409A Valuation Services Compared: What a 409A Costs in 2026 and Who Should Do It
Published 409A prices for a seed or Series A SaaS company run from $1,299 to $2,590: Aranca from $1,299 per report, Cake Equity and Qapita $1,500 add-ons, Kruze a flat $2,000 at seed and $2,500 at Series A. Eqvista sells a year of unlimited 409As plus a cap table for $1,990 at seed and $2,590 at Series A, which wins once you need two valuations in a year, as a raising year usually does. Carta and the Big 4 publish no 409A price. And an appraisal is not legally required: it is the safest of three ways to defend your strike price, and the penalty for a wrong price lands on your employees.
What the law actually requires
Many guides say a 409A valuation is legally required before you grant options. The regulation is narrower: an option escapes the deferred compensation rules only if "the exercise price may never be less than the fair market value of the underlying stock" on the grant date (Treas. Reg. §1.409A-1(b)(5)(i)(A)(1)). For private company stock, fair market value must come from "the reasonable application of a reasonable valuation method" (§1.409A-1(b)(5)(iv)(B)(1)).
Three methods are presumed reasonable (§1.409A-1(b)(5)(iv)(B)(2)); the IRS can then only overturn the value by showing it was "grossly unreasonable". These are the safe harbors:
- Independent appraisal by a qualified independent appraiser, dated no more than 12 months before the grant. This is what the services below sell.
- Formula price used as a nonlapse restriction under §1.83-5 and applied consistently to every transfer back to the company or to 10% holders. Rare in startups.
- Illiquid startup method: a valuation made in good faith and set out in a written report by someone with "significant knowledge, experience, education, or training" (generally at least five years in valuation, accounting, investment banking, private equity, lending or similar). The company must be under 10 years old, have no public equity, and not expect a change of control within 90 days or an IPO within 180 days. The preparer can be an insider, so a CFO with that background qualifies; most founders do not.
Validity. A value is not reasonable if it is more than 12 months old or ignores information that may materially affect it. The regulation's examples are resolving material litigation and issuing a patent; providers also treat a new funding round as one, which is why a raising year usually needs two reports.
Who pays if the price is wrong. The option holder. Under IRC §409A(a)(1), vested amounts become taxable income, plus a 20% additional tax, plus interest at the IRS underpayment rate plus one point. The underpayment rate is 7% for the quarter starting October 1, 2026 (Rev. Rul. 2026-15), so the interest rate is 8%. California adds its own 5% (per Cooley; we did not read the statute). On illustrative inputs (40,000 vested options, $0.25 strike, $1.00 real value, 32% bracket), the federal bill is $16,368 on a $30,000 spread, against a $2,000 report. A mispriced grant can be fixed: IRS Notice 2008-113 allows raising the exercise price to fair market value before exercise, by the end of the grant year (the following year for non-insiders).
Published 409A prices, side by side
Criteria: a provider a US SaaS startup can hire today, its own published price (or none), turnaround, refresh pricing and audit support. Listed alphabetically, not ranked.
| Provider | Model | Published price | Second valuation in the year | Turnaround (provider's claim) |
|---|---|---|---|---|
| Aranca | Per report | From $1,299; "minimum of 40 hours" of analyst time; free lifetime audit review support | Another report | 7-10 business days (a competitor reports 2-3 weeks) |
| Big 4 and large firms | Engagement | Not published; $8,000-$25,000+ reported by Qapita | Quoted | 2-4 weeks (reported) |
| Cake Equity | Add-on or plan | $1,500 add-on on any annual plan; Team plan $2,750/yr includes two | Included on Team | Draft in 3 business days |
| Carta | Plan | Not published; included on Grow and Scale; Vendr reports $2,000-$5,000 per valuation quoted separately | Carta: "as many as needed" | 1-3 weeks |
| Eqvista | Annual subscription | $990-$2,590/yr by stage incl. premium cap table; Series B+ custom | Included (unlimited for 12 months) | 5-10 working days; expedite $490 and up |
| Kruze Consulting | Per report | $2,000 seed, $2,500 Series A, $3,000 Series B, $3,500 Series C | Another report | 10 business days |
| Qapita | Add-on or plan | $1,500 add-on on Spark (free) and Surge ($1,600/yr); included on Growth ($3,000/yr) | Add-on: another $1,500; Growth: count not stated | 7-10 business days |
Each provider's own pricing page or 409A FAQ, read October 12, 2026. Pulley, which sold 3-5 day 409As, shuts down on December 8, 2026; Carta says it accepts Pulley's existing 409A as-is (see Pulley alternatives). AngelList no longer takes new standalone cap table customers, so its bundled 409A is not an option for most.
Two unresolved conflicts: Carta says 409As are "included with your Carta plan", while Vendr reports Carta "typically charges $2,000-$5,000 per valuation" quoted separately; and Eqvista's pricing page lists expedite at "$490 and up", while its own cost article says $890.
Eqvista's full published price list, by stage:
| Plan | Price (monthly / billed yearly) | For / limits |
|---|---|---|
| 409A + Premium Cap Table bundle: Pre-Revenue/Pre-Funding | $990/yr | Pre-revenue, pre-funding companies; Unlimited 409A updates and renewals for the subscription year; premium cap table custom-priced above 50 stakeholders |
| 409A + Premium Cap Table bundle: F&F/Angel | $1,290/yr | Friends-and-family or angel funded |
| 409A + Premium Cap Table bundle: Seed | $1,990/yr | Seed stage |
| 409A + Premium Cap Table bundle: Series A | $2,590/yr | Series A |
| 409A + Premium Cap Table bundle: Series B+ | Custom | Series B and later |
| Add-on: Expedited processing | $490 and up | 409A page: delivery in as little as 1-5 business days; standard 5-10 working days. Eqvista's cost article says expedited 3-5 days for $890 (conflict, recorded in research). |
| Add-on: QSBS attestation | $1,000 and up | |
| Add-on: ASC 718 | $500 and up | |
| Add-on: Premium cap table without 409A | $2 per stakeholder / month | Custom pricing above 50 stakeholders. Freemium cap table free under 20 stakeholders. |
Prices verified on eqvista.com/pricing on October 12, 2026.
What a 409A costs per year, by stage
Providers quote per report, but you budget per year, and a raising year usually needs the annual valuation plus a refresh after the round.
| Stage | Eqvista (incl. cap table) | Aranca (from) | Kruze | Qapita (plan + 409A) | Cake (cheapest plan + 409A) | Carta (Vendr-reported 409A only) |
|---|---|---|---|---|---|---|
| Pre-seed, 8 stakeholders, one 409A | $1,290 | $1,299 | $2,000 | $1,500 | $2,500 | $2,000-$5,000 |
| Seed, 25 stakeholders, two 409As | $1,990 | $2,598 | $4,000 | $4,600 | $2,750 | $4,000-$10,000 |
| Series A, 70 stakeholders, two 409As | $2,590 (floor; custom above 50 stakeholders) | $2,598 | $5,000 | $4,200 (409A included) | $4,550 | $4,000-$10,000 |
Computed in our cost model from prices read October 12, 2026. Pre-seed = angel-funded, under $1M raised (Eqvista F&F/Angel tier, Qapita Spark); Kruze has no pre-seed price, so its seed price is used; Aranca and Kruze exclude any cap table tool; Carta's plan fee is extra and not published.
Per-report pricing doubles in a raising year and an unlimited subscription does not: at seed the Eqvista bundle costs about half of two Kruze reports. At pre-seed the cheapest and dearest published options are only $1,210 apart, so pick on turnaround and audit support. If you are also choosing a cap table tool, see the cap table software comparison.
How to choose
- Turnaround. Cake promises a draft in 3 business days; Eqvista's expedite starts at $490; Kruze and Aranca quote 7-10 business days.
- Audit defence. Auditors and acquirers will read the report. Aranca states free lifetime audit review support and Carta's Grow plan lists 409A audit support. Ask anyone else in writing.
- Refresh pricing. One valuation in the next 12 months: cheapest per report. Two or more: an unlimited subscription or a plan with two included (Cake Team).
- Bundle vs per report. A bundle ties your 409A to a cap table vendor. A per-report firm like Kruze or Aranca works with any cap table, including a free one.
- Who signs. For the independent appraisal safe harbor, check who signs the report and their credentials. Qapita, for example, is headquartered in Singapore and India.
Not hands-on tested yet: we have not ordered a 409A from any of these providers. Prices and terms come from each provider's published pricing page, 409A FAQ and help docs, read on October 12, 2026.
Price history
Eqvista raised its Series A 409A price twice in a year: $1,990 (March to August 2024), $2,290 (September 2024), $2,590 (February 2025 onward). Series B went $2,490, $3,290, $3,590, then "Custom" (June 2026); expedite rose from $390 to $490. Cake's 409A add-on was $1,000 on a February 2026 archive capture and is $1,500 today. Kruze (March 2024 to February 2026) and Qapita (October 2025 to April 2026) are unchanged across Wayback Machine snapshots.
Frequently asked questions
Is a 409A valuation mandatory?
No. The rules require an exercise price at or above fair market value on the grant date. An independent appraisal is one of three safe harbors that shift the burden of proof to the IRS; without one, the burden stays with you and the tax risk with your option holders.
Can I do my own 409A valuation?
Under the illiquid startup method, yes, if the preparer has about five years of relevant valuation or finance experience and writes a report. Most founders do not meet that bar.
How long is a 409A valuation valid?
Up to 12 months, unless something material happens first. Most providers treat a new funding round as that trigger.
How much does a 409A cost for a pre-revenue startup?
Eqvista's Pre-Revenue tier is $990 a year with its cap table; Aranca starts at $1,299 per report; Qapita charges $1,500 on its free plan.
Pulley is shutting down: what happens to my 409A?
It stays valid for its 12 months unless a material event happens. Carta, Pulley's migration partner, accepts it as-is and will support its defence; other providers usually start fresh at your next refresh.
Related: SaaS valuation (your round price is not your 409A price), the SaaS fundraising guide, Carta pricing, Carta alternatives, and our cap table calculator.