What drives the cost
- Capital structure. A single class of shares is quick to value. Several preferred classes with different liquidation preferences, participation rights, warrants, and convertible notes each add modelling work.
- Stage. A company that has just closed a priced round has a clear reference point. One that is far from its last round, or approaching an exit, needs more analysis.
- Sector. Pre-revenue biotech and deep-tech companies often need pipeline or scenario modelling in place of simple multiples.
- Jurisdictions. A company that also needs a UK EMI valuation has a second report to prepare, although much of the analysis is shared.
- Urgency. Rush turnarounds usually cost more.
Typical market ranges
| Stage | Typical published range | What adds cost |
|---|---|---|
| Pre-seed and seed | About $1,000 to $3,000 | Convertible notes and SAFEs with differing terms |
| Series A and B | About $3,000 to $10,000 | Multiple preferred classes, pipeline modelling |
| Later stage | $10,000 and above | Exit scenario modelling, secondary transactions, audit scrutiny |
These are ranges quoted publicly across the US market, not our fee schedule. Some cap table software providers also bundle a valuation into an annual subscription; our comparison of independent advisors and cap table software looks at the trade-offs.
At Codon, scope and fee are agreed before any work begins, so the figure you approve is the figure you pay.
How long it takes
- Information gathering. Usually the longest step, and the one you control. Days if documents are ready, weeks if they are not.
- Analysis and draft. We deliver a draft conclusion within 10 business days of a complete intake.
- Review. You and your board review the draft and raise any questions.
- Final report. Signed and issued once the draft is settled.
How to avoid delays
Have these ready before you start:
- A current, fully diluted cap table.
- Your charter or articles, and the terms of each share class.
- Financial statements and a forecast.
- Documents from your latest financing, plus any term sheets in progress.
- Your option plan and the size of the grant you are planning.
And start early. The valuation needs to be in place before the board approves the grant, so leave at least three to four weeks ahead of a planned grant date.
Timing for a UK EMI valuation
The UK process has an extra step. Once the valuation is prepared it is submitted to HMRC on form VAL231, and HMRC needs time to review it, so allow several weeks. After HMRC agrees the valuation you have 90 days to grant the options. See our UK EMI valuation service for details.
Frequently asked questions
How much does a 409A valuation cost?
Published market prices generally run from about $1,000 to $3,000 for simple seed-stage companies up to $10,000 or more for later-stage companies with complex capital structures. The main drivers are the number of share classes, the stage of the business, and whether specialist methods are needed.
How long does a 409A valuation take?
Most providers deliver in one to three weeks once they have complete information. We deliver a draft conclusion within 10 business days of a complete intake.
How often do we need a new one?
At least every 12 months while you are granting options, and sooner after a material event such as a financing round.
Is the cheapest 409A good enough?
For a very simple company it can be. The risk grows with complexity: a valuation that does not properly reflect a layered capital structure or a clinical pipeline is harder to defend to auditors, acquirers, and the IRS, and the cost of a failed valuation falls on your employees.
Does a cross-border valuation cost twice as much?
No. When the 409A and UK EMI valuations are prepared together they share one analysis of the business, so the combined work is less than two separate engagements.
This page is general information, not tax or legal advice. It reflects US and UK rules as we understand them in October 2026; confirm how they apply to your company with your advisers.