarter or more, so a vehicle that closed in July may not appear on EDGAR until October. Anyone using Form D counts to gauge how much Databricks exposure Hiive is placing should read them as a lagging series.

What the filing does not show

The Form D does not disclose the price per share paid for the underlying Databricks interest, the number of shares or units, the seller, the vehicle's fees beyond the sales commission, or the terms of the membership interests. It does not state why the filing was made 81 days after the first sale, and this article does not assert a reason. The $218 unit arithmetic is AltStreet's observation, not a figure in the filing.

The census figures are counts of Form D filings by latest filing per CIK and exclude any Hiive vehicle that has not yet filed, which the lag pattern above suggests is a material gap at any point in time. The 2026 Databricks vehicle count is limited to issuers with 'Databricks' in their EDGAR name and will miss vehicles named otherwise. AltStreet has not contacted Hiive about this filing.