Whether you hold stock options, common shares, or preferred shares - your equity has real value. Earlyasset helps you understand exactly what that value is, based on your specific share class, your cap stack position, and real secondary market data. Free.
Understanding your equity
When your company announces a Series C at a $2 billion valuation, it's natural to look at that number and feel good about your equity. And you should - it means the company is growing and investors are willing to pay up for it. But that headline number tells a specific story about preferred stock, and it's worth understanding why it's different from the estimated value of common shares.
Private funding round prices tend to run higher than what common shares trade at on the secondary market, and there are two structural reasons for this. First, investors in those rounds receive preferred stock with downside protection: liquidation preferences (they get paid first in any exit), anti-dilution provisions (they're protected if the next round is a down round), and sometimes participation rights (they can double-dip in exit proceeds). Preferred stock is a different, more protected instrument than common stock - and that protection has value baked into the price.
Second, there's often significant competition among venture firms to get into the most sought-after rounds. When multiple funds are competing for allocation in a high-growth company, the price gets bid up. This is a feature of the primary market, not a reflection of what common shares would trade at between private parties on the secondary market.
None of this means your equity isn't valuable - it very likely is. It means that having an accurate, share-class-specific price estimate gives you a clearer picture than just dividing the headline valuation by the number of outstanding shares. That clarity is what Earlyasset provides.
Earlyasset price estimates
A single number can't capture the full story of what your shares may be worth. That's why Earlyasset provides two distinct price estimates, each designed to answer a different question.
"What might my shares be worth if the company were to exit today?"
This estimate is based on what comparable public companies are currently valued at, adjusted for the company's growth rate, margins, and market position. It reflects the estimated enterprise value of the company mapped to your specific share class through cap stack modeling. Think of it as the estimated fair value in a scenario where the company had a public market price today.
"What might I receive if I were to sell my shares today?"
This estimate accounts for the reality that private shares are illiquid. Selling shares in a private company is not the same as selling stock on a public exchange - there are fewer buyers, the process takes time, and the seller typically accepts a discount for the liquidity. The liquid price estimate reflects what your shares might realistically transact at on the secondary market under current conditions.
The gap between these two estimates represents the cost of illiquidity - the discount that exists because private shares can't be sold as easily as public stock. This discount varies widely. For companies that are near an IPO or have active secondary markets, it may be relatively modest. For companies that are earlier in their lifecycle or further from an exit, the discount can be significant - in some cases 20-50% below the implied valuation estimate. And for some companies, there may be no active secondary market at all, meaning liquidity options are limited regardless of what the shares may be worth on paper.
Price estimates are generated by Earlyasset's proprietary model using secondary market data, public comparables, and cap stack analysis. Estimates are for informational purposes only and do not constitute financial advice. Actual transaction prices may vary significantly from estimates. Earlyasset, Inc. is not a registered investment adviser or broker-dealer.
Pricing factors
Revenue, growth rate, gross margins, and burn rate. Earlyasset's model factors in ARR, revenue trajectory, and unit economics to establish a baseline enterprise value estimate.
Liquidation preferences, participation rights, anti-dilution provisions, and seniority waterfall. These determine how much estimated value flows to each share class in a given exit scenario.
Where available, real transaction data from secondary market activity for this company and comparable companies. For some companies, limited or no secondary trading data may exist.
How are similar public companies currently valued? Revenue multiples, growth-adjusted multiples, and sector benchmarks help calibrate the implied valuation estimate against real market conditions.
How long until a potential IPO or acquisition? The further a company is from a liquidity event, the larger the illiquidity discount tends to be. Companies closer to an exit generally see smaller discounts to their implied valuation.
Common stock, Series A preferred, Series D preferred - each class has different rights and different estimated values. Earlyasset prices each class independently, because a single blended number doesn't tell you what your shares may be worth.
Share class primer
If you're a startup employee or founder, you almost certainly hold common stock (or options to purchase common stock). Common stock is the most widely held class of equity in any private company, and understanding how it differs from preferred stock is key to understanding your price estimate.
When a venture capital firm leads a $200 million Series D round, they're buying preferred stock, which comes with contractual rights that protect their downside. Liquidation preferences mean preferred shareholders get paid first in any sale or wind-down of the company. Anti-dilution provisions protect them if the company raises a future round at a lower valuation. Some preferred shares even carry participation rights, allowing holders to receive their liquidation preference and then share in the remaining proceeds alongside common holders.
Common stock does not have these protections. In the capital structure waterfall, common shareholders are last in line. On the secondary market, common shares in private companies have historically traded at discounts that can range from roughly 20% to 50% or more below the last preferred round price. The size of this discount depends on many factors: the company's financial trajectory, how far the company is from a potential exit, how much investor demand exists for that company's shares, and the specific terms of the preferred stock sitting above you in the cap stack. For companies that are further from an exit or where there is limited secondary market activity, the discount tends to be larger. In some cases, there may be no active buyers at all for a given company's shares at a particular time.
Earlyasset's pricing model accounts for all of this. It models the company's cap stack, applies current public market comparables, and produces a price estimate specific to your share class. That estimate gives you a more complete picture of where your equity stands today.
How it works
Search for the company where you hold private shares or options. Earlyasset covers hundreds of venture-backed companies. If yours isn't listed yet, add it and Earlyasset will build the pricing model within 48 hours.
Tell Earlyasset what you hold: common stock, preferred shares, or options (and your exercise price). The platform prices each share class separately because each has different rights and different estimated values in the cap stack.
See both your implied valuation estimate and your estimated liquid price. Track them over time as market conditions change, and when your position qualifies, explore liquidity options through Earlyasset Capital.
Free to use. No commitment. Your employer won't be notified.
Beyond price discovery
Earlyasset is more than a price estimate. It's a platform for understanding and managing your private equity position - from ongoing price tracking to accessing company-friendly liquidity when you're ready.
Earlyasset updates price estimates as new data comes in - secondary market transactions, company milestones, comparable company movements, and shifts in public market conditions. Watch your position's estimated value evolve.
For qualifying positions, Earlyasset Capital may extend an expression of interest to purchase your shares directly. No marketplace, no intermediary, no waiting for a buyer to appear. Learn how secondaries work.
Every transaction through Earlyasset respects your company's right of first refusal (ROFR) and transfer restrictions. Earlyasset works with companies, not around them.
Direct liquidity is provided by Earlyasset Capital, LLC, a separate entity from Earlyasset, Inc. Expressions of interest are indicative and not binding commitments. All transactions are subject to due diligence, company consent, ROFR compliance, and applicable securities laws.
Frequently asked questions
The estimated value of private company shares depends on the company's financial performance, your specific share class (common vs. preferred), the cap stack, and current secondary market conditions. Earlyasset provides free, data-driven price estimates by share class for shareholders of venture-backed companies, including both an implied valuation estimate (based on public market comparables) and a liquid price estimate (what your shares may transact at today, accounting for the illiquid nature of private shares). Enter your company name on Earlyasset to get a current estimate.
Stock options are the right to purchase shares in your company at a predetermined price (called the exercise price or strike price), not shares themselves. Options must be exercised (purchased) to become actual shares. Most startup stock options have an expiration date and a vesting schedule, and many option agreements require exercise within 90 days of leaving the company or the options expire worthless. Earlyasset can help you understand the estimated value of your options by comparing the current estimated share price to your exercise price. Always consult a tax professional before exercising options, as exercise may trigger a taxable event.
In most cases, yes. The majority of startup stock option agreements include a post-termination exercise period, commonly 90 days after leaving the company. If vested options are not exercised within that window, they typically expire and are forfeited. Some companies offer extended exercise windows of one year or longer, but this varies. Review your specific option agreement for the exact terms. If you're considering a job change and hold unexercised options, knowing the estimated value of your shares can help you make a more informed decision about whether and when to exercise.
Private funding round prices tend to run higher than secondary market prices for common shares for two structural reasons. First, investors in those rounds receive preferred stock with downside protection (liquidation preferences, anti-dilution rights), which is inherently more valuable than common stock. Second, competition among venture firms to participate in sought-after rounds can push prices above what current company fundamentals alone would support. The result is that the headline valuation from the last funding round often does not reflect the estimated price at which common shares would trade on the secondary market. Earlyasset provides price estimates that account for these differences.
Earlyasset provides two price estimates. The implied valuation estimate represents what Earlyasset's model suggests your shares may be worth based on what comparable public companies are currently valued at, adjusted for the company's growth, margins, and market conditions. The liquid price estimate represents the estimated price at which your shares might transact on the secondary market today, factoring in the illiquidity discount that applies to private shares. The gap between these two numbers reflects the cost of illiquidity - which can vary significantly depending on how close the company is to a potential exit and how active the secondary market is for that company's shares.
No. Earlyasset does not notify your employer when you browse the platform or get a price estimate. If you decide to pursue a liquidity transaction through Earlyasset Capital, the process respects your company's right of first refusal (ROFR) and any transfer restrictions in your equity agreement, and is handled discreetly.
Earlyasset uses a proprietary pricing model that combines secondary market transaction data (where available), public comparable company analysis, cap stack modeling, and share class-specific adjustments. Unlike platforms that show a single valuation number, Earlyasset prices each share class separately, because common stock and preferred stock in the same company can have materially different estimated values. For companies where secondary trading data is limited, the model relies more heavily on public comparables and cap stack analysis.
In a private company, preferred stock is typically held by investors and comes with special rights including liquidation preferences, anti-dilution protection, and sometimes board seats. Common stock is typically held by founders and employees and does not have these protections. Because preferred shareholders are first in line in a sale or liquidation, common stock typically has a lower estimated per-share value than preferred stock. Earlyasset accounts for these differences by pricing each share class separately based on the company's cap stack.
Yes. Browsing Earlyasset and getting a price estimate for your private company shares is completely free. Earlyasset does not charge shareholders for price discovery. If you decide to pursue a liquidity transaction, the process is handled by Earlyasset Capital, LLC, and transaction terms are provided at that stage.
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