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Crypto IDO funding: 354 rounds, $954.6M, Pump.fun took 62.9%

By NAUT Research · · 9 min read

$954.6M Crypto IDO funding raised by 351 of 354 IDO rounds on NAUT, announced since 1 January 2025. Logos: Pump.fun, Flying Tulip, SOON Network, Aztec Network, Solayer, Sahara AI, Ranger, Lombard, P2P.me, Billions, Kinto, Boundless, Espresso Systems, Cap, Hana, zkPass.

NAUT tracks 354 crypto IDO funding rounds announced since 1 January 2025, and the 351 of them that disclosed an amount raised $954,616,234, or $954.6M. Pump.fun's $600M token sale on 12 July 2025 is 62.9% of that total on its own, and the 354 rounds belong to 168 companies, 71 of which ran more than 1.

Data read from NAUT's funding records on 11 November 2026. The scope is every round NAUT types IDO, announced on or after 1 January 2025, held by a live company row that is not archived and not merged into another row: 354 rounds, with the most recent dated 8 June 2026. No row was dropped on the crypto scope gate, because NAUT types 353 of the 354 rounds to a crypto project row and the remaining 1 to a launchpad row. 3 rounds carry no disclosed amount and so sit outside the $954.6M: NXI on 29 January 2025, and XProtocol twice, on 18 December 2025 and 8 January 2026. 15 of the 354 rounds were put to outside sources for this report, and the other 339 stand on NAUT's own record; the per-round result is in the Source check column below. NAUT Research wrote this report; no one paid for it.

Which crypto IDO funding rounds were the biggest since 2025?

The 20 largest, ranked by the amount NAUT records for the round. Source check is the result of this report's own check against outside reporting, run on 15 of the 354 rounds.

Date Company Raised Source check
12 Jul 2025 $600M Confirmed
21 Jan 2026 $67M Not found
14 Feb 2025 $38M Single source
13 Nov 2025 $32.3M Disagreed
31 Oct 2025 $15M Confirmed
16 Jan 2025 $10.5M Confirmed
8 Jun 2025 $8.5M Confirmed
6 Jan 2026 $8M Disagreed
26 Aug 2025 $6.75M Confirmed
26 Mar 2026 $6M Disagreed
6 Aug 2025 $5M Confirmed
18 Feb 2025 $5M Disagreed
25 Aug 2025 $4M Confirmed
23 Jul 2025 $4M Confirmed
14 Oct 2025 $3.5M Confirmed
8 Jun 2026 $3.38M Not checked
16 Sep 2025 $3M Not checked
3 Dec 2025 $3M Not checked
27 Oct 2025 $3M Not checked
26 Nov 2025 $3M Not checked

These 20 rounds hold $829.0M, 86.8% of the $954.6M disclosed, and the top 10 alone hold $792.1M, 83.0%. The 19 companies in the table are Flying Tulip, which ran 2 of the 20, plus 18 with 1 each.

On the source check: 9 of the 15 rounds put to outside reporting came back confirmed at the figure NAUT stores, and those 9 are listed under Sources at the end. 4 disagreed with the figure as checked, so those amounts stand on NAUT's own record alone. SOON Network's only source was the aggregator NAUT already stores, with no second report to cite, and the $67M Flying Tulip round of 21 January 2026 was not found in outside reporting at that amount. The amounts in the table are NAUT's stored values in every row.

Who runs the companies behind the biggest IDO rounds?

NAUT holds at least 1 named decision maker for 8 of the 19 companies in the table above, and this report names 27 of those people. The other 11 companies have no team row on NAUT yet.

Anyone listed can ask NAUT to remove their page at https://naut.so/legal/data-deletion.

How much crypto IDO funding did each of the 12 biggest rounds raise?

Raised per round, the 12 biggest of the 351 that disclosed an amount
  1. Pump.fun$600M
  2. Flying Tulip, Jan 2026$67M
  3. SOON Network$38M
  4. Aztec Network$32.3M
  5. Flying Tulip, Oct 2025$15M
  6. Solayer$10.5M
  7. Sahara AI$8.5M
  8. Ranger$8M
  9. Lombard$6.75M
  10. P2P.me$6M
  11. Billions$5M
  12. Kinto$5M

Pump.fun raised more than the next 11 rounds put together: $600M against $202.1M. The other 339 rounds that disclosed an amount raised $152.5M between them.

How big is a typical IDO round?

The median of the 351 disclosed rounds is $200,000, and the smallest is $15,000. Most crypto token sales in this record are small: 6 rounds cleared $10M and 297 came in under $1M.

Size band Rounds Share of the 351 Example
$50M and above 2 0.6% , $600M
$10M to $50M 4 1.1% , $10.5M
$1M to $10M 48 13.7% , $3M
Under $1M 297 84.6% , 7 rounds, $1.1M in total

The shape of the year matters as much as the shape of the round. NAUT records 336 of the 354 rounds in 2025, worth $859.7M, and 18 in 2026, worth $94.9M, with nothing dated after 8 June 2026 on the 11 November read.

What this tells a BD team

  • The money sits in a handful of names. 10 rounds hold $792.1M of the $954.6M, so a team selling infrastructure, market making, compliance or exchange services has a short list to start from: Pump.fun, Flying Tulip, SOON Network, Aztec Network, Solayer, Sahara AI, Ranger, Lombard and P2P.me.
  • Named contacts exist for 8 of the 19 top-20 companies. Lombard is the clearest entry point, with a Head of BD, Matt Donovan, and a COO, Brandon Neal, both on NAUT.
  • The long tail is a volume game. 297 of the 351 disclosed rounds are under $1M, and 71 companies ran more than 1 IDO, so repeat issuers are easier to reach twice than a single $600M name is to reach once.
How a BD team can work this list
  1. Start at the top 1010 rounds hold $792.1M of the $954.6M disclosed since 1 January 2025.
  2. Pick the contactable onesNAUT holds named decision makers for 8 of the 19 companies in the top 20 rounds.
  3. Open on the roleMatt Donovan runs BD at Lombard, Eligos Cheung runs partnerships at Sahara AI.
  4. Work the repeat issuers71 of the 168 companies ran more than 1 IDO round, from GPTWars with 13 to XMAQUINA with 6.

What this tells a founder planning an IDO

  • A $10M public sale is the exception. 6 of the 351 disclosed rounds cleared $10M, and 2 cleared $50M. Planning against the $200,000 median is closer to what the record shows.
  • Repeat sales are normal. 71 of the 168 companies ran more than 1 IDO round in the window, so a first sale that lands short of its target leaves the route open.
  • Sale totals move between sources. 4 of the 15 rounds this report checked came back at a figure that differed from the stored amount, so a founder quoting a comparable should check it against the issuer's own announcement.

Which projects ran the most IDO rounds?

Ranked by the number of IDO rounds NAUT records for each company since 1 January 2025. Disclosed is the total across those rounds, and Largest round is the biggest single one.

Company Rounds Disclosed Largest round
13 $1.15M $200,000
10 $4.8M $1M
7 $2.45M $1M
7 $1.1M $200,000
6 $10.07M $2M
How a founder can use this record
  1. Size the askThe median of the 351 disclosed rounds is $200,000 and 297 are under $1M.
  2. Find a comparableSahara AI raised $8.5M on 8 June 2025, Boundless $4M on 25 August 2025.
  3. Check who ran it twiceXMAQUINA raised $10.07M across 6 rounds, the largest $2M.
  4. Reach the teamEach company's NAUT page lists the people to contact, such as CEO Sean Ren at Sahara AI.

How to reach the decision makers

Every company and person above links to their NAUT page, which lists the team and the channels NAUT holds for each of them. The 27 people named in this report sit across 8 companies, with Sahara AI at 7 team rows and Lombard at 6 the deepest lists of the 19 companies in the top 20 rounds. For the 11 companies with no team row yet, the company page is still the route: it carries the X handle and the site NAUT stores, including Cap, Hana and zkPass.

Crypto launchpad funding runs on the other side of these sales, and NAUT lists the platforms that host them on their own pages.

Related reading on NAUT: Crypto launchpad list: 55 platforms, 4 that back startups and Crypto funding statistics 2026: 327 rounds, $11.45B, 30 numbers.

Can you pull this data through the NAUT API?

Yes. GET https://api.naut.so/v1/projects/pump-fun returns the company behind the largest round in this report with its team, and GET https://api.naut.so/v1/projects?sector=DeFi&token=launched&limit=100 returns the DeFi project rows with a live token, the group most of these issuers sit in. Every call is a GET with Authorization: Bearer $NAUT_KEY and costs 5 credits, documented at https://naut.so/docs/api with plans at https://naut.so/pricing. The verified Telegram, email and LinkedIn of the people named here unlock on any paid NAUT plan, so you can start a 7-day trial and reveal them.

Crypto IDO funding FAQ

How much have crypto projects raised through IDOs since 2025?

$954.6M. NAUT records 354 IDO rounds announced since 1 January 2025, read on 11 November 2026, and 351 of them disclosed an amount, totalling $954,616,234. The 3 without an amount are NXI and 2 rounds for XProtocol.

Which crypto IDO raised the most since 2025?

Pump.fun, with $600M on 12 July 2025, which is 62.9% of the $954.6M disclosed across all 354 rounds since 1 January 2025. Flying Tulip is second on NAUT's record at $67M on 21 January 2026, then SOON Network at $38M on 14 February 2025.

How big is a typical crypto IDO round?

Small. Across the 351 rounds that disclosed an amount since 1 January 2025, the median is $200,000, 297 are under $1M, and 6 cleared $10M. The smallest on NAUT's record is $15,000.

Which projects ran more than 1 IDO since 2025?

71 of the 168 companies with an IDO round since 1 January 2025. GPTWars ran the most at 13 rounds for $1.15M in total, ahead of helios_layer1 with 10 for $4.8M, and XMAQUINA raised the most of the repeat issuers at $10.07M across 6 rounds.

Where can I find the teams behind these IDO projects and their contact channels?

On NAUT. 8 of the 19 companies in the 20 biggest IDO rounds since 1 January 2025 have named decision makers on naut.so, 27 people in total, from CEO Noah Tweedale at Pump.fun to Head of BD Matt Donovan at Lombard, and GET https://api.naut.so/v1/projects/lombard returns 1 company with its team. Their verified Telegram, email and LinkedIn unlock on any paid NAUT plan, so you can start a 7-day trial and reveal them.

Sources

The 9 rounds whose stored amount an outside report confirmed for this check, of the 15 rounds checked.

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