How long does a 409A valuation actually take?

The honest answer: it depends on you as much as the firm.

Typical timelines:

• Simple / early-stage: 1–2 weeks from when you send your documents
• Moderate complexity (Series A/B): 2–3 weeks
• Complex / late-stage: 3–5 weeks
• Rush delivery: Many firms offer expedited turnaround (3–5 business days) for a premium, typically a 25–50% surcharge

The biggest variable is you. Seriously. Most delays happen because:

1. Documents take forever. The firm sends a request list on day one. If it takes you two weeks to pull together your cap table and financials, that's two weeks of dead time.
2. Cap table is a mess. If your cap table doesn't reconcile with your articles of incorporation, the firm has to stop and figure out which is correct. I've seen this add weeks.
3. Nobody responds to follow-up questions. The analyst emails your CFO a clarifying question. It sits in their inbox for five days. Multiply that by three rounds of questions.

How to make it fast:

• Have a clean, current cap table ready (Pulley, AngelList, or a well-maintained spreadsheet)
• Send all documents within 48 hours of engagement
• Designate one person to handle firm questions and respond within 24 hours
• Don't wait until you need the valuation tomorrow — start 3–4 weeks before your planned grant date

Pro tip: Most firms will backdate the valuation date to the engagement date (or another agreed-upon date), so the clock isn't as tight as you think. But you still need to have the report completed before your board approves the grants.