The Wednesday Rundown  •  November 12, 2026

From $0 to First Check: The Exact Timeline of a Successful Reg A+ Raise (Month by Month)

Most founders think Reg A+ takes forever. The ones who close fast know exactly what month they’re in — and what has to happen before the next one.

By Jose Ruiz, Space Funding  •  spacefunding.us

I talk to founders every week who are sitting on a great company and no capital. They’ve heard about Reg A+. They think it sounds complicated. They’ve been “looking into it” for months.

Here’s what I tell them: Reg A+ is not complicated. It’s just sequential. The founders who close fast are not smarter or better-funded. They just know what month they’re in and what has to happen before the next one.

This issue is the playbook I wish existed when I started. Month by month. No fluff.

In this issue:

• The 6-month timeline from decision to first check
• What kills raises in Month 1 before they ever start
• When to hire legal, when to start marketing — and why most founders get this backwards
• The SEC review window and how to use it strategically
• What the top 10% of Reg A+ issuers do in Month 5 that most never figure out

MONTH 1 — THE DECISION MONTH

BEFORE YOU FILE ANYTHING

Is Reg A+ actually the right tool for your stage?

Most founders never ask this question. That’s the first mistake. Reg A+ lets you raise up to $75M from both accredited and non-accredited investors. It’s powerful. It’s also not right for everyone.

Month 1 is about one thing: honest self-assessment. The raises that fail do so because a founder chose the wrong exemption for their stage, their company type, or their investor base.

Reg A+ is the right move if:

• You need more than $5M (Reg CF cap) and less than $75M
• You want to market freely to the general public
• You have or can get audited financials
• You have 12–18 months of runway while you go through the SEC process
• You have a consumer-facing brand or B2B product with broad appeal

What kills raises in Month 1: founders who have never done a fundraise before choosing Reg A+ because it sounds impressive. Pick the exemption that fits your stage, not the one that sounds biggest.

MONTHS 2–3 — THE FILING WINDOW

LEGAL, FINANCIALS & THE OFFERING CIRCULAR

This is where most founders lose 60 days they didn’t need to.

Months 2 and 3 are about paperwork. I know that sounds dull. But the founders who move fast here are the ones who prepared in Month 1. The ones who didn’t are still chasing their accountant in Month 4.

The Form 1-A offering circular is the main deliverable. Think of it as your S-1 for the retail investor world. It covers business description, risk factors, use of proceeds, financials, and capitalization. Your attorney drafts it. Your auditor certifies the numbers. Neither of them can move faster than your preparation allows.

One thing most founders get backwards: they treat marketing as something to figure out after the SEC approves the offering. That’s wrong. Start building your investor audience now. You cannot solicit commitments yet, but you can build a waitlist, run content, and warm your community. Every week you wait is a week of momentum you will never get back.

MONTH 4 — THE SEC REVIEW WINDOW

DON’T WASTE THE WAIT

The SEC takes 30 days. Most founders do nothing. That’s a critical mistake.

After you file, the SEC has 30 calendar days to issue comments or declare the offering qualified. For Tier 2 offerings, qualification is what allows you to actually start accepting investments. The clock starts the moment EDGAR processes your filing.

Most founders treat Month 4 as a waiting room. The smart ones treat it as a marketing sprint.

What you can do before qualification: publish content, run ads to a waitlist, host webinars, do press, build your email list, run social. What you cannot do: accept money or make specific solicitations about the terms of the offering. Use this month to maximize the audience that will be ready to invest the moment you go live. The campaigns that hit $500K in the first week all built the crowd before the launch.

MONTH 5 — LAUNCH & FIRST CHECK

WHAT TOP ISSUERS DO DIFFERENTLY

Qualified. Live. Now what? Here’s what separates a $200K campaign from a $5M one.

You’re qualified. Your campaign is live. The first check comes in. This is where most founders relax. It’s also where the top 10% accelerate.

The first 72 hours of a live Reg A+ campaign set the psychological anchor for everyone watching. Early momentum signals social proof. Social proof drives more investment. The campaigns that raise $5M+ are not better companies than the ones that stall at $200K. They are better launches.

What the top 10% do in Month 5 that most never figure out:

MONTH 6 — MOMENTUM & CLOSE

THE LONG GAME

A Reg A+ offering can run for 12 months. The closes happen in waves — here’s how to engineer them.

Reg A+ offerings can stay open for up to 12 months. That doesn’t mean you should run them that long — but it does mean you have time to build multiple momentum waves instead of one big launch and fade.

The pattern I see in campaigns that close well: a strong launch week, a mid-campaign milestone announcement (“We’ve hit 1,000 investors”), and a closing urgency push (“72 hours left at this valuation”). Every one of those is a marketing moment. Plan them in advance. Don’t improvise them.

FREQUENTLY ASKED QUESTIONS

How long does a Reg A+ raise take from start to close?

Plan for 5–6 months from decision to first check, assuming your financials are in order and you move on legal quickly. Founders who delay the audit or take weeks to choose counsel routinely add 2–3 months to that timeline with no benefit.

What is the difference between Reg A+ Tier 1 and Tier 2?

Tier 1 allows up to $20M and requires state-by-state Blue Sky review in addition to SEC review. Tier 2 allows up to $75M, preempts state review, and requires audited financials. Most serious issuers use Tier 2 for the federal preemption and the larger raise cap.

Can non-accredited investors participate in a Reg A+ offering?

Yes. This is one of the most powerful features of Reg A+. You can raise from both accredited and non-accredited investors, and you can advertise publicly. Non-accredited investors are limited to investing the greater of 10% of their annual income or net worth per year across all Reg A+ offerings.

How much does a Reg A+ raise cost to run?

Legal and audit fees typically run $50K–$150K depending on complexity. Marketing is a separate budget and entirely dependent on your strategy. Founders who try to run a Reg A+ raise with no marketing budget almost universally underperform. Treat it like a product launch, not a filing.

Do I need a broker-dealer for a Reg A+ offering?

No. You can run a direct offering without a broker-dealer. Many issuers choose to work with one for distribution access, compliance infrastructure, or credibility with institutional follow-on investors. It depends on your network and your raise size. For raises above $10M, the right BD relationship can materially accelerate the close.

Thinking About a Reg A+ Raise?

Space Funding has helped facilitate $210M+ across 350+ campaigns. If you’re in Month 1 trying to decide whether this is the right move — or in Month 4 trying to build the investor audience before you go live — that’s exactly what we do. Let’s talk.

That’s a wrap on this week’s Rundown.

Reg A+ is not a lottery. It’s a process. And like every process, the founders who win are not the ones who got lucky — they’re the ones who knew exactly what step they were on and did not skip any of them.

If you’re working on a raise right now — at any month in this timeline — reply to this email. I read every one.

See you Saturday.

Jose Ruiz

Founder, Space Funding  |  spacefunding.us