PEINVEST
How PEINVEST derives indicative share prices for pre-IPO and private companies. Our composite pricing model blends multiple independent data sources to produce transparent, auditable price estimates with clearly disclosed confidence levels.
All prices shown are indicative estimates. They do not represent live bids, offers, or executable quotes. Actual transaction prices may differ materially.
No single data source determines the price. Our model blends 5 independent inputs with defined weights to reduce single-source bias.
Every price carries a visible confidence score. Securities with limited data are clearly flagged so users understand the reliability of the estimate.
Each source is independently collected and weighted based on its reliability and proximity to actual market transactions.
Completed transactions on regulated secondary market platforms including Forge Global, Hiive, NASDAQ Private Market, and EquityZen. We aggregate bid/ask spreads and completed trade prices across platforms to derive a volume-weighted average transaction price (VWAP).
Verified fundraising rounds from SEC filings (Form D), press releases, and institutional investor disclosures. We extract the implied per-share price from round size and post-money valuation, then apply a time-decay adjustment based on months since the round closed.
Revenue and earnings multiples derived from publicly traded peers in the same sector. We select 3–8 public comparables based on business model, growth rate, and market position, then apply a private company discount (typically 20–40%) to account for illiquidity and information asymmetry.
Reported marks from institutional investors including mutual funds (via quarterly 13F filings), venture capital fund NAV reports, and employee tender offer prices. These serve as independent price discovery checkpoints.
Aggregate buy/sell interest ratios from secondary platforms, combined with analyst coverage sentiment. This signal captures short-term supply/demand imbalances that may not yet be reflected in completed transactions.
Seven-step pipeline from raw data ingestion to published indicative price.
Aggregate raw pricing signals from all five data sources. Each data point is timestamped, source-tagged, and validated against known transaction parameters.
Normalize prices to a common per-share basis using the most recent known share count from SEC filings or cap table data. Adjust for stock splits, recapitalizations, and preference stack differences.
Apply exponential decay to older data points. Transactions within 30 days receive full weight; 30–90 day data decays by 50%; data older than 90 days decays by 80%. This ensures the indicative price reflects current market conditions.
Combine normalized, time-adjusted prices using the source weights listed above. The weighted blend produces a single composite indicative price per security.
Flag and review data points that deviate more than 2 standard deviations from the composite price. Outliers may reflect block trades, distressed sales, or data errors and are either adjusted or excluded.
Assign a liquidity confidence score (High / Medium / Low) based on transaction volume, data recency, and source diversity. This score is displayed alongside every price on the platform.
Publish the indicative price with its confidence score, data freshness timestamp, and source breakdown. Our editorial team reviews prices weekly for consistency and flags anomalies for manual review.
Every security on PEINVEST displays a liquidity confidence score. This score reflects the quantity, recency, and diversity of pricing data available.
10+ verified transactions in the past 90 days, funding round within 12 months, 3+ institutional marks available, active order book on multiple platforms.
3–9 verified transactions in the past 90 days, funding round within 18 months, at least 1 institutional mark, order book on at least 1 platform.
Fewer than 3 verified transactions in the past 90 days, last funding round older than 18 months, limited institutional marks. Price is primarily model-derived.
When deriving valuations from public comparable companies, we apply a Discount for Lack of Marketability (DLOM) to account for the fundamental differences between public and private securities. The discount varies based on several factors:
| Factor | Discount Range |
|---|---|
| Pre-IPO (filed S-1) | 10–15% |
| Late Stage (active secondary) | 15–25% |
| Growth Stage | 25–35% |
| Early Stage | 35–50% |
Historical price charts displayed on security detail pages are constructed using the following approach:
Where available, charts plot actual completed transaction prices from secondary market platforms. Each data point represents a verified trade with date, price, and volume.
Between known transaction dates, we use cubic spline interpolation to create a smooth price curve. Interpolated segments are visually consistent but represent estimated values, not actual trades.
Primary funding round valuations serve as anchor points on the chart. These appear as reference markers showing the implied per-share price at each fundraising event.
Users can select 1-week, 1-month, 3-month, 6-month, 1-year, and all-time views. Shorter time ranges show more granular data where available.
| Data Type | Update Frequency |
|---|---|
| Indicative Share Price | Weekly (Friday close) |
| Company Valuation | Within 48h of new funding round |
| Live Order Count | Daily |
| Comparable Multiples | Monthly |
| Institutional Marks | Quarterly |
Indicative prices are provided for informational purposes only. They do not constitute investment advice, a recommendation to buy or sell, or an offer or solicitation of any kind. Users should not rely on these prices as the sole basis for any investment decision.
Private market transactions are negotiated bilaterally, and actual execution prices depend on deal size, counterparty, share class, transfer restrictions, ROFR provisions, and market conditions. Our indicative prices may differ significantly from achievable transaction prices.
Not all secondary market transactions are publicly reported. Our model relies on available data, which may not capture all market activity. Securities with lower trading volume will have less reliable price estimates.
Private companies typically have multiple share classes (common, preferred, SAFEs) with different rights and preferences. Our indicative price generally reflects common stock equivalents unless otherwise noted. Preferred shares may trade at different prices due to liquidation preferences and other protective provisions.
Historical prices may be revised as new data becomes available. Corrections to previously reported transaction data, updated share counts, or methodological improvements may result in retroactive price adjustments.
All models are simplifications of reality. Changes in market conditions, regulatory environment, or company circumstances may cause model outputs to diverge from actual market prices. We regularly review and update our methodology to maintain accuracy.
We are committed to transparency in our pricing approach. If you have questions about how a specific security's price is calculated, or if you believe a price requires correction, please contact our data team.
Regulatory Notice: PEINVEST is not a broker-dealer, investment advisor, or exchange. We do not facilitate transactions or hold customer funds. All pricing data is indicative and derived from publicly available information and proprietary models. Private securities are highly illiquid, speculative, and involve substantial risk of total loss. Only accredited investors may participate in private securities transactions. Past performance is not indicative of future results.