409A vs. VC Valuation: One Company, Two Prices

Your last round said $50M. Your 409A said $1.52 a share. Neither is wrong and if your finance team can't explain why in one sentence, this guide will fix that before your board, your auditor, or the IRS asks first.

What you get:

• Why the valuation gap is mechanical and not a conservative guesswork

• 2026 benchmark ratios and DLOM ranges by funding stage

• A real IRS cheap-stock case that cost an executive millions

• A simple calendar to track your 12-month and material-event clocks

• Seven valuation myths founders get wrong