Findings · updated August 5, 2026
What 130 charter histories show
Two measurements from the round histories in this corpus. Both are computed from 517 priced round-to-round transitions disclosed in charter exhibits, and both are reproducible from the published data using the definitions each page states.
A lettered round is a markup. A hyphenated sub-round is a bridge.
Series D prices at a median 1.58× the round before it. Series D-1 prices at 1.08×, and is a down round 25.1% of the time against 9.2%. n = 349 and 167.
24.8% of companies that reached an S-1 had priced below their own peak.
30 of 121 companies disclosed a last round priced under their own highest round, in the same document that took them public.
Why these are published rather than sold
They are derived from public filings, so anyone can check them, and the checking is the point. Each page names the filings, states the definition it used, and states what the measurement cannot see. The method page describes the extraction.