How much does a 409A valuation actually cost in 2026?

I'll give you real numbers because the range online is all over the place.

Pre-seed / Seed stage (simple cap table, pre-revenue or early revenue): $1,000–$3,000. Some automated platforms will do it for under $1,000, but read the fine print on who's actually signing the report and what their credentials are.

Series A–B (moderate complexity, some revenue history, more equity classes): $3,000–$7,000. This is where most startups land. You've got preferred stock with real terms, maybe some convertible notes or SAFEs still outstanding, and enough operating history that the analysis requires more work.

Series C+ / Late stage (complex cap table, significant revenue, multiple preferred classes): $7,000–$20,000+. The complexity jumps substantially with multiple liquidation preferences, participating preferred, ratchets, and large option pools.

What drives the price:

• Cap table complexity. More classes of stock = more allocation work = higher fee.
• Revenue and operating history. More data to analyze.
• Convertible instruments. SAFEs, convertible notes, and warrants add modeling complexity.
• Turnaround time. Rush jobs cost more. Plan ahead.
• Firm quality and credentials. You generally get what you pay for. A $500 409A from an unrecognizable firm may not hold up when it matters.

Annual refreshes (update valuations after the initial report) typically cost 20–40% less than the initial engagement because the firm already knows your company.

Here's my honest take: for something that protects every option grant you make for the next 12 months, even $5,000–$7,000 is cheap insurance. The cost of mispriced options is orders of magnitude higher.