How we make this list: we compare pricing pages, product documentation and public user reviews. Ratings come from G2, Capterra or Trustpilot, with the date we checked them.
What Is the Best 409A Valuation Provider?
Carta is the best 409A valuation provider for most startups because its valuations sit inside the cap table platform most investors and auditors already use, with audit support included in its Grow and Scale plans. Kruze Consulting is the best alternative when you want a published flat price, starting at $2,000 for a seed-stage company, with no platform subscription attached.
A 409A valuation is an independent appraisal of the fair market value of your private company common stock. The IRS requires one before you grant stock options, and it sets the strike price for those options. Options granted below fair market value can trigger immediate tax for the option holder plus a 20 percent penalty. A 409A valuation is a tax compliance service, not investment advice.
Key takeaways
- Carta leads for venture-backed startups already on its cap table platform, with 409A valuations included in Grow and Scale plans.
- Kruze Consulting is the only provider on this list with fully published flat pricing, from $2,000 at seed to $3,500 at Series C.
- Aranca starts at $1,299, the lowest published starting price from a full-service firm, and includes lifetime audit support.
- Most providers are quote-only, so get two written quotes before you sign.
How Much Does a 409A Valuation Cost in 2026?
A 409A valuation costs from $1,299 to more than $25,000 in 2026, and the spread is driven by your funding stage and cap table complexity rather than by company size alone. A pre-seed company with a clean cap table and one SAFE round is the cheapest engagement a firm will price. A Series B company with two preferred classes and a secondary sale is a different job entirely.
Most providers do not publish a price. Carta, Shareworks, Scalar, Armanino, and Andersen all price by quote. Two providers break the pattern. Aranca publishes a starting price of $1,299, and Kruze Consulting publishes flat stage-based rates. MELD Valuation offers a self-serve route through 409A.io at $99 per month on a 12-month term, which totals $1,188 for the year, with updates included during the term.
How Long Does a 409A Valuation Take?
Most 409A valuations take 7 to 20 business days from the day you hand over complete documents. Aranca quotes 7 to 10 business days. Kruze Consulting quotes 10 business days. Scalar is reported at 10 to 15 business days, Carta at 10 to 15 business days, and Andersen at 15 to 20 business days. MELD Valuation quotes 2 to 4 weeks for a full-service engagement, while its self-serve 409A.io product delivers an audit-ready report within 48 hours of receiving your documents.
The clock starts when your documents are complete, not when you sign the engagement letter. A missing cap table export, an unsigned SAFEs list, or an out-of-date financial model will stall any provider. Start at least three weeks before you need to grant options. Pulley stops operating on 8 December 2026, so confirm your provider will still be around at your next refresh.
What Must a 409A Report Include?
A defensible 409A report starts with an engagement letter and a valuation summary stating the conclusion, the valuation date, and the standard of value. It then shows the method used to value the whole company, usually the market approach based on your last financing, the income approach based on projected cash flows, or the asset approach for very early companies.
The report must then allocate that total value across share classes. Most early-stage reports use the option pricing model, often with a backsolve to your most recent preferred round price. Later-stage companies more often see a probability-weighted expected return method that models several exit scenarios. The report should apply a discount for lack of marketability to the common stock, explain the inputs behind it, and tie every number back to your actual cap table and financing documents. It should name the appraiser and follow the AICPA practice aid for valuing privately held equity issued as compensation.
How Do You Choose a 409A Valuation Provider?
Match the provider to your stage first. A pre-seed or seed company with a simple cap table does not need a Big Four style engagement, and paying for one buys little extra protection. A growth-stage company facing a first audit, a tender offer, or an IPO filing needs a firm whose name and methods your auditors already accept.
Ask four questions before you sign. First, who signs the report and what credentials do they hold. Second, what methodology will they use for your cap table, and will they explain it to your board. Third, what audit support is included, and for how long. Aranca includes lifetime audit support at no extra charge, while other firms charge for follow-up work. Fourth, what counts as a refresh, and what does it cost when a priced round triggers one. Price is the wrong first filter: a thin report your auditors reject can cost $10,000 to $20,000 in rework.
Worked Cost Example: A Seed Startup First 409A vs a Series B Refresh
Take a seed-stage startup with 12 employees, one SAFE round, and a clean cap table. Kruze Consulting charges a flat $2,000 at seed. Aranca starts at $1,299. The 409A.io self-serve route costs $99 per month on a 12-month term, or $1,188 for the year including updates. A Carta customer on a Grow or Scale plan pays no separate per-valuation fee.
Now take the same company three years later at Series B, with two preferred classes, a secondary sale, and option holders in three countries. Scalar is reported at $3,000 to $7,000 for this kind of work. Armanino is reported at $5,000 to $15,000. Andersen is reported at $8,000 to $12,000 by one comparison and $8,000 to $25,000 or more by another, so treat the top of that range as unconfirmed.
| Scenario | Provider type | Expected cost |
| Seed startup, first 409A, clean cap table | Flat-fee boutique or self-serve | $1,188 to $2,000 |
| Seed startup on Carta Grow or Scale | Platform bundle | Included in plan, plan price by quote |
| Series A, one preferred class | Boutique firm | $2,500 to $5,000 |
| Series B, complex cap table, secondary sale | Boutique or accounting firm | $3,000 to $15,000 |
| Pre-IPO, heavy audit scrutiny | Accounting firm | $8,000 to $25,000 or more |
Quick comparison
| Tool | Best for | Starting price | Free plan |
|---|
 Carta | VC-backed startups already managing their cap table on Carta | Quote (409A valuations included in Grow and Scale plans; standalone reported at $2,000 to $5,000 per valuation by Vendr, third-party reported) | Launch plan is free for up to 25 stakeholders and under $1M raised, but it does not include 409A valuations |
 Shareworks by Morgan Stanley | Late-stage private companies and pre-IPO teams with global equity plans | Quote | None |
 Aranca | Companies with complex cap tables that want senior-led work at a low starting price | From $1,299 per valuation | None |
 Meld Valuation | Companies that want senior-led valuation work with a low-cost self-serve route for simple cap tables | Quote for full-service engagements; self-serve 409A.io from $99/month on a 12-month term | None |
 Scalar | Growth-stage startups with complex cap tables that need a defensible report | Quote (third-party reported at $3,000 to $7,000 per valuation) | None |
 Kruze Consulting | VC-backed startups that want published flat pricing and bundled accounting support | From $2,000 (seed); $2,500 Series A; $3,000 Series B; $3,500 Series C | None |
 Armanino | Growth-stage companies facing their first audit or a complex valuation question | Quote (third-party reported at $5,000 to $15,000 per valuation) | None |
 Andersen | Late-stage and pre-IPO companies that need a litigation-ready valuation | Quote (third-party reported at $8,000 to $12,000 in one comparison and $8,000 to $25,000 or more in another; the sources conflict) | None |
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8 Best 409A Valuation Providers in 2026
| Tool | Best for | Starting price | Free plan |
| Carta | VC-backed startups already on Carta | Quote | Launch plan free, no 409A included |
| Shareworks by Morgan Stanley | Late-stage and pre-IPO companies | Quote | None |
| Aranca | Complex cap tables at a low starting price | From $1,299 | None |
| Meld Valuation | Senior-led valuations with a self-serve option | Quote, self-serve from $99/month | None |
| Scalar | Growth-stage companies needing audit defense | Quote | None |
| Kruze Consulting | Startups wanting published flat pricing | From $2,000 | None |
| Armanino | Growth-stage companies facing a first audit | Quote | None |
| Andersen | Pre-IPO companies under heavy scrutiny | Quote | None |
#1Carta
Best for: VC-backed startups already managing their cap table on Carta4.3/5 on
G2 (232 reviews, checked Oct 2026)
Visit carta.com
Starting priceQuote (409A valuations included in Grow and Scale plans; standalone reported at $2,000 to $5,000 per valuation by Vendr, third-party reported)
Free planLaunch plan is free for up to 25 stakeholders and under $1M raised, but it does not include 409A valuations
Carta is the default choice for most venture-backed startups because its 409A team works from the same cap table data your lawyers and investors already see. Carta states that valuations are included with Grow and Scale plans, with no extra per-valuation charge. The trade-off is lock-in: the free Launch tier gets no 409A at all. Vendr reports standalone 409A valuations at $2,000 to $5,000 each, but those figures are third-party reported, so ask whether your 409A is a line item.
What we like- Valuations pull directly from your live cap table, audit support is included in Grow and Scale plans, and the platform is widely accepted by venture investors and Big Four auditors
Watch out for- You must be onboarded onto Carta to request a valuation, and Carta publishes no price for its paid plans, so you cannot budget the total cost without a sales conversation
#2Shareworks by Morgan Stanley
Best for: Late-stage private companies and pre-IPO teams with global equity plans3.8/5 on
G2 (32 reviews, checked Oct 2026)
Visit morganstanley.com
Starting priceQuote
Free planNone
Shareworks is the enterprise end of this list. Morgan Stanley at Work says its valuation team has more than 60 years of combined experience and over 7,000 valuations completed, and the service is designed for companies with complex equity plans across many countries. The 409A service integrates directly with the Shareworks cap table. The trade-off is fit: its core customer is a large private or public company, not a ten-person seed team, and pricing is quote-only.
What we like- Institutional valuation team with more than 7,000 valuations completed, deep support for international tax and multi-jurisdiction equity plans, and integration with Morgan Stanley wealth management services
Watch out for- Built for large and public companies, so early-stage startups will find the platform heavy, the implementation slow, and the pricing opaque
#3
Aranca
Best for: Companies with complex cap tables that want senior-led work at a low starting price
Visit aranca.com
Starting priceFrom $1,299 per valuation
Free planNone
Aranca has performed 409A valuations since 2005 and reports more than 15,000 valuations completed, with over 30 unicorn clients. Its own FAQ page states that pricing starts at $1,299, and that its consultants spend a minimum of 40 hours on each valuation. The firm also offers free lifetime audit support, which means it will defend its analysis years after delivery without charging again. Turnaround is 7 to 10 business days.
What we like- Lowest published starting price on this list, a minimum of 40 analyst hours per valuation, and free lifetime audit support at no extra charge
Watch out for- The team is based in India, so real-time coordination with US founders and auditors can be slowed by the time zone difference
#4
Meld Valuation
Best for: Companies that want senior-led valuation work with a low-cost self-serve route for simple cap tables
Visit meldvaluation.com
Starting priceQuote for full-service engagements; self-serve 409A.io from $99/month on a 12-month term
Free planNone
Meld Valuation is an independent valuation firm that positions itself between cheap templated providers and Big Four firms. Its homepage states that it has completed more than 10,000 valuations and valued over $250 billion in assets, with zero audit, IRS, or SEC issues across its history. Full-service engagements typically take 2 to 4 weeks. The distinctive part is 409A.io, its self-serve product, which costs $99 per month on a 12-month term and delivers a report within 48 hours.
What we like- More than 10,000 valuations completed with zero audit issues reported, named senior reviewer on every engagement, and a 48-hour self-serve option for simple cap tables
Watch out for- Full-service pricing is quote-only with no published starting figure, and the self-serve product only fits pre-seed through Series A companies with standard cap tables
#5
Scalar
Best for: Growth-stage startups with complex cap tables that need a defensible report
Visit scalar.io
Starting priceQuote (third-party reported at $3,000 to $7,000 per valuation)
Free planNone
Scalar is an independent valuation firm headquartered in Draper, Utah, founded in 2009. It works across 409A valuations, portfolio valuations, and purchase price allocations, and it reported completing its 25,000th valuation assignment in 2024. The firm describes a multi-tiered review process for each valuation, with clients included at every step. Third-party comparisons put Scalar pricing at $3,000 to $7,000 per valuation, but Scalar itself publishes no price.
What we like- Independent firm founded in 2009 with more than 25,000 valuation assignments completed, multi-tiered review on every report, and a client list that includes repeat engagements over a decade
Watch out for- Scalar publishes no pricing on its website, so you must request a quote to learn whether your engagement falls at the low or high end of the reported range
#6
Kruze Consulting
Best for: VC-backed startups that want published flat pricing and bundled accounting support
Visit kruzeconsulting.com
Starting priceFrom $2,000 (seed); $2,500 Series A; $3,000 Series B; $3,500 Series C
Free planNone
Kruze Consulting is the most transparent provider on this list. Its own pricing page publishes flat rates: $2,000 for a seed-stage company, $2,500 for Series A, $3,000 for Series B, and $3,500 for Series C, with no recurring software fee. Reports are typically delivered in 10 business days, and each report follows AICPA and USPAP guidelines. Kruze manages the engagement end to end, but the valuation is produced by an independent appraiser partner, typically a former Big Four valuation leader.
What we like- Fully published flat rates with no recurring software fee, reports delivered in 10 business days, and the option to bundle the valuation with bookkeeping, tax, and fractional CFO services
Watch out for- The valuation itself is produced by an independent appraiser partner rather than in-house, and the firm is a poor fit for companies outside the venture-backed startup model
#7
Armanino
Best for: Growth-stage companies facing their first audit or a complex valuation question
Visit armanino.com
Starting priceQuote (third-party reported at $5,000 to $15,000 per valuation)
Free planNone
Armanino is a large accounting and consulting firm whose valuation practice handles 409A appraisals alongside tax, audit, and financial modeling work. Its partners are regularly quoted on valuation practice and complex financing questions. The firm has written about the cost of poor 409A compliance, noting that defending a weak valuation can cost $35,000 or more in combined fees. Third-party guides place Armanino pricing at $5,000 to $15,000, but the firm publishes no price of its own.
What we like- Deep valuation and financial modeling practice inside a large accounting firm, partners who are quoted on valuation questions in the press, and reports built to survive auditor and SEC review
Watch out for- No published pricing and no self-serve route, so small or early-stage companies will pay for seniority they do not yet need
#8
Andersen
Best for: Late-stage and pre-IPO companies that need a litigation-ready valuation
Visit andersen.com
Starting priceQuote (third-party reported at $8,000 to $12,000 in one comparison and $8,000 to $25,000 or more in another; the sources conflict)
Free planNone
Andersen is the premium option on this list. Its valuation practice performs Section 409A and common stock valuations for tax planning and financial reporting, alongside purchase price allocations and litigation support. Its directors hold ASA designations and have backgrounds at firms including KPMG. Third-party comparisons report Andersen pricing at $8,000 to $12,000 with a 15 to 20 business day turnaround, while another comparison puts the range at $8,000 to $25,000 or more. The two sources conflict.
What we like- Valuation practice staffed by ASA-credentialed directors, reports accepted by all Big Four accounting firms, and deep experience with IPO readiness, SEC examinations, and litigation support
Watch out for- The highest reported prices on this list, with the longest turnaround, and no published fee schedule of any kind
Frequently asked questions
How often do I need a new 409A valuation?
A 409A valuation is generally valid for 12 months from the valuation date, or until a material event occurs, whichever comes first. A material event includes a new priced round, a major acquisition, or a secondary sale. You need a fresh valuation before your first option grant, then a refresh on that schedule.
Can I use my last funding round price instead of a 409A?
No, because the funding round prices preferred stock, while the 409A values common stock. Preferred shares carry liquidation preferences and other rights that common shares lack, so common stock is usually worth 20 to 80 percent less than the preferred price. Using the preferred price as your strike price would overprice employee options.
What happens if my 409A is challenged by auditors or the IRS?
A valuation from a qualified independent appraiser carries a safe harbor presumption, which shifts the burden of proof to the IRS. Your auditor will still review the report, and a thin one can trigger extra review fees or a request for a new valuation. If options were granted below fair market value, the option holder can face immediate tax plus a 20 percent penalty.
Should I pick the cheapest 409A provider?
Not on price alone. A low-cost report that your auditors reject can cost far more in rework than the most expensive provider charges for the original valuation. Armanino has noted that defending a weak valuation can run to $35,000 or more in combined fees. Compare report quality, appraiser credentials, and audit support terms first, then weigh the fee.
What documents do I need to start a 409A valuation?
Most providers ask for your cap table, articles of incorporation, financing documents including SAFEs and convertible notes, financial statements and projections, and a list of any secondary transactions. Having these ready before you engage a provider shortens the timeline, since the clock usually starts when your documents are complete.
Sources we checked (13)
- https://carta.com/equity-management/cap-table/409a-valuations/
- https://adlega.com/compare/carta-pricing/
- https://www.morganstanley.com/atwork/articles/how-to-choose-a-409a-valuation-provider
- https://www.aranca.com/409A-valuation/
- https://www.aranca.com/409a-faqs.php
- https://meldvaluation.com/
- https://www.409a.io/about
- https://scalar.io
- https://kruzeconsulting.com/409a-valuation-cost/
- https://kruzeconsulting.com/409a-valuation/
- https://www.armanino.com/articles/the-hidden-costs-of-poor-409a-compliance/
- https://global.andersen.com/global-services/valuation
- https://www.qapita.com/blog/best-409a-valuation-providers
Is your product missing or out of date?
We review this list regularly. Vendors can request a listing, send updated pricing or ask about featured placement.
Shihab Mia · Founder, Rankite
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