How we verify the numbers

VC Method (Sahlman, HBS 1987), Berkus (1996, updated 2016), Scorecard / Bill Payne (2011), Risk Factor Summation (Ohio TechAngels, 2010s), DCF early-stage adapted (Equidam framework), and Comparables (sanity-check method). Each carries a canonical formula, required inputs, and a caveat list — none should be used in isolation for a procurement-grade valuation. Triangulate across at least three methods before anchoring a number.

Q1 2026 PitchBook-NVCA Venture Monitor + Carta State of Private Markets Q4 2025 + State of Pre-Seed 2025. Carta's data portal blocks automated verification (HTTP 403); we cite Carta figures via named secondary writeups that quote Carta directly (FutureSight Ventures, SaaStr, Causo Hub, Value-Add-VC, VC Beast). PitchBook Q1 2026 PDF rendered as binary on direct fetch; figures sourced from indexed search snippets quoting the report. Both limitations are documented on the benchmarks section of the home page.

At Series A, median AI pre-money is $78M; non-AI is $42M. An 85% premium that materially distorts any aggregated headline median. The calculator's AI toggle applies the premium per stage (pre-seed +25%, seed +35%, A +85%, B +70%, C+ +55%). Practical implication: if you're raising as a non-AI startup in 2026, the published median in any unstratified dataset overstates your benchmark. Pull the AI premium out before comparing.

Verified directly from ycombinator.com/documents. Three US forms (cap only, discount only, uncapped MFN) plus separate Pro-Rata Side Letter. Conversion math: SAFE converts at the lower of cap-derived price-per-share or discount-derived price-per-share. The post-money SAFE structure (current YC default) means new investors and the option pool refresh dilute the founders, not the SAFE holders — material difference from the pre-money SAFE that was standard before 2018.

Standard practice (in 95%+ of 2026 priced rounds): the option pool refresh is included in the pre-money. Founders dilute more so the new investor gets the full effective pre-money they negotiated. The alternative (post-money pool inclusion) is rare and effectively a discount to the new investor. The calculator's pool-shuffle toggle exposes the difference explicitly.

Broad-based weighted average is in 95% of 2026 deals (NVCA Model Series A standard). Full-ratchet is rare in current term sheets — most VCs won't insist on it. Narrow-based weighted average is intermediate. The formula and worked example are on the home page.

Stage benchmarks re-verified each quarter against fresh PitchBook + Carta releases. YC SAFE terms re-verified annually against ycombinator.com. Valuation methodology re-checked when authors publish updates. Pre-deploy CI gate refuses to publish data >90 days stale.

We don't publish your specific valuation. The calculator gives you a sourced framework — applying it to your specific deal needs counsel and a fairness opinion from someone with skin in the game. We don't recommend specific VCs, accelerators, or lawyers. We don't accept commission on any platform listed. We don't model exit-value scenarios because the assumption set is too founder-specific.

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