US · Pricing guide · 409A valuation
How Much Does a 409A Valuation Cost?
Short answer
A 409A valuation typically costs $2,000–$5,000+ in 2026, with the price driven by company stage and cap-table complexity. It establishes a defensible fair market value for common stock so a startup can set option strike prices that satisfy IRC Section 409A. BlackpeakCFO prices 409A valuations as a flat fee of $1,995–$2,995, agreed in writing before any work begins.
What it costs with BlackpeakCFO
| Engagement | Price | What it covers |
|---|---|---|
| Early-stage / pre-seed | From $1,995 | Simple cap table, limited financing history — a defensible valuation for a company issuing its first option grants. |
| Seed to Series A | $2,295–$2,695 | One or more priced rounds, a more developed cap table and traction or revenue to assess. |
| Series A+ / complex cap table | $2,695–$2,995 | Multiple rounds, preferences and convertible instruments requiring a more detailed allocation of value. |
| Refresh valuation | Flat fee | A 409A is valid for up to 12 months or until a material event — refreshes are scoped and flat-priced. |
All prices fixed and agreed in writing before any work starts. No hourly meter, no surprise invoices. Prices shown in USD, current as of May 2026.
What drives the price
Company stage
An early-stage company with little financing history is quicker to value than a Series A business with revenue, traction and a track record to analyse. Stage is the headline driver of where the flat fee lands.
Cap-table complexity
A simple cap table of common and one option pool is straightforward. Multiple preferred classes, liquidation preferences, SAFEs and convertible notes require a more detailed allocation of value across the instruments — and that adds work.
Financing history
Recent priced rounds give a clear reference point; a company with no priced round, or one that has changed materially since the last raise, needs more judgement applied to reach a defensible figure.
Timing and refresh cadence
A 409A is valid for up to 12 months or until a material event — a new round, an acquisition approach. Companies issuing options regularly need an annual refresh, which is scoped and flat-priced rather than billed afresh from scratch.
What you'd pay elsewhere
Specialist 409A valuation providers typically charge $2,000–$5,000 or more, with the higher figures attached to later-stage companies and complex cap tables. Some cap-table software platforms bundle a 409A into an annual subscription, which can look inexpensive on the headline but ties the valuation to a wider software contract you may not otherwise need — and the bundled valuations are often produced at high volume with limited individual review. Boutique valuation firms charge more but apply more senior judgement. The genuine risk in choosing on price alone is a valuation that is not properly defensible: if the IRS later challenges the strike price, a weak 409A exposes your employees to penalty tax. The valuation has to be both fairly priced and genuinely robust.
How we price it
BlackpeakCFO prices 409A valuations as a flat fee — $1,995–$2,995 depending on stage and cap-table complexity — agreed in writing before any work begins, with no subscription to sign and no software lock-in. The valuation is produced personally by Stuart Wilson, ACMA CGMA: a chartered management accountant and AICPA member with 24 years in finance, whose background is financial control and reporting. The result is a defensible fair-market-value report your board can rely on to set option strike prices that satisfy IRC Section 409A — properly documented, properly reasoned, and delivered as a clear written report rather than an automated number.
Common questions about how much does a 409a valuation cost?
What is a 409A valuation and why do I need one?
A 409A valuation is an independent appraisal of the fair market value of a private company's common stock, named after Section 409A of the US Internal Revenue Code. You need one before issuing stock options: it establishes a defensible strike price. Without a valid 409A, the IRS can treat options as having been granted below fair market value, which exposes your employees to immediate income tax and a 20% penalty.
How much does a 409A valuation cost?
Specialist providers typically charge $2,000–$5,000 or more depending on stage and cap-table complexity. BlackpeakCFO prices a 409A as a flat fee of $1,995–$2,995, agreed in writing before the work starts — early-stage companies with a simple cap table sit at the lower end, and later-stage companies with multiple rounds and preferences sit at the top. There is no subscription and no software lock-in attached.
How often does a 409A valuation need to be refreshed?
A 409A is generally valid for up to 12 months, or until a material event such as a new priced round or a credible acquisition approach — whichever comes first. Companies that issue options regularly typically refresh annually. BlackpeakCFO scopes refresh valuations as a flat fee rather than rebuilding the engagement from scratch each year.
Is a bundled 409A from cap-table software good enough?
It can be, but be clear on the trade-off. Bundled valuations are tied to a software subscription and are often produced at high volume with limited individual review. The thing that protects your employees is defensibility — a valuation that holds up if the IRS questions the strike price. BlackpeakCFO delivers a flat-fee, individually reasoned report with no subscription attached, so you are buying the valuation itself rather than a software contract.
Who actually does the valuation?
At BlackpeakCFO every 409A is produced personally by Stuart Wilson, ACMA CGMA — a chartered management accountant and AICPA member with 24 years in finance. There are no junior associates and no offshore team: the person who builds the valuation is the person who signs the report and answers your board's questions about it.
Related
Get a fixed price for your business
Send your details in a one-minute form. Stuart reads every one personally and replies within one business day with a written, fixed quote — no phone call required, no obligation.
Get a flat-fee 409A quote →