AngelList Stack 409A Valuation Review: What Changed and Where to Go Next

Short answer: An AngelList 409A was a convenient add-on for founders who already ran their company on AngelList Stack. It was never AngelList's core business, and today AngelList does not sell it to new founders as a standalone service. If you hold an AngelList 409A, the report still counts for its normal life. What you need now is a plan for the next valuation and, if you are leaving AngelList's legacy cap table, a clean copy of your records.

A disclosure before we start: 409a-valuation.com is itself a 409A provider, so we are not neutral. This review relies on AngelList's own blog posts, its product update FAQ, its learning pages and third-party reviews as of October 1, 2026. Where those sources are silent or conflict, we say so. We are not affiliated with AngelList, J.P. Morgan, Aranca, Eton Valuation Partners, Pulley or Carta, and none of them has reviewed this article.

Does AngelList still offer 409A valuations?

Not as a standalone service. AngelList's product update FAQ answers the question “What if I just need a standalone 409A?” by offering to connect founders with Aranca and Eton Valuation Partners. Existing customers on the legacy AngelList cap table keep their current plan, but AngelList does not publish a current 409A price for new customers.

The change came with a broader shift. On August 6, 2025, AngelList CEO Avlok Kohli announced that the company was rebuilding its cap table around Roll Up Vehicles (RUVs) and Consolidation Vehicles, and that the new product would be “the only option for new customers.” Pricing for the new product is not published; third-party reviews describe it as quoted by email and aimed at companies using RUVs.

Branding adds confusion. “AngelList Stack” was the 2021 name for the founder toolkit. AngelList dropped the “Stack” label in late 2022 and grouped its startup tools under “Build,” and some third-party sites now call the cap table “AngelList Equity.” The help center still lives at help.angelliststack.com. When founders search for an AngelList Stack 409A, they usually mean the bundled valuation that came with that toolkit.

What AngelList Stack's 409A Service Offered

AngelList announced AngelList Stack on September 27, 2021 as an all-in-one kit for new companies: Delaware incorporation, banking, fundraising on SAFEs, and an integrated cap table for modeling scenarios and granting equity. On valuations, the launch post said one thing: “Founders on the AngelList Stack get access to discounted 409A valuations from an independent third-party appraiser.”

Over time, the AngelList 409A valuation moved inside the subscription. AngelList's learning page on 409As says its product “combines fast 409A valuations with modern equity management in our Growth plan.” In practice, the offer looked like this:

• Outside appraiser. AngelList did not position itself as the valuation firm. The work came from an independent third party, which AngelList's public launch materials did not name.
• Cap table data in place. SAFEs raised through AngelList, option grants and share classes already lived in the same system, so the appraiser started from structured data.
• Plan-based access. 409As were tied to the Growth tier rather than sold one report at a time.
• Early-stage focus. The toolkit was built for newly formed companies raising on SAFEs, which is where most of its 409A volume would have come from.

What AngelList's public pages did not cover is just as useful to know. They did not name the signing appraiser, list a guaranteed turnaround, describe audit support, or explain the default allocation method or how volatility and the discount for lack of marketability were chosen. That was typical of the bundled category; our guide to 409A providers with cap table integrations compares how the platform model works as a group.

How much does an AngelList 409A cost?

AngelList never published a per-report 409A price. Its 409As came with the Growth plan, which third-party reviews list at roughly $3,200 to $3,600 a year for about 30 team members, while lower tiers excluded 409As. Those tiers no longer appear on AngelList's pricing page, and new-product pricing is quoted privately.

Because the figures come from reviewers rather than AngelList, treat them as historical ranges, not a quote. If you are an existing customer, your invoice is the best record of what you pay and whether it still includes a 409A. If it does not, a standalone report for a seed or Series A company usually costs well under a year of Growth plan fees. Our 2026 409A valuation cost benchmarks set out typical ranges by stage.

One search that lands on this topic asks how much an AngelList 409A is “worth for a $10M startup.” The question mixes two numbers. A 409A does not value the company at the round price; it values the common stock. If investors bought preferred stock at a $10 million post-money valuation, the 409A will usually conclude a common price per share well below the preferred price, because preferred holders get liquidation preferences and other rights common holders do not. Our guide to 409A value vs. the preferred price explains the gap.

Is my AngelList 409A still valid?

Yes, in most cases. A 409A from a qualified independent appraiser can support grants made up to 12 months after its valuation date, as long as no material event has happened since. AngelList's product change does not affect the value of your stock, so it does not shorten that window or require a new report.

The rule is in Treasury Regulations Section 1.409A-1(b)(5)(iv)(B)(2)(i). A value set by a qualified independent appraisal, as of a date no more than 12 months before the grant, is presumed reasonable, and the IRS can overcome that presumption only by showing the valuation or method was grossly unreasonable. The presumption turns on how and when the valuation was done, not on which software held your cap table.

The window can close early. A priced round, a signed term sheet, an acquisition approach, a large new contract or a sharp drop in results can make an older report unreliable, because the regulations do not permit reliance on a value that ignores later information that may materially affect value. AngelList-based companies often raise on rolling SAFEs; a new SAFE is not automatically material, but a cluster of them at a higher cap may be. Our guide to material events and your 409A covers where the line falls.

What the August 2025 Cap Table Change Means for AngelList Customers

If you used the AngelList cap table before August 6, 2025, nothing forced a move. AngelList's FAQ says existing customers can stay with “no changes in software, support, or pricing,” that there is no deadline to migrate, and that product development is now focused on the new integrated product. In plain terms, the legacy AngelList cap table will keep working but will not improve.

For 409A purposes, that leaves three practical points:

1. Export your records whether or not you leave. AngelList provides an “Open Cap Table Data Export” in the dashboard's reports section. Confirm it includes every 409A report, each board consent approving a valuation and grant, the option ledger, and every SAFE and convertible note.
2. Check your plan's 409A entitlement. If your plan included 409As, confirm with AngelList support how the next AngelList 409A valuation will be delivered and by whom before your current report nears 12 months.
3. Reconcile before the next valuation. Platform ledgers are only as good as the data entered. A missing SAFE or unrecorded exercise changes the fully diluted share count, and with it the per-share value. Our guide to how your cap table drives your 409A explains which errors move the number.

AngelList also named two migration partners in 2025. J.P. Morgan Workplace Solutions offers an automated migration, a free plan for companies with 40 stakeholders or fewer, and, for eligible customers who also bank with J.P. Morgan, free cap table management for up to 100 stakeholders for three years. J.P. Morgan says it works with an outside 409A valuation provider. The second partner was Pulley, which is covered in the next sections.

Where to Get Your Next 409A After AngelList

Pick where your cap table lives and who signs your 409A as two separate decisions. AngelList bundled them; you do not have to. The table compares the realistic paths for an AngelList customer. It compares service models, not a ranking of firms; for that, see our guide to the best alternatives to Carta for 409A valuations and the broader best 409A valuation providers list.

The firms AngelList refers you to. Aranca is a global research and valuation firm with a dedicated 409A practice; our Aranca 409A review covers its pricing and process. Eton Valuation Partners is a smaller valuation firm. A referral is not an endorsement of fit for your stage, so ask either firm the same questions you would ask anyone else.

The Carta path suits companies that expect several priced rounds and want one system investors already know. Our Carta 409A review covers what its valuations include and what the subscription costs.

A Warning for AngelList Customers Who Chose Pulley

In August 2025, Pulley was one of AngelList's two named migration partners, offering hands-on onboarding. On September 16, 2026, Pulley announced it will cease all operations on December 8, 2026, with Carta as its exclusive migration partner and an opt-in deadline of November 30, 2026. AngelList's 2025 FAQ predates that announcement.

If you moved from AngelList to Pulley, you now face a second migration within about 15 months. Download every Pulley 409A report and supporting record before December 8, and decide where both the cap table and the next valuation go. Our Pulley 409A review sets out the deadlines and what happens to Pulley's audit support. If you are still on AngelList and were weighing Pulley, take it off the list.

AngelList 409A Strengths and Limitations

Judged on what it set out to do, the AngelList Stack 409A had real strengths:

• Convenience at formation. A founder could incorporate, raise SAFEs, grant options and get a 409A without leaving one platform.
• Independent appraiser. From launch, AngelList used a third-party appraiser rather than presenting the valuation as its own, which is the right structure for the independent-appraisal presumption.
• Clean SAFE data. Rounds raised on AngelList arrived with caps and discounts already recorded, which matters because SAFE terms feed directly into the equity allocation.

The limitations were common to bundled 409As, and AngelList's pivot made them concrete:

• Provider risk. The 409A depended on a product line AngelList could, and did, reshape. Customers had no say in that decision.
• Opacity. Public materials did not name the appraiser, the turnaround or the methods, so founders could not compare the report to alternatives before buying.
• Tier gating. 409As sat in a higher plan, so smaller teams paid for software they might not need to get a valuation.

When you choose the next provider, ask for the name and credentials of the appraiser who will sign, independence representations, a redacted sample report at your stage, the turnaround from complete data, what audit support is included, and how you get your history out if you leave. Our guide on how to hire a 409A valuation consultant expands on each question, and our guide to audit-defensible 409A valuations explains what auditors look for later.

The Bottom Line on an AngelList 409A

The conclusion of this AngelList 409A review is that the service was a sensible convenience for early-stage founders already on AngelList Stack, delivered by an outside appraiser, and that it is no longer how AngelList serves new founders who need a valuation. An existing AngelList 409A valuation stays usable for up to 12 months from its valuation date if nothing material has changed. Export your records now, confirm how your next report will be delivered, and choose a provider on its own merits rather than as part of a bundle.

Whoever performs the next valuation, remember who carries the risk. An option granted with an exercise price below fair market value on the grant date can fail the stock right exclusion in Treasury Regulations Section 1.409A-1(b)(5)(i) and be treated as deferred compensation. If it does not comply with Section 409A, the option holder faces income inclusion as the option vests, an additional 20% federal tax and a premium interest charge under Section 409A(a)(1)(B), and some states, including California, add their own tax. Our guide to 409A penalties walks through the consequences, and our 409A safe harbor guide explains how a qualified, independent appraisal protects your team.

This article is general information about valuation practice and provider selection, not legal, tax or accounting advice. It is not affiliated with or endorsed by AngelList, J.P. Morgan, Aranca, Eton Valuation Partners, Pulley or Carta. Descriptions of AngelList's services, plan pricing, product changes and migration partners reflect AngelList's publicly available materials and third-party reviews as of October 1, 2026, and may change; confirm current terms directly with each company. Whether a particular valuation qualifies for a presumption of reasonableness under Treasury Regulations Section 1.409A-1(b)(5)(iv)(B) depends on the specific facts. Consult your own counsel, tax advisor and auditor about how IRC Section 409A applies to your company's equity grants.