Hiive's SPV Formation Rate Has Roughly Tripled: 105 Vehicles, $553 Million, 76 Private Names

Nine new special purpose vehicles under the HII naming convention filed their first Form D notices with the Securities and Exchange Commission in the first eleven days of September 2026. Ten were formed in the whole of August. The convention is associated with Hiive Markets Limited, which is named as the compensated recipient on the series AltStreet has examined.

Counting every HII vehicle on EDGAR back to August 2025 gives 105 of them across 76 underlying company names, reporting $553,035,046 sold across 6,071 investor slots on the 92 vehicles that report a dollar amount. The largest single underlying by dollars is Tenstorrent, the AI chip designer whose own $1.29 billion Form D AltStreet reported last week: five HII series name it, and the four reporting a dollar amount total $41,041,420 across 450 investor slots.

What the filings show

These are not bare registrations. Each series reports a total amount sold, an investor count and a stated minimum investment, which on the recent HII series is $50,000. The September cohort names Positron, HII Tenstorrent-05 and -06, HavocAI, Mercor, Allen Control Systems, Atoms and Helion Energy.

The formation rate is the finding. Measured by the month each vehicle first appears on EDGAR, the record runs 4 in August 2025, 4 in September, none in October, 9 in November, none in December, 1 in January 2026, none in February, then 11 in March, 7 in April, 16 in May, 12 in June, 22 in July, 10 in August and 9 in the first eleven days of September. The five months from May 2026 carry 69 of the 105 vehicles.

Dollars follow the same shape without tracking it exactly. July 2026 is the largest month at $114,473,051 across 22 vehicles and 1,717 investor slots. March 2026 raised $87,093,141 from 11 vehicles. August 2026 raised $25,304,312 from 10, and the first eleven days of September have produced $30,017,648 from 9.

• —105 HII vehicles on EDGAR since August 2025, across 76 underlying company names
• —Reported total: $553,035,046 sold across 6,937 investor slots
• —September 2026 to date: 9 new vehicles, $30,017,648, 472 slots, in eleven days
• —August 2026, full month: 10 new vehicles, $25,304,312, 550 slots
• —Peak month July 2026: 22 vehicles, $114,473,051, 1,717 slots
• —Largest underlying by dollars: Tenstorrent, $41,041,420 across four reporting series
• —Stated minimum investment on the recent series: $50,000

What an HII series actually is

Each series is a separate legal issuer that files its own Form D and sells interests in itself. The series holds shares in the underlying private company; the investor holds an interest in the series. That distinction governs what an investor can do on a sale, what information they are entitled to, and whether they can transfer out, because those rights come from the vehicle's operating agreement rather than from the underlying company's stockholder agreements.

A Form D from one of these vehicles reports what the vehicle sold to its own investors. It never reports what the vehicle paid for the underlying stock. The difference between those two figures is the spread, and it does not appear anywhere in the public record.

Reading the two Tenstorrent numbers side by side

Tenstorrent illustrates why the SPV total and the company total measure different things. Tenstorrent Holdings Inc. reported $1,286,829,662 sold to 134 investors on a Form D filed September 9, 2026; that is capital raised by the company. The four HII series reporting dollars against the same name total $41,041,420 across 450 investor slots; that is money paid by SPV investors for interests in vehicles which, per Hiive's own description of its secondary marketplace, buy existing shares from current holders. Those dollars go to the selling shareholders, not to Tenstorrent, and never appear in the company's Form D. The two figures are not overlapping measures of one raise. They are a primary raise and a set of ownership transfers, and adding them would count a change of hands as if it were new capital.

A fifth series, HII Tenstorrent-04, reports $0 sold against a $15,000,000 offering while listing 122 investors and a date of first sale in June 2026. Those answers do not reconcile with one another, and no amendment correcting them had been filed. It is excluded from the totals in this article rather than resolved by assumption.

AltStreet's guide to buying Tenstorrent stock pre-IPO sets out all twelve SPV series that name the company, including the six Node Master vehicles from 2023 and 2024, together with the registered-fund marks that price the same share class 47.6 percent apart. The September Form D itself is covered in AltStreet's report on the $1.29 billion round.

AltStreet has also published a video walkthrough of the Tenstorrent filings, the SPV series and the fund marks: watch the Tenstorrent pre-IPO video.

Why it matters

For an adviser or investor, the formation rate is a supply signal rather than a demand signal. It says vehicles are being created at roughly three times the rate of a year ago, and that the money moving through them is real and countable. It does not say the underlying companies are raising more, that secondary prices are rising, or that any listing is closer, and none of those readings is supported by a Form D.

The more usable point is concentration. Seventy-six underlying names across 105 vehicles means most names appear once or twice, while a handful carry multiple series. Where a sponsor has formed four or five series against one company, an investor comparing two offers on the same name is comparing two vehicles formed at different times, at different prices, with different fee stacks, and the filings disclose none of those differences.

The stated $50,000 minimum is a floor the vehicle would accept, not a description of what a platform offers. It is the only cost-adjacent figure on the form, and it says nothing about carry, management fees or the spread over the price the vehicle paid.

What the filings do not show

The HII naming convention is how these vehicles are identified here. Hiive Markets Limited is named as the compensated recipient on the series AltStreet examined directly, and the convention is consistent across the set, but not every one of the 105 filings was opened and checked for that name. The association should be read as a strong pattern rather than a verified attribute of all 105.

Counting a vehicle by the month of its first Form D measures when the vehicle was registered, not when the underlying trade occurred or when the capital was committed. A Form D is due within fifteen days of first sale, so formation months and economic months are close but not identical. September 2026 is an incomplete month and is reported as eleven days rather than annualised.

No figure here establishes anything about the underlying companies. A Form D from an SPV is evidence about the SPV. It carries no valuation, no price per share, no share count and no financial statement for the company whose name it bears, and the price each vehicle paid for its stock is not disclosed. Nothing in this article is a view on whether any vehicle is fairly priced.