Flagship research · evidence comparison

Private-market prices are not directly comparable

A number is only the surface. A funding-round valuation, completed secondary, fund mark, tender price, ask, and platform estimate answer different questions. Before comparing them, identify the evidence type, security, ownership path, date, fees, rights, liquidity, and execution status.

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Evidence categories

First ask what the number represents

These categories are not points on one clean price series. Each has a different evidentiary meaning and a different set of missing economics. The classification follows the public Dark Floors methodology.

01 · PRIMARY

Funding-round valuation

Issuer financing evidence. Often tied to preferred securities and negotiated rights; not a secondary clearing price.

02 · ACCOUNTING

Fund mark

A manager’s position valuation at a reporting date. It is not necessarily executable and may be security-specific.

03 · COMPLETED

Secondary transaction

Evidence that a transaction occurred under specific conditions. It does not create universal availability or terms.

04 · ISSUER-LED

Tender price

A company-facilitated liquidity event with eligibility, quantity, approval, and timing constraints.

05 · INDICATION

Platform estimate or ask

An indicative or offered value. It is not a completed trade and may omit security, fee, allocation, and availability details.

06 · ECONOMIC

Marketplace price

The advertised quote may sit above an SPV, fund, forward, or nominee structure with separate costs and rights.

Shareable evidence chart

Three verified observations. Three different meanings.

The cards intentionally use no shared axis: company valuation, transaction size, and per-share estimate are different units and cannot support a responsible ranking. Why this matters →

Effective dates and evidence boundaries included

Different private-market evidence types produce different apparent prices OpenAI primary financing valuation, Anthropic completed secondary transaction size, and a SpaceX platform pricing estimate are shown as separate evidence types without a shared numerical axis. DARK FLOORS · PRIVATE MARKET INTELLIGENCE Different evidence types produce different apparent “prices” Accurate values can still represent non-equivalent investor exposure. OPENAI · PRIMARY FINANCING $852B post-money valuation What it supports A $122B financing close reported by the issuer. Not a secondary price. Effective Mar 31, 2026 ANTHROPIC · COMPLETED SECONDARY $884M reported transaction size What it supports A court-linked estate sale to institutional buyers. No company valuation inferred. Effective Mar 25, 2024 SPACEX · PLATFORM ESTIMATE $141.09 per common share estimate What it supports A platform-published pricing estimate on the recorded date. Not an executed trade. Effective Jun 11, 2026 No shared axis. No consensus. No ranking. Source-linked observations from approved public datasets · methodology: darkfloorsintel.com/methodology darkfloorsintel.com · 28 Jul 2026
CompanyObservationEvidence boundarySource
OpenAI$852B post-money primary-financing valuation · Mar 31, 2026Financing evidence; not a secondary clearing price.Issuer announcement ↗
Anthropic$884M completed estate-sale transaction size · Mar 25, 2024No company-wide valuation or per-share price inferred.Court-linked reporting ↗
SpaceX$141.09 per-share platform pricing estimate · Jun 11, 2026Not an executed trade or cross-venue consensus.Platform page ↗
Economic exposure

The headline quote is only the entry point

Before two apparent prices can be compared, each must pass through the same economic and structural questions. If those inputs remain unresolved, the result is limited or non-equivalent—not “cheapest.”

Underlying evidence

Open each investigation

The examples below reproduce only approved public observations. Each company workspace preserves the wider history, source trail, evidence class, and comparison limits.

OpenAIPrimary financing
$852B
Post-money · effective 31 Mar 2026

The issuer reported a $122B funding close at an $852B post-money valuation. It does not establish current secondary-market value or deal economics.

Open investigation →Methodology
AnthropicCompleted secondary
$884M
Transaction size · effective 25 Mar 2024

The observation supports an agreed estate sale. The stake denominator, mixed security classes, and dilution basis do not support an inferred company valuation.

Open investigation →Methodology
SpaceXPlatform estimate
$141.09
Per share · effective 11 Jun 2026

The platform-published estimate is source-linked, but it is not a firm ask, allocation, completed trade, or cross-venue consensus.

Open investigation →Methodology

Comparison boundary: these examples intentionally retain different units and contexts. Insufficient evidence to rank responsibly.

Continue the investigation

Explore the underlying evidence

Inspect every observation, date, source, classification, and unresolved comparability question in the company workspaces.

Explore the underlying evidence