PrivatePulse — Secondary market intelligence for startup employees100 companies covered·Free · No account required·Data: May 26, 2026<br>Your 409A is stale.<br>Here's what the secondary market says.<br>See what investors are actually paying for shares across 100 private unicorns — OpenAI, Stripe, Anthropic, Klarna, Revolut, Databricks, and 94 more — and how that compares to the number on your grant letter.<br>2 minutes. No account. All sources cited.<br>Calculate my equity →Browse companies<br>✓ No email required to calculate✓ Secondary market data updated daily✓ Methodology 100% transparent

Example output — enter your own grant details for real numbers<br>privatepulse.online/calculator<br>CompanyOpenAI<br>2,000 RSUs · 4yr/1-cliff · 24 mo vested (50%)<br>Estimated value of your vested equity<br>$218,000range $127K – $342K

Last primary round<br>$600B<br>Series H · Mar 2026

Secondary market<br>$852B<br>+42% vs primary · Hiive · Apr 2026

B · Secondary-implied

$230K<br>A · Peer-multiple

$192K<br>C · Primary time-decay

$198K<br>D · Sector momentum

$152K

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Shareworks, Carta, and Fidelity track your vesting schedule. They don't show you what an outside investor would pay for your shares today. PrivatePulse aggregates secondary market signals from Hiive and Forge across 100 unicorns, and compares them to primary round valuations — so you can see the gap between your grant letter and the real market.

Why employees can't answer this question today<br>7+ yrs<br>from grant to liquidity<br>The median time from option grant to IPO has more than doubled since 2000. You live with illiquid paper for most of your tenure.

valuation updates between rounds<br>Most employees only learn what their grant is worth when the press writes about a new funding round — often 12 to 24 months apart.

45%<br>the gap between Stripe's last 409A and what investors paid in the Feb 2025 tender offer<br>Your equity management tool shows you your vesting schedule. It doesn't show you what an outside investor would pay for your shares today. That's the gap PrivatePulse fills.

Four methods, one honest range<br>Every method has a blind spot. Together they form a range that's much harder to be wildly wrong about.<br>Secondary-implied<br>Recency-weighted average of actual bid/ask/trade prices on Hiive and Forge — what investors are paying today in the secondary market.<br>This is the number your Shareworks or Carta dashboard will never show you — what an informed investor is willing to pay on the open market today.

Peer-multiple<br>EV/Revenue multiples of public comparable companies, adjusted with a 20–35% private illiquidity discount. Anchored to public market sentiment.

Primary time-decay<br>Last primary round valuation, adjusted for headcount growth and sector multiple shifts since that date. The ground truth with drift applied.

Sector momentum<br>Sector ETF returns since the last primary round, used as a market proxy to catch cases where no secondary data exists.

Full methodology →

How accurate is this, really?<br>We'd rather tell you upfront what this tool can't do than pretend we know your exit price. Here's the honest list.

🎯<br>Compared against real rounds<br>Where subsequent funding rounds are public, we track our mid-point against the actual outcome. Our 100 companies have had dozens of datable rounds — the mid-point typically falls within the range of what the next round confirmed. You can inspect every cited source directly on each company page.

📜<br>We don't know your cap table<br>Preferred stock, liquidation preferences, ratchets and participation rights can change your exit by 30–70%. We assume a clean common-stock waterfall. In a down-exit, your actual outcome may be much worse.

💱<br>Secondary ≠ what you'd net<br>Secondary prices reflect what an outside investor pays for a single share — not what you'd actually receive after tax, ROFR discounts, transfer restrictions and timing.

📆<br>Data is monthly, not live<br>We refresh prices and peer multiples monthly. Between updates, real conditions drift — particularly for fast-moving AI names. Treat any number here as a starting point, not a price.

🚫<br>Not financial or tax advice<br>We are not your CPA, financial adviser, or attorney. Before exercising options, accepting a tender, or making any tax election, talk to a licensed professional who knows your full situation.

🔍<br>All inputs are auditable<br>Every primary round, secondary price and peer multiple we use is linked to a public source on the company page. If a number looks off to you, follow the citation — you'll find it.

Monthly digest<br>Know when secondary prices move at your company<br>One email per month with: secondary price moves >10% at companies you care about, new funding round announcements, and methodology updates.<br>Send me the monthly updateNo marketing. No third-party sharing. Unsubscribe in one click.