409A Valuation Cost in 2026: What Founders Actually Pay

The market in 2026: what you'll actually see when you shop around

The 409A valuation market breaks into three tiers, and the price range is wider than most founders expect.

Budget tier: $499–$990. Providers like Eqvista operate at this price point, along with a growing number of automated report generators. The process is fully or mostly automated — you enter your data into a platform, the software runs a model, and a report is generated. Turnaround is typically 5–10 business days. The price is attractive. The question is what you're giving up: at this tier, there may be no named expert reviewing your specific capital structure, no human selecting comparable companies based on your actual business, and no one who picks up the phone when your auditor calls six months later. Some budget providers don't individually sign their reports, which can create questions about safe harbor eligibility under Treasury Reg §1.409A-1(b)(5)(iv)↗. An algorithm can't explain your valuation to an auditor. You get a PDF, not a defensible position.

Mid-market: $1,998–$3,998. Firms like Simple409A, Eton Venture Services, and most boutique valuation shops sit here. You get a human-prepared valuation with a named appraiser. Turnaround ranges from 10 days to 3 weeks. Reports are more detailed and typically signed. This is where most venture-backed startups land — the price is reasonable, the quality is defensible, and the provider answers the phone when your auditor calls.

Premium: $5,000–$15,000+. Big 4 firms (Deloitte, KPMG, EY, PwC), Armanino, and Morgan Stanley's private funds practice charge at this level. These engagements come with extensive documentation, deep methodology, and brand recognition. They also come with 3–6 week timelines, significant back-and-forth, and a process designed for complex situations (late-stage companies, pre-IPO, multi-entity structures). For an early-stage startup with a simple cap table, this tier is overkill.

The cost variation is driven by three factors: company stage (more share classes = more complexity = higher price), the provider's operational model (algorithm vs. human analyst), and what's included beyond the report itself.

What you're actually paying for

A 409A valuation isn't a PDF. It's safe harbor protection.

Under Treasury Reg §1.409A-1(b)(5)(iv)↗, safe harbor shifts the burden of proof to the IRS. With it, the IRS must prove your valuation is "grossly unreasonable" to challenge it. Without it, you must prove your FMV is reasonable. That's a fundamentally different legal position — and it's what your $2,000 is buying.

Frame it as insurance. A 409A valuation protects against penalties that can exceed $50,000+ per affected employee. A single mispriced option grant can generate more tax liability for one employee than the valuation costs the entire company. The math isn't close.

What separates a $500 report from a $2,500 report

This is the question every cost-conscious founder should ask — and the answer isn't "the same thing, cheaper."

Who signs it. A qualified, independent appraiser with relevant experience? Or a platform that generates a report algorithmically with no named human behind it? The IRS requires the appraiser to have "significant knowledge, experience, education, and training" per Treasury Reg §1.409A-1(b)(5)(iv)(C)↗. If you can't identify the human who signed your report and verify their credentials, you have a safe harbor question mark. Automated providers often can't answer the question "who specifically reviewed my cap table?" — because nobody did.

Methodology depth. Live market data refreshed for your engagement — comparable companies pulled from current trading data, transaction multiples from recent deals? Or a standardized template with pre-populated inputs that treats every SaaS company the same? The difference matters when your auditor asks "why these comparables?" and the answer needs to be specific to your industry and stage.

Post-report deliverables. Most providers stop at the PDF. They don't include a board resolution draft (the document your board needs to formally adopt the FMV). They don't include a strike-price schedule (the reference that maps the FMV to your option agreements). They don't include a material event checklist (the company-specific list of triggers that would require a new valuation). These aren't extras — they're the operational documents you need to actually use the valuation.

Audit support. When your auditor has questions about the methodology — and they will, especially at Series B and beyond — does the provider respond directly? Or does the provider consider the engagement complete once the PDF is delivered? Lifetime audit support means someone qualified picks up the phone. Per-interaction audit fees mean every auditor question costs you money.

Express 409A: where we sit in this market

Express 409A starts at $2,000/year for early-stage companies (pre-Series A) on the annual plan, or $2,500 for a single engagement. Growth-stage companies (Series A and beyond) are $3,000/year or $3,750 single.

The annual plan includes the valuation, as-needed refreshes throughout the year (not just a single scheduled update — when a material event hits, you get a new valuation immediately), a persistent portal (your data carries forward so refreshes take a fraction of the effort), board resolution draft, strike-price schedule, material event checklist, and lifetime audit support. That's roughly 20% off the single-engagement price — but the real value is in the continuous coverage, not the discount. (See Annual Plan vs. One-Time 409A: The Math That Makes the Decision Easy for the full comparison.)

Expedited engagements (same-day start, priority queue) add $500 to either plan.

Published pricing. No hidden fees. No "contact for a quote." The price on the page is the price you pay.

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