Are 409A valuations public?

No. A private company's 409A valuation is generally a confidential report, not a public filing or a searchable IRS record.

The report contains information most founders would not want posted online: financial results, forecasts, financing terms, cap-table details, methodology, and the concluded fair market value of common stock. Keep it in your corporate records and control access the same way you would for board materials or investor documents.

That does not mean nobody outside the company sees it. You may share a 409A with:

• The board and company counsel when approving option grants
• Auditors reviewing stock-based compensation
• Tax advisers helping with reporting or compliance
• Investors, lenders, or buyers during diligence
• The IRS if the valuation becomes relevant in an examination

Employees usually need their strike price and grant documents, not the full valuation report. If an employee asks for the report, check the company's disclosure policy and ask counsel before distributing confidential inputs.

A 409A also does not announce what the whole company is “worth.” Its conclusion is the fair market value of a particular class of common stock as of a particular date. Treating that number like a public fundraising valuation strips away the purpose and context.

For what the report actually contains, read what a 409A valuation is. For who is likely to scrutinize it later, see whether a 409A will hold up in an audit. The process walkthrough in the founder's guide shows where the report fits in your records.