In October 2024, Zero Motorcycles Inc. filed a notice with the U.S. Securities and Exchange Commission for an equity offering with a total target of $120,622,936. The filing showed that the offering was in progress when it was made. It does not show whether the full amount was eventually raised, and the public record available for this article does not establish a final closing figure.
The numbers in the SEC filing
The company’s notice is a Form D, the standard filing for an exempt securities offering. It names Zero Motorcycles Inc., a Delaware corporation based in Scotts Valley, California, as the issuer. The key figures are below.
| Item | Reported in the Form D | What it means |
|---|---|---|
| Total offering amount | $120,622,936 | The maximum amount the company was seeking. Headlines round this to $120 million. |
| Amount sold | $100,182,316 | Sold at the time of the notice, which was signed October 23, 2024. |
| Amount remaining | $20,440,620 | Still unsold when the notice was filed. |
| Number of investors | Two | The filing does not name them. |
| First sale date | October 9, 2024 | The date of the first sale reported in the notice. |
| Offering type | Equity, under Rule 506(c) | Intended to run for no more than one year. |
| Issuer size | “Decline to Disclose” | The company did not report its size on the form. |
Rule 506(c) is the part of Regulation D that allows an issuer to advertise an offering broadly, provided every buyer is an accredited investor and the issuer takes reasonable steps to verify that status. For a retail reader, the practical point is that this was a private placement. Ordinary shareholders cannot buy into it through a brokerage account, and it does not trade on a public exchange.
What the filing does not tell you
- Who the investors are. The notice reports two investors but does not name them. Company statements about the round also did not name them.
- Whether the round closed. The figures describe the offering as of October 2024. The public record available for this article contains no later Form D amendment or company statement giving a final total, so the outcome of the remaining $20.4 million is unknown.
- What the SEC has checked. An SEC filing is a notice, not an approval. The SEC states that it has not necessarily reviewed a Form D or determined whether it is accurate and complete.
- The company’s financial condition. A Form D reports the amount raised and sold. It does not show revenue, profit, debt or valuation.
What Zero said the money is for
TechCrunch reported on October 24, 2024 that Zero confirmed the raise and said the money would fund expansion and new models. The company declined to give further details. The report does not name a model, a launch date, a spending breakdown or a projected result. Treat the expansion and new-model plan as the company’s stated purpose, as reported by TechCrunch, and not as a documented budget.
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The 2022 round that came before it
Zero’s September 29, 2022 announcement, distributed through Business Wire, described a $107 million financing. Strategic participants were Polaris, Exor and Hero MotoCorp. The financial investor was Invus, and other investors were not named. The company said additional closings were expected by the end of 2022. TechCrunch described the October 2024 raise as the company’s first funding round since that 2022 financing.
The two figures measure different things. The 2022 number is a financing amount announced by the company. The 2024 number is a maximum offering total from a notice, with part of it sold at the time of filing. Comparing them as if they were the same kind of closed proceeds would be misleading.
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Company-reported growth since 2024
In a February 2026 announcement, carried by Backbone Media on February 4, 2026, Zero reported the following for 2025 compared with 2024. These are company figures, not audited market data.
| Metric (company-reported) | Figure | Period |
|---|---|---|
| Retail sales growth, North America | 89% | 2025 versus 2024 |
| Retail sales growth, Europe and rest of world | 17% | 2025 versus 2024 |
| Full-size model retail sales growth | 28% | 2025 versus 2024 |
| North American dealer count growth | 40% | 2025 versus 2024 |
| Global dealer network | Well over 250 locations | Stated in the 2026 announcement |
| North American retail sales growth | 491% | December 2025 versus December 2024 |
CEO Pierre-Martin Bos said in the announcement: “2025 was a defining year for Zero Motorcycles.” The company added that it had expanded its global footprint and grown sales.
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The company’s 2022 announcement also made historical claims. It said Zero had sold over 20,000 vehicles and logged over 165,000,000 miles of on-road and off-road experience. It said the company was present in more than 200 police departments and authority fleets. These are 2022 company statements and should be read as of that date.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Current lineup, for context
Zero’s official website, accessed October 8, 2026, lists three product lines: S Line (SR/S, SR/F and S), DS Line (DSR/X, DSR and DS), and X Line (XE and XB). The lineup is time-sensitive, and the website does not say which products the 2024 funding is intended to support.
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How to check an offering like this yourself
- Search the SEC’s EDGAR company database for the issuer’s legal name, then filter for Form D filings.
- Open the most recent filing and compare the offering total, amount sold and amount remaining with any figures in press coverage.
- Look for later amendments, which are filed under the same company name. A newer amendment is the only SEC-side evidence of how the offering changed.
- Check the company’s own announcements for the investor names and the closing amount. A Form D alone may not identify the investors.
- A filing date and a sale date are different. Read which date each figure refers to.
- Company-reported growth percentages do not come with independent verification.
- A private round does not give you a public market price, so there is no price to check against.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
