A wave of late-stage startups quietly set their expectations in Q3


Many are beginners. Overpriced. But because they’re well-stocked with cash, they haven’t needed to raise new funding at low or flat rates — yet. However, new data from the map confirms that cracks are beginning to appear.

The startup’s equity infrastructure platform maps to a record number of startup employee stock grants—packages of stock options offered to individual employees—that multiplied in Q3. There were 18,629 reports, a 260% increase from the 7,165 total reported in Q2. The only previous quarter that comes close is Q2 2020, with 12,570, when the outbreak began.

These rejected stock packages tell us that even if startups don’t raise new rounds, their internal valuations are starting to tick. why? Because employee stock grants are tied to a company’s 409a valuation — a third-party assessment of a company’s fair market value.



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