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Switching from Pulley? We’re helping hundreds of companies transition quickly and securely. Talk to our team ❯
altshare is our best overall 409A valuation service for most early-stage and growth-stage startups in 2026. It combines a defensible, expert-supported valuation with an integrated cap table, published pricing, streamlined data collection, and delivery in up to seven business days after the required information is complete.
The best choice still depends on your company's needs:
This guide compares the five providers using published information about pricing, turnaround time, analyst support, audit support, cap table integration, and provider availability. Pricing and services can change, so request a written scope before purchasing.
Editorial disclosure: This comparison is published by altshare. We included altshare and its competitors under the same stated criteria, linked to the providers' official pages, and noted limitations that could affect a buyer's decision.
| Provider | Best for | Published 409A pricing | Stated turnaround | Delivery model | Important consideration |
|---|---|---|---|---|---|
1 Best overall |
Best overall integrated 409A and cap table | $1,100 per report on Growth, with a $400 DCF add-on when required. One report per year is included with Scale, and up to two are included with Enterprise. | Up to 7 business days after all required data is received | Expert-supported valuation integrated with the altshare platform | The Growth subscription is separate from the valuation fee |
| Standalone value and multiple valuations within 12 months | Starts at $990 for pre-revenue or pre-funding companies, with stage-based tiers and custom pricing for Series B and later | 5 to 10 working days. Expedited delivery of 1 to 5 working days starts at an additional $490 | In-house valuation team with an optional cap table platform | Final pricing can vary with stage, revenue, stakeholders, and capital structure | |
| Companies already using Carta at scale | Standard 409A valuations are included in eligible Grow and Scale plans. Plan pricing is quote-based, and complex valuations can cost extra | Not publicly specified on the reviewed pricing page | Dedicated valuation team within Carta's equity platform | A company must onboard to Carta to request a valuation | |
| Global equity teams and multinational share plans | Custom pricing | Not publicly specified | Valuations coordinated through Ledgy's partner network | Ask which partner will prepare and sign the report, plus the exact scope and turnaround | |
| Ends Dec 8, 2026 | Existing customers completing a transition | Not applicable for a new long-term engagement | Service ends December 8, 2026 | Existing platform during wind-down | Not recommended for new 409A work because operations are scheduled to cease |
Based on each provider's published information. Pricing and services can change, so request a written scope before purchasing. Last reviewed: November 2026.
A 409A valuation estimates the fair market value of a private company's common stock. Companies use that value to set the exercise price of stock options, usually at or above fair market value on the grant date.
An independent appraisal can help a company support a 409A safe-harbor presumption when the valuation method is reasonable, the company's information is complete and accurate, and the valuation is still current. A prior valuation generally should not be relied on after 12 months or after new information or a material event makes it unreasonable. Read more in depth about what a 409A valuation is and how it works.
Common material events include:
A 409A valuation does not set the price of preferred stock, guarantee an IRS outcome, or replace legal and tax advice.
altshare ranks first because it combines a 409A valuation with the live equity data used to prepare it. Instead of moving cap table data into a separate workflow, companies can manage securities, financing instruments, stakeholder records, and valuation inputs in one platform.
According to altshare's published pricing, a 409A report costs $1,100 on the Growth plan, with an additional $400 if a discounted cash flow analysis is required. The Scale plan includes one 409A valuation per year, and Enterprise includes up to two. altshare states that a completed valuation can be delivered in up to seven business days after the required data is received.
altshare is best for venture-backed and bootstrapped startups that want a defensible 409A valuation, transparent pricing, and ongoing cap table management in one system.
Verdict: Best overall balance of workflow, price transparency, turnaround, and integrated equity data.
Review altshare's 409A valuation service or see current altshare pricing.
Eqvista offers a 409A valuation without requiring a company to adopt a paid cap table subscription. Its published pricing starts at $990 for 12 months for a pre-revenue or pre-funding company, then increases by company stage. Published tiers include $1,290 for friends-and-family or angel-stage companies, $1,990 at Seed, and $2,590 at Series A, with custom pricing for Series B and later companies.
Eqvista states that standard delivery takes 5 to 10 working days. An expedited 1-to-5-working-day option starts at an additional $490. The company also advertises unlimited 409A valuations during the 12-month service period and lifetime audit support, subject to its engagement terms.
Eqvista is a strong choice for cost-sensitive startups that want a standalone 409A valuation or expect to need multiple updates within a year.
Verdict: Best published entry price and strongest standalone option in this comparison.
Carta is one of the largest equity-management platforms and has extensive valuation volume and experience. Its 409A service is integrated with the company's cap table, which can simplify data collection for customers already using Carta.
Standard 409A valuations and audit support are included in eligible Grow and Scale plans. Carta uses quote-based plan pricing, and its plan information identifies complex 409A work as a possible add-on. Carta also states that a company must be onboarded to its platform before requesting a valuation.
Carta is best for later-stage or high-stakeholder-count companies that already use Carta and want their valuation inside the same ecosystem.
Verdict: A strong integrated option for established Carta customers, with less upfront pricing visibility for new buyers.
Ledgy is an equity-management platform with a strong international focus. Rather than positioning itself as the direct appraisal firm, Ledgy connects companies with a valuation partner network that includes firms such as Deloitte, Aranca, and Cooper Parry.
The platform supports 409A work alongside other valuation needs, including EMI, CSOP, and growth-share valuations. This can be useful for companies managing equity across the United States, the United Kingdom, and other jurisdictions. Ledgy also states that its valuation workflow includes lifetime audit-review support.
Ledgy is best for global companies that want equity administration and access to multiple valuation types through one platform.
Verdict: Best international fit, but buyers should request partner-specific pricing and delivery details.
Pulley was previously a well-known cap table and 409A valuation provider. However, Pulley's official website now states that the company will cease all operations and services on December 8, 2026. It also directs eligible existing customers toward an assisted migration to Carta.
That announcement materially changes the comparison. A 409A provider should be available to deliver future refreshes, answer audit questions, and preserve a clear valuation history. For that reason, we do not recommend starting a new long-term 409A engagement with Pulley in late 2026.
Pulley's shutdown does not automatically invalidate a valuation that was reasonable and current when used. Companies should still retain the report and its supporting records, then ask legal, tax, or audit advisers whether any additional work is needed.
Verdict: Included because founders still compare Pulley with current providers, but not a viable new-provider choice for 2027 continuity.
Instead of complexand expensivemanual term sheetanalysis, altshare’ssolution does it allautomatically: captable management,waterfall analysis,modeling…andmore!
altshare’s 409AValuation Solutionis a game-changerfor us. The fact thatwe can producework paper-ready,defensible 409Avaluations in lessthan an hour, andwithout hiring aconsultant, ischanging the waywe handle ourvaluations.
Analytical tools aregreat. The softwareis also very flexibleand allows forindividualcustomization ofmany items.
| If your priority is... | Best fit | Why |
|---|---|---|
| A fast, integrated valuation with transparent pricing |  | Combines cap table data, expert support, and published valuation pricing |
| The lowest published starting price or several updates in one year | | Free trial and lowest cost per month for 409A |
| Staying inside an existing Carta workflow |  | Eligible plans include standard valuations and audit support |
| Managing equity and valuations across countries | Ledgy | Uses a partner network for 409A and other jurisdiction-specific valuations |
| Replacing Pulley | or | Pulley is scheduled to cease operations on December 8, 2026 |
The report should explain the methods used, the facts relied on, the capital structure, the allocation of enterprise value among share classes, and any discount for lack of marketability. Depending on the company, the analysis may use market, income, or asset-based methods, plus an accepted allocation approach.
Automation can improve intake, data checks, and turnaround. It should not hide who is responsible for the valuation. Ask who prepares or reviews the report, what valuation experience they have, and who will respond if an auditor challenges an input or method.
Ask whether support is included, how long it lasts, and whether it covers auditor questions, due-diligence requests, or only corrections to factual errors. A low initial fee can become less attractive if follow-up support is billed separately.
Confirm whether the quote includes:
The valuation depends on accurate information about common stock, preferred stock, options, warrants, SAFEs, convertible notes, and recent transactions. A provider with direct access to a current cap table can reduce manual transfers, but the company remains responsible for verifying the data.
Compare delivery times only after confirming what starts the clock. Most providers measure turnaround after they have received complete data, not after the first inquiry or payment.
Prepare these records before starting:
Complete inputs reduce delays and help the analyst assess whether the selected methods are reasonable.
The best 409A valuation service should do more than produce a number. It should connect the conclusion to accurate cap table data, explain the methodology, support the company during review, and make future updates manageable.
For most startups in 2026, altshare offers the strongest overall combination of integrated equity data, expert-supported valuation work, transparent pricing, and a fast workflow. Eqvista is the leading standalone value option. Carta is compelling for companies already in its ecosystem. Ledgy is a good fit for international teams. Pulley should be treated as a migration case, not a new-provider option.
Disclaimer: This article is for general informational purposes only and is not legal, tax, accounting, investment, or valuation advice. Provider pricing, timing, terms, and availability may change. Consult qualified advisers about your company's facts and confirm current terms directly with each provider.
Keep your valuation, cap table, option grants, and financing history connected to one live source of equity truth. altshare combines streamlined onboarding with expert valuation support, clear pricing, and an audit-ready report.
