A 409(a) is a compliance document: an independent valuation of your common stock so option grants get IRS safe-harbor treatment. Eqvista delivers them from $990 with NACVA-certified analysts; 409.AI undercuts at $899 with ~24-hour drafts; cap-table platforms bundle them; traditional firms cost more and dig deeper. Pick on documentation quality, turnaround, and whether it integrates with your equity stack.
- Best known value
- Eqvista — from $990, NACVA-certified analysts, 5,000+ valuations claimed.
- Fastest and cheapest named
- 409.AI — from $899, draft in about 24 hours.
- Already on a cap-table platform
- Your platform's bundled 409(a) — one system for grants, cap table, and valuation.
- Audited or complex
- A traditional valuation firm — pay for documentation depth.
The picks at a glance
| Provider | Best for | Price | Turnaround |
|---|---|---|---|
| Eqvista | Straightforward startup 409(a)s with analyst backing | From $990 | Days (check current SLAs) |
| 409.AI | Speed and price | From $899 | ~24-hour draft |
| Carta & similar platforms | Startups already managing equity there | Bundled or discounted by plan | Varies |
| Traditional firms | Audits, complex cap tables, contested stakes | Typically $1,500–$5,000+ | Weeks |
What you're actually buying
When a startup grants options, the strike price must equal or exceed fair market value of the common stock — proven either by a proper independent valuation (safe harbor) or by the company's own good-faith estimate (which shifts the burden of proof to you if challenged). A 409(a) is the safe-harbor route: an independent firm values the common, typically arriving at a discount to your last preferred round, and your option grants stand on that document for roughly a year.
So the buying criteria are: independence and credentials (who stands behind the number), methodology documentation (whether the report survives auditor questions), turnaround, and integration with your cap table. "Accuracy" in the marketing sense is mostly a function of those four.
1.Eqvista
- Best for
- Straightforward startup 409(a)s
- Price
- From $990
- Backing
- NACVA-certified analysts; 5,000+ valuations claimed
- Also
- Cap-table management alongside
Eqvista has made 409(a)s its core product for startups: credentialed analysts, audit-ready reports, and cap-table management to keep everything in one place. If you want the established-market answer, this is it.
The catch: you pay a premium over the fastest disruptor, and their cap-table tooling competes with dedicated platforms you may already use.
2.409.AI
- Best for
- Price and speed
- Price
- From $899
- Backing
- Independent provider, technology-led process
- Also
- ASC 718/820, PPAs, UK share schemes
A ~24-hour draft at $899 changes the calculus when a board meeting is close. The output is a real 409(a) from an independent provider — worth confirming with your counsel that the documentation depth matches what your (or your investors') auditors expect.
The catch: younger and smaller than the incumbents; less surrounding infrastructure if you want cap tables handled too.
3.Your cap-table platform's service
- Best for
- Startups already on Carta or similar
- Price
- Often bundled or discounted with plans
- Backing
- Provider-branded reports integrated with your equity data
If your cap table already lives in software, check whether a 409(a) comes included. The integration win is real: grants, strikes, and the valuation document stay consistent, and your auditors get one system instead of two.
The catch: bundled convenience can mean thinner methodology documentation than a specialist's report — worth a look inside the sample before relying on it for anything contested.
4.Traditional valuation firms
- Best for
- Audited startups, complex or contested situations
- Price
- Typically $1,500–$5,000+
- Backing
- ASA/NACVA professionals with deep report benches
When the 409(a) will be picked apart — by auditors, by an acquirer's counsel, by the IRS — the traditional shops earn their fees with documentation that anticipates the challenge.
The catch: weeks of turnaround and the highest prices in the category. Overkill for a simple pre-seed cap table.
My pick, by situation
- First option grant, simple cap table: 409.AI or Eqvista — buy on turnaround and comfort.
- Already on Carta or similar: check the bundle before buying standalone.
- Venture-backed with auditors: ask your lead investor's finance team which reports they see survive audits.
- No grants planned yet: defer the purchase — and don't buy a 409(a) to answer "what's my company worth," because it doesn't.
What I'd do today
- Confirm with counsel that a 409(a) is actually triggered (grant, refresh date, or material event).
- Quote the same cap table to Eqvista and 409.AI; compare price, turnaround, and what's inside the report.
- Check your cap-table platform for a bundled option before signing anything.
- Calendar the 12-month refresh while you're at it — future-you is busier.
Questions
What happens if I skip the 409(a)? +
Option strikes set without a defensible 409(a) risk being deemed mispriced by the IRS, which can mean extra taxes and penalties for option holders and accounting headaches for the company. This is general context, not advice — your counsel and CPA have the final word for your situation.
How long is a 409(a) good for? +
Commonly 12 months, or until a material event — a priced funding round, an acquisition offer, a major business shift — makes it stale. Providers each have their default posture; boards typically refresh on their auditor's schedule.
Is a cheap 409(a) risky? +
The audit-ready question is documentation and methodology, not price. A $899–$990 report from a provider with credentialed analysts and defensible methods can be perfectly sound; a bargain from someone who won't show their work is not. Ask what the report contains and who signs it.
Can a 409(a) tell me what my company sells for? +
No — it values common stock for option pricing, often arriving at a number well below what a strategic acquirer would pay for the whole company. For 'what would someone pay for this,' you want market comps or a factor model, not a compliance document.
Competitor details from public sources, checked October 2026. Nothing here is legal or tax advice; EvalyMe outputs are estimates, not 409(a) valuations.